Hope for new US aid fades as data show consumer stress

Washington, Oct 2 (AFP/APP):The White House and congressional Democrats had still not agreed on a plan for the passage of more fiscal stimulus as new government data showed continuing strain on consumers impacted by the coronavirus downturn. A top aide to Democratic House Speaker Nancy Pelosi said the lawmaker had held discussions with Treasury Secretary Steven Mnuchin regarding “further clarifications on amounts and language,” but distance on key areas remain. Asked by journalists late Thursday whether a chance still remained for an agreement, Pelosi replied: “I don’t know.” The talks aim to break a weeks-long deadlock on passing more stimulus for the world’s largest economy, which has seen massive layoffs and a sharp contraction in annualized GDP due to business shutdowns to stop Covid-19. Negotiations resumed this week, again creating expectations that a follow-up bill for the $2.2 trillion CARES Act could be passed. The Democratic-majority House passed the $2.2 trillion aid proposal on Tuesday in a largely symbolic vote because of its slim chances of passing in the Republican-majority Senate. President Donald Trump’s spokeswoman Kayleigh McEnany rejected that bill, saying the White House was ready to back spending $1.6 trillion, including $250 billion for state and local governments and … Continue reading Hope for new US aid fades as data show consumer stress