White House close to an aid deal with Congress on virus

Deal

Washington, March 13, 2020 (dpa/NAN) U.S. Treasury Secretary, Steven Mnuchin, on Friday said the White House was close to reaching a deal on an initial aid package to assist the U.S. economy deal with the effects of the coronavirus.

Mnuchin and Speaker Nancy Pelosi, tried to strike a deal, however, Republicans rejected an initial Democratic proposal.

Democrats said a vote on the Bill in the House of Representatives would likely take place on Friday, but the Republican controlled Senate was already on recess.

“I think we’re very close to getting this done.

“Once the initial bill is finalised, the two sides would meet to work out a second package,’’ he said.

President Donald Trump is considering a very large stimulus programme, the Treasury and the Federal Reserve would provide liquidity to markets.

“There are parts of the economy that are going to be shut down.

“White House agreed on the need to help workers.’’

Mnuchin insisted that the economic fallout from coronavirus was unlike the financial crisis, because it would come to an end, even if the timing remained unclear.

“The economy and the markets will be a lot stronger later in the year,’’ Mnuchin said.

U.S. markets on Thursday had their worst single day since 1987, plunging nearly 10 per cent and leaving them more than 25 per cent lower than their February highs. (dpa/NAN)
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Edited by Yahaya Isah/Abdulfatah Babatunde