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Stimulus Talks Drag On as US Economic Recovery Falters

Rob Garver

   WASHINGTON - As the Trump administration and Congress argue over the
   scope of a new stimulus package to boost America's pandemic-ravaged
   economy, analysts warn that delays will inflict financial pain on
   vulnerable populations and may delay an economic recovery once the
   virus is brought under control.

   With the presidential election just over three weeks away, the status
   of stimulus talks in Washington remains tenuous. Earlier this week,
   President Donald Trump announced he was canceling all negotiations
   until after the election, a position he subsequently reversed with a
   call for limited federal aid for a few economic sectors.

   Democratic House Speaker Nancy Pelosi, meanwhile, reiterated her
   party's insistence on a comprehensive package to assist struggling
   businesses, consumers, and state and local governments, adding that
   discussions would continue.

   Stimulus 'unlikely'

   On Friday morning, however, Republican Senate Majority Leader Mitch
   McConnell said a new stimulus package was "unlikely" to pass the
   chamber before the November 3 election.

   The U.S. enacted the largest economic stimulus program in its history
   in March. The CARES Act injected more than $2 trillion into the economy
   through direct cash payments to individuals, increased unemployment
   benefits and forgivable loans to businesses. The program was largely
   successful in propping up household incomes, even as the unemployment
   rate reached nearly 15% in April.

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