Under the gun, U.S. Senate looks to strike deal on coronavirus relief package by jamesoliphant and Richard Cowan
WASHINGTON - With the coronavirus pandemic in the United States intensifying, Senate Democrats and Republicans will scramble on Monday to come to an agreement on a far-reaching $1 trillion-plus coronavirus stimulus package after a procedural vote to advance the measure failed and left the massive relief effort in legislative limbo.
Lawmakers were keenly aware that the failure to strike a deal could trigger heavy losses in U.S. stock markets when they open on Monday morning, with Wall Street analysts and investment managers expecting another rough week. The measure includes financial aid for regular Americans, small businesses and critically affected industries, including airlines.
Negotiations between the two sides, along with U.S. Treasury Secretary Steven Mnuchin, went deep into night on Sunday. The speaker of the House of Representatives, Nancy Pelosi, said Democrats in that chamber would begin crafting an alternative bill should the Senate not reach an agreement.
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