Congress nearing compromise on coronavirus bailout bill

Photo | SHNS U.S. Rep. Jim McGovern, D-Worcester

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By State House News Service

In Washington, D.C., federal lawmakers and the White House appear to be approaching agreement on a coronavirus economic stimulus package worth nearly $2 trillion and for many in the finance world, it can't come soon enough.

"If they don't come together in the next 24 hours, it's a different world for all of us," CNBC host and former hedge fund manager Jim Cramer said Tuesday morning just after his network hosted an interview with U.S. House Speaker Nancy Pelosi.

On CNBC, Pelosi said she is optimistic that a deal can be struck and a bill passed "in the next few hours." On Monday, Senate Democrats prevented a key vote on a GOP-backed stimulus bill, arguing that it disproportionately helps corporations and does not do enough to benefit families and health care providers. The bill includes stimulus checks for many individual Americans and hundreds of billions of dollars in loan programs for small businesses and various industries.

One sticking point for Democrats has been how the money in that loan fund would be distributed -- by whom, to whom, with what kind of oversight. On CNBC on Tuesday morning, Pelosi said that recent talks included giving oversight of the roughly $500 billion pot to an inspector general's office and a panel of five members of Congress.

"I think we're getting to a good place," the speaker said. "If they stay there."

At the State House Tuesday, Gov. Charlie Baker implored Washington to "make a deal.

Describing debate around economic aid package in U.S. Senate as "appalling." Baker added, "But I can't say I'm surprised."

Despite his frustration, Baker described himself as remaining "hopeful and confident" that there will be an agreement soon.

On the U.S. Senate floor before noon Tuesday, Minority Leader Chuck Schumer said he had wrapped up "very productive" talks with the administration and said the bill is on the two-yard line. He said there are a few outstanding issues, but none that couldn't be worked out "in the next few hours."

Schumer said the bill, as it stood late Tuesday morning, includes "unemployment insurance on steroids," allowing workers to be furloughed so they can remain on their employer's payroll and continue to receive some benefits. He said the federal government will pay the full salaries of those workers for four months.

It has taken longer than some in Congress expected to reach a deal on the latest coronavirus aid package while the virus has continued its spread across the nation. That's led to frustration from some who work in finance or rely on the markets for wealth, and on Monday morning U.S. Sen. Elizabeth Warren had to bear the brunt of that.

On Bloomberg TV, the senator took some pointed questions from a clearly frustrated Jonathan Ferro and, at one point, placed the blame for not having completed a stimulus package with checks for Americans on the Republicans.

"The only thing stopping it from happening is yourselves -- on both sides of the aisles. And there's no point coming on the TV shows today on the networks and saying, 'It's the Republicans' fault.' Because you know what's happening on the other networks? 'It's the Democrats' fault.'," Ferro said. "It's all of your fault. Get around a table, strip it out, pass the bill with the checks so people can get those checks in one week, in two weeks time."