Trump's team, senators to negotiate $1T economic rescue deal

Trump's team, senators to negotiate $1T economic rescue deal

SeattlePI.com

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WASHINGTON (AP) — Members of President Donald Trump's economic team convene Friday on Capitol Hill to launch negotiations with Senate Republicans and Democrats racing to draft a $1 trillion-plus economic rescue package amid the coronavirus outbreak.

It's the biggest effort yet to shore up households and the U.S. economy as the pandemic and its nationwide shutdown hurtles the country toward a likely recession.

Senate Majority Leader Mitch McConnell unveiled the Republican opening offer to pump $1,200 direct checks to taxpayers, $300 billion for small businesses to keep idled workers on payroll and $208 billion in loans to airlines and other industries.

The GOP leader's effort builds on Trump's request for Congress to “go big.”

“We need to take bold and swift action as soon as possible,” McConnell said Thursday, announcing his plan on the Senate floor.

The 247-page McConnell CARES Act puts the leader's imprint on opening talks with Democrats in Congress as lawmakers prepare to work through the weekend to fast-track perhaps the most urgent legislative undertaking since the 2008 financial crisis.

The negotiations are certain to encounter difficulties ahead, despite the pressure on Washington to act. Trump's Treasury Secretary Steven Mnuchin and economic adviser Larry Kudlow will meet behind closed doors with Senate leaders. Democrats say the Republican plan does not go far enough and some Senate Republicans object to certain provisions.

“We are beginning to review Senator McConnell’s proposal and on first reading, it is not at all pro-worker and instead puts corporations way ahead of workers,” said a joint statement from House Speaker Nancy Pelosi and Senate Democratic Leader Chuck Schumer.

The GOP leader's plan aims to shore up households, businesses and...

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