By Aman Jain. Originally published at ValueWalk.
The deadline to approve the next stimulus package is just a few days away. Since the GOP introduced their proposal for the next package on July 27, lawmakers have been meeting daily to reach a consensus. However, no deal is reached yet. This has raised concerns about whether lawmakers will reach a deal on the coronavirus stimulus package before the August 7 deadline.
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Differences over unemployment insurance
On Monday, Democrats and the Trump administration suggested progress over the talks of the next relief package. However, they also acknowledged that several issues still need to be resolved.
House Speaker Nancy Pelosi, Senate Minority Leader Chuck Schumer, Treasury Secretary Steven Mnuchin and White House chief of staff Mark Meadows met on Saturday as well. The staff-level talks took place on Sunday.
Talking about the negotiations, Pelosi told reporters that discussions were “productive.” Further, she said “we are moving down the track,” but “still have our differences.”
Schumer also made similar comments, saying the talks are progressing. He said a lot of issues “are still outstanding, but I think there is a desire to get something done as soon as we can.”
The urgency to come up with the stimulus package comes as the $600 per week unemployment insurance expired last week. It (unemployment insurance) is also one of the main sticking points between the Democrats and Republicans.
Democrats want to continue with $600 per week in unemployment insurance. Republicans, on the other hand, want to give $200 per week through September.
Coronavirus stimulus deal by August 7?
On Monday, when reporters asked if negotiators made any progress on unemployment insurance, Schumer said Republicans are “sticking to their position.” Pelosi also reiterated on Monday that she wants unemployment insurance of $600 per week at least until the state unemployment rates start to fall.
In a conference on Monday, Pelosi told House Democrats that there may not be any resolution until next week as there is still no consensus on unemployment insurance.
“It is my hope we could do it this week…but probably not until next week,” Pelosi said.
Other differences between the two (Democrats and Republicans) sides are over liability protection and aid to cash-strapped states and municipalities. Democrats are not in favor of liability protections. McConnell, on the other hand, has said that no bill will pass the Senate if it does not have immunity for businesses, doctors and schools.
Democrats, meanwhile, have allocated nearly $1 trillion in aid for cash-strapped states and municipalities. The GOP plan, on the other hand, has no provision for direct relief funds for state and local governments.
Talking about the negotiations, McConnell, on Monday, said: “The speaker of the House and Democratic leader continue to say our way or the highway.”
On when to expect the next coronavirus stimulus checks, Meadows told CBS: “I’m not optimistic that there will be a solution in the very near term.”
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