U.S. banks are signalling that we won't see a V-shaped recovery: Dick Bove
House Speaker Nancy Pelosi said she’s confident Congress can pass another virus relief plan in the coming weeks and that the GOP will ultimately agree to spending levels closer to the US$3.5 trillion proposed by Democrats.“I have no doubt they’ll come around,” she said in an interview on Bloomberg Television. She said Senate Majority Leader Mitch McConnell and other Republicans have moved from questioning whether another stimulus is necessary to agreeing that at least US$1 trillion more in relief is needed.
Democrats and Republicans are set to begin negotiations on another stimulus plan as soon as next week as the coronavirus continues to rage across the country, forcing renewed business shutdowns that are hobbling the U.S. economy. The number of Americans filing for unemployment barely declined last week in a sign that challenges to any recovery continue to multiply.
Among main differences: Who should qualify for another round of stimulus checks; the amount of aid to state and local governments; and whether to extend supplemental unemployment insurance and by how much.
McConnell also has said any bill must include limits on liability for businesses and schools as they reopen.
Pelosi also said the U.S. economy won’t be able to safely restart without a massive federal effort on testing and distributing protective equipment.She again urged President Donald Trump to invoke the Defense Production Act to produce equipment to test for COVID-19 infections and personal protective equipment like masks and shields. She said it is possible to both get the economy open and protect against the virus.”We can get this done. The scientists have shown us the way,” she said