U.S. House of Representatives Speaker Nancy Pelosi said on Monday that Democratic lawmakers unveiled a new, $2.2 trillion coronavirus relief bill, which she said was a compromise measure that reduces the costs of the economic aid. CNBC's Ylan Mui reports. For access to live and exclusive video from CNBC subscribe to CNBC PRO: House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin spoke Tuesday morning after Democrats unveiled a coronavirus stimulus plan designed to restart progress toward a relief deal.
Democrats released the $2.2 trillion legislation Monday night as they struggle to break a weeks-long impasse with the White House over how to structure a fifth relief bill. While the Democratic-held House passed a $3.4 trillion proposal in May, the Trump administration has offered to inject only $1.3 trillion more into efforts to boost the economy and health-care system during the pandemic.
Pelosi and Mnuchin spoke for 50 minutes on Tuesday morning and “went over the provisions” of the latest proposal, the speaker’s spokesman Drew Hammill said. While the pair agreed to talk again Wednesday, it is unclear if they moved any closer to a compromise.
In an interview with MSNBC, Pelosi called the conversation with Mnuchin “positive.” Asked if the House would vote on its bill, the California Democrat said she hopes “we will come to a bipartisan agreement that will remove all doubt that the legislation will pass and be signed by the president.”
Writing to House Democrats on Monday night, Pelosi said her party is “making good on our promise to compromise with this updated bill” because it cuts more than $1 trillion from their original plan. The new legislation would:
Reinstate the $600 per week enhanced unemployment benefit through January
Send a second $1,200 direct payment to most Americans
Give $436 billion in relief over one year to state and local governments
Authorize more money for a second round of Paycheck Protection Program loans for the hardest-hit businesses and industries
Send $25 billion to airlines to cover payroll costs
Inject $75 billion into Covid-19 testing and contact tracing efforts
Put $225 billion into education and $57 billion into child care
Set aside billions for rental and mortgage assistance
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