There’s little chance of agreement on a new federal coronavirus relief plan without a compromise on the roughly $1 trillion in aid to beleaguered state and local governments that Democrats demand and the White House opposes.
Democrats are demanding more Republican concessions to meet an end-of-the-week deadline for a deal on pandemic relief, and one of the chief White House negotiators warned there is little time left for negotiations.
Talks to break an impasse over a new virus relief package become increasingly urgent this week with millions of jobless Americans left without additional aid, and the Senate scheduled to leave for an extended break on Friday.
The House gave final last-minute congressional approval Wednesday to extending the popular loan program for small businesses until Aug. 8, hours after the deadline for applications lapsed with more than $130 billion still available.
Under the Senate legislation, if a company can’t show that it is not under control of a foreign government, or the PCAOB isn’t able to audit the company for three consecutive years to determine that is the case, the company’s securities would be banned from the exchanges.
House Speaker Nancy Pelosi dismissed President Donald Trump’s call for a payroll tax cut and changes in the capital gains tax, saying it wouldn’t help millions of unemployed workers and others struggling in an economy shut down by the pandemic.