WASHINGTON (REUTERS) - Republicans in the US Senate pushed back on Tuesday (July 28) against their own party's US$1 trillion (S$1.3 trillion) coronavirus relief proposal the day after it was unveiled by Majority Leader Mitch McConnell, sending some US stocks downward.. Read more at straitstimes.com.
WASHINGTON - Republicans in the US Senate pushed back on Tuesday against their own party's US$1 trillion coronavirus relief proposal the day after it was unveiled by Majority Leader Mitch McConnell, sending some US stocks downward.
Democrats have also rejected the package, calling it too small compared with their US$3 trillion plan that passed the House of Representatives in May. Dissident Republicans criticised its expense. Republican Senator Lindsey Graham estimated that half the party's members in the Senate would oppose the plan.
The Republican proposal would give many Americans direct payments of US$1,200 each, provide billions in loans to small businesses, support hospitals and help schools reopen. Democrats also want money for state and local governments, which face multibillion-dollar budget shortfalls, with businesses closed and residents out of work.
Schumer and Democratic House Speaker Nancy Pelosi were due to meet later on Tuesday with Treasury Secretary Steven Mnuchin, who had lunch with Republican senators.
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