Here’s where stimulus talks stand after Trump administration’s $1.8 trillion proposal

Lawmakers’ on-again, off-again stimulus talks were revived over the weekend after President Donald Trump’s administration put forth a $1.8 trillion offer — but a deal on another coronavirus relief package remains in limbo.

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The president last week called off negotiations and shifted the focus to confirming his Supreme Court nominee Amy Coney Barrett, a move heavily criticized by Democrats in Congress.

“I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business,” Trump tweeted Oct. 6.

The White House pivoted on its stance days later by offering its costliest plan yet.

Its $1.8 trillion proposal includes another round of $1,200 stimulus checks like those sent to Americans under the CARES Act in the spring and a $400 weekly boost to unemployment benefits among other things, according to

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McConnell says Senate GOP will vote on targeted relief, but Trump calls for big stimulus plan

  • Senate Majority Leader Mitch McConnell said Senate Republicans would vote on “targeted relief” with a focus on small business aid later this month.
  • “Our first order of business will be voting again on targeted relief for American workers, including new funding for the PPP,” McConnell said in a statement.
  • The statement carried few specifics and it was unclear whether the proposal would contain federal unemployment benefits or $1,200 direct payments for taxpayers.
  • Trump is increasing his calls for another large stimulus package ahead of the election, and it may put the president and Senate Republicans on a collision course.
  • Visit Business Insider’s homepage for more stories.

Majority Leader Mitch McConnell announced on Tuesday the Senate will vote on a “targeted relief” plan for people with an emphasis on small business aid shortly after they reconvene later this month. But that may put Senate Republicans on a collision course with President

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US Senate plans vote on business aid amid stimulus deadlock

Senate Majority Leader Mitch McConnell on Tuesday said lawmakers would vote on a small businesses loan program to help firms damaged by the coronavirus pandemic, but the prospects for approval are dim.

Democrats and Republicans in Congress remain locked in a prolonged disagreement over how much additional stimulus is needed to support the economy, with Democrats holding out for a larger, broader package than the narrowly-focused measure McConnell proposed.

The Republican leader said senators would vote on adding more money to the Paycheck Protection Program (PPP), which provided hundreds of billions of dollars in loans and grants to small businesses but ran out of money in August.

“Republicans do not agree that nothing is better than something for working families,” McConnell said, without saying how much the proposal would cost.

“The American people need Democrats to stop blocking bipartisan funding and let us replenish the PPP before more Americans lose

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Senate GOP to Vote on More Small-Business Relief Next Week Despite No Stimulus Deal

As Congress and the White House continue their stalemate over another pandemic stimulus package, Senate Majority Leader Mitch McConnell plans to hold a vote next week on a “targeted relief” measure that focuses on replenishing the Paycheck Protection Program (PPP) for small businesses.



a person holding a bicycle: Senate Majority Leader Mitch McConnell (R-KY) walks through the Senate subway after a vote on the Senate floor at the Capitol in Washington on October 1 in Washington, DC.


© Photo by Tasos Katopodis/Getty
Senate Majority Leader Mitch McConnell (R-KY) walks through the Senate subway after a vote on the Senate floor at the Capitol in Washington on October 1 in Washington, DC.

The move will come just days before the Nov. 3 election and amid a fierce political debate over confirming Supreme Court nominee Amy Coney Barrett.

While Democrats will almost certainly block the legislation from advancing to a final vote by filibustering it—as they did with a previous piecemeal bill by Republicans—it will offer vulnerable GOP senators last-minute political ammunition as voters prepare to cast their ballots.

“Unless Democrats block this aid for workers,

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World stocks zoom to five-week highs on economic, stimulus hopes

(Reuters) – Global stocks scaled five-week highs on Monday on hopes that more government stimulus was coming and the world economy was on the mend, while the Chinese yuan retreated from a 17-month high after a policy move over the weekend. Investor optimism that Washington will work through talks that have repeatedly stalled to deliver another round of fiscal stimulus drove major U.S. stock indices to highs last seen in early September. Hopes that the top Wall Street banks will announce a decent set of third-quarter earnings this week that show business activity was not as weak as feared also helped. Slugged by stronger investor demand for risk, the U.S. dollar was pinned near a three-week low and gold, another safe-haven asset, stayed below a three-week high. The U.S. bond market is closed on Monday for Columbus Day. The cheer over the economic outlook and government stimulus did not boost

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European Shares Hit Five-Week High on Rebound Optimism, Stimulus Hopes | Investing News

(Reuters) – European shares hit a five-week high on Monday as optimism about a stable economic recovery in China and hopes of more U.S. fiscal stimulus helped offset concerns around surging COVID-19 cases across the continent.

The pan-European STOXX 600 <.STOXX> marked a third straight day of gains to end 0.7% higher, led by utilities <.SX6P>, technology <.SX8P> and autos <.SXAP> stocks.

The Trump administration on Sunday called on the U.S. Congress to pass a stripped-down coronavirus relief bill after talks stalled on a more comprehensive stimulus deal.

“Investors have not lost faith that further stimulus measures will follow and that an effective COVID-19 vaccine will soon be placed on the market,” said Milan Cutkovic, market analyst at Axi.

But a jump in domestic coronavirus cases has raised the spectre of fresh lockdowns and cast a shadow over a nascent economic rebound.

With Italy preparing for nationwide curbs, the European

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Where COVID-19 stimulus talks stand after new Trump offer

Lawmakers’ on-again, off-again stimulus talks were revived over the weekend after President Donald Trump’s administration put forth a $1.8 trillion offer — but a deal on another coronavirus relief package remains in limbo.

The president last week called off negotiations and shifted the focus to confirming his Supreme Court nominee Amy Coney Barrett, a move heavily criticized by Democrats in Congress.

“I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business,” Trump tweeted Oct. 6.

The White House pivoted on its stance days later by offering its costliest plan yet.

Its $1.8 trillion proposal includes another round of $1,200 stimulus checks like those sent to Americans under the CARES Act in the spring and a $400 weekly boost to unemployment benefits among other things, according to NBC News.

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Senate Republicans will ‘go along with’ White House stimulus proposal despite their pushback

President Trump’s economic adviser Larry Kudlow said Sunday that Senate Republicans will “go along with” the $1.8 trillion White House stimulus proposal despite their vocal pushback.



Lawrence Kudlow wearing a suit and tie: Trump economic adviser: Senate Republicans will 'go along with' White House stimulus proposal despite their pushback


© Aaron Schwartz
Trump economic adviser: Senate Republicans will ‘go along with’ White House stimulus proposal despite their pushback

Kudlow told CNN’s “State of the Union” that the White House expects support from Republicans in the upper chamber. A source told The Hill on Saturday that several senators expressed “significant concerns” about the proposal’s cost in a call with administration officials.

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The White House economic adviser said on Sunday he does not think the coronavirus stimulus bill is “dead.”

“Republicans in the Senate put up their own bill a few weeks ago and got 53 votes, I think it was, so they united,” he said. “I think if an agreement can be reached, they will go along with it.”

Kudlow also criticized

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Kudlow says Trump may offer larger stimulus than Democrats’ proposal

White House economic adviser Larry Kudlow said on CNN’s “State of the Union” Sunday that President Trump may propose a coronavirus stimulus package with an even larger price tag than the $2.2 trillion legislation that House Speaker Nancy Pelosi has offered.

Why it matters: It’s highly unlikely that a bill in the neighborhood of $2 trillion, let alone more than that, would win the support of Senate Republicans. Senate Majority Leader Mitch McConnell said Friday that a stimulus deal is “unlikely” before the election.

The state of play: After calling off the negotiations via tweet last week, Trump has now raised his offer to $1.8 trillion, spooked by the market reaction to his move and desperate to inject stimulus into the economy before the election.

  • Pelosi said the proposal was “one step forward, two steps back,” accusing the administration of failing to include public health measures in the package that
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Warren Buffett phoned Treasury Secretary Hank Paulson with a stimulus idea when the financial crisis erupted. It may have saved the US economy

U.S. Treasury Secretary Henry Paulson (L) shares a laugh with financier Warren Buffett, Chairman and CEO of Berkshire Hathaway, at the Conference on U.S. Capital Market Competitiveness in Washington March 13, 2007.

  • Warren Buffett phoned Treasury Secretary Hank Paulson at the height of the 2008 financial crisis with a suggestion that likely saved the US economy from an even deeper recession.
  • The famed investor and Berkshire Hathaway CEO proposed the government plow capital directly into banks instead of only buying their distressed assets.
  • Paulson quickly gathered the bosses of the nation’s biggest banks and convinced them to accept billions of dollars in investment.
  • The Treasury demanded preferred stock paying chunky dividends, as well as stock warrants in return, emulating Buffett’s bailout of Goldman Sachs in September 2008.
  • Former President George W. Bush called it “probably the greatest financial bailout ever” and said it “probably saved a depression.”
  • Visit
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