In response, McConnell accused Democrats of "reckless behaviour" that could further upset financial markets and delay much-needed aid to battle the coronavirus outbreak. But Democrats held their ground with Schumer calling the Republican plan "a giant, giant corporate bailout fund with no accountability." Treasury Secretary Steven Mnuchin shuttled between the offices of the Republican leader and Senate Democratic Leader Chuck Schumer in search of a deal. The speaker of the House of Representatives, Nancy Pelosi, said that Democrats in that chamber will begin crafting an alternative bill. A Republican-drafted bill seen by Reuters gives the US Treasury authority to provide up to $500 billion in loans, loan guarantees and other investments in eligible businesses, states and municipalities during the crisis.

Source: bd News24 March 23, 2020 06:22 UTC