The US Capitol building is lit at dusk in Washington | Photo: Reuters
The White House has rejected an offer for a $2 trillion COVID-19 relief package proposed by Democratic leaders.
As part of a closed-door meeting with White House officials Thursday, Democrats offered to cut their $3.4 trillion proposal by $1 trillion if Republicans would agree to increase their roughly 1-trillion-dollar package by the same amount, House Speaker Nancy Pelosi said on Friday at a joint press conference with Senate Minority Leader Charles Schumer.
"'We'll take down a trillion, if you add a trillion in'. They said absolutely not," Pelosi told reporters, adding she would make the offer once again as part of negotiations with WH officials, reports Xinhua news agency.
That strategy, effectively trying to split the difference between the two sides, would result in legislation costing between $2 trillion and $2.4 trillion.
Pelosi and Schumer are expected to meet with White House chief of staff Mark Meadows and Treasury Secretary Steven Mnuchin to continue negotiations over the next COVID-19 relief package.
"We remain committed to continue negotiating and reaching a fair agreement with the Administration, but we will not go along with the meager legislative proposals that fail to address the gravity of the health and economic situation our country faces," Pelosi and Schumer said earlier Friday in a joint statement following the release of the July's job report.
"We call upon the White House's negotiators to join us once again at the negotiating table today to secure a bipartisan agreement to put children, families and workers first," they said.
US employers added 1.8 million jobs in July, and the unemployment rate dropped to 10.2 per cent amid reopening efforts, the Bureau of Labor Statistics reported Friday.
"The latest jobs report shows that the economic recovery spurred by the investments Congress has passed is losing steam and more investments are still urgently needed to protect the lives and livelihoods of the American people.
"Millions of Americans are still hurting," Pelosi and Schumer said.
The extra $600 weekly unemployment benefit for every unemployed, which benefited nearly 30 million Americans, expired last week, as Republican and Democratic lawmakers failed to reach a deal over the next COVID-19 relief bill.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.