The new figure was put forward by White House Chief of Staff Mark Meadows, marking a US$300 billion increase from an initial US$1 trillion offer from the White House and Senate Republicans. Hours later, Pelosi in a statement repeated her call for a US$2.2 trillion bill and said Meadows' offer would not meet the needs of American workers and families. The Democratic-led House in May passed a US$3.4 trillion coronavirus relief bill, which was not taken up by the Republican-dominated Senate. The US$1.3 trillion has been offered in private, Meadows said. Negotiations have involved Pelosi, Meadows, Treasury Secretary Steven Mnuchin and Senate Democratic leader Chuck Schumer.

Source: The Edge Markets August 29, 2020 02:15 UTC