At the start of Thursday’s Asian session, CNBC is leaning on sources to let people know that members of the U.S. Republican Party are considering closing the gap between the COVID-19 relief bill and the Democratic Party to get out of the deadlock in the revival talks.
Republicans are working on a smaller coronavirus stimulus bill that they could release to members of Congress as early as this week, two senior administration officials and three people briefed on the matter told CNBC.
The GOP is mulling over a roughly $ 500 billion proposal that only addresses areas of bipartisan support: expanded unemployment insurance, new authorization for small business loans and money for schools and tests, the Covid-19 treatment and vaccines. The plan would not include another direct payment to Americans.
He would set the enhanced unemployment benefits at around $ 300 to $ 400 per week. The figure is said to be lower than the $ 600 per week approved in March, which Democrats want to reinstate after it expires at the end of July.
While Republicans appear determined to put more pressure on Democrats, the legislation is unlikely to become law. House Speaker Nancy Pelosi, D-Calif., Still has no plans to revive stalled pandemic aid talks with the White House until the GOP agrees to double the price of its existing proposal, of around $ 1 trillion, its spokesman Drew Hammill said on Wednesday.
The news offers no major movement in the market, as talks about the same have been around since House Speaker Nancy Pelosi’s offer in compromise to the Democratic bid for the stimulus package. The reason for the market’s ignorance could also be attributed to traders’ cautious sentiment ahead of the Fed Chairman’s speech at the Jackson Hole Symposium.