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Democrats and Republicans are getting closer to a deal on the massive stimulus package to combat the economic impact of the coronavirus, according to multiple reports.
Secretary Treasury Steven Mnuchin and Senate Minority Leader Chuck Schumer said they hope to have the final agreement in place Tuesday morning, according to Politico.
The Associated Press and The Washington Post also reported on progress in the talks. The Senate GOP’s bill failed to clear a key procedural hurdle Monday after a similar result Sunday.
The measure has a price tag of well over $1 trillion and is intended to limit the economic pain from the coronavirus outbreak. The effort has taken on urgency as hospitals, workers, people, and companies have all pleaded they need cash quickly to cope with the crushing economic impact of the coronavirus.
Schumer said Monday the two parties had already come to certain agreements about revisions to the Republicans’ bill, including adding more unemployment protections and adding more money to hospitals. He said the Democrats are “fighting hard and making progress” on more funding for state and local governments.
Democrats have also been seeking to add more oversight to the $500 billion bailout fund the Republicans have proposed setting aside to aid distressed businesses, largely as the discretion of Treasury. Politico, citing three sources, said Mnuchin had agreed to tough oversight of the fund.
This is a developing story. Check back for updates.