Tense negotiations continue over the next economic round
While Trump insults the Democrats in Congress, his finance minister is negotiating with Chuck Schumer.
The Treasury Department and Small Business Administration announced that the $ 349 billion in Small Business Loans Congress approved in its huge $ 2.2 trillion Coronavirus stimulus Legislation last month has now all were obliged, a major party dispute over additional funds has stalled at a time when unanimous action in both houses would be required to break it, since the legislature has long been dispersed at lightning speed. Republicans insist on simply throwing another quarter trillion into the existing loan pot (known as the paycheck protection program), while Democrats want Assurances that more of the money will go to companies owned by disadvantaged entrepreneurs, along with additional funding for hospitals ($ 100 billion) and state and local governments ($ 150 billion), and possibly additional food brands.
The atmosphere is very similar to that surrounding the initial Coronavirus stimulus Negotiations with the GOP seeking to provide emergency funds for businesses while the Democrats dealt with urgent public sector needs. There is a lot of work to be done: even if Republicans did a second round of aid to state and local governments, it would be a fraction of the additional $ 500 billion that the bipartisan National Governors Association has required as urgently needed, only for states.
While Republicans are stamping their feet in Congress, arguing that needs other than those of the small businesses Should be postponed to a future relief round, the Democrats are sticking to their demands and, to the annoyance of his alleged Capitol Hill allies, Treasury Secretary Steven Mnuchin is negotiating directly with Chuck Schumer and indirectly with Nancy Pelosi. If an agreement is reached to replenish the small business fund on democratic terms, a few words of anger must be eaten, including those from Mnuchin’s boss:
Right now, a senator and a member of the House of Representatives from either party can screw up a quick deal so any kind of tantrum can have repercussions. Yes, small businesses in need of help are already screaming, but the painfully slow disbursement of already approved loans is an indication that even a deal doesn’t turn the money up immediately. So the tense stalemate and quiet conversations continue. With additional bailout measures sure to be proposed long after the current impasse is over, we should all get used to it better.