The momentum changes on the Covid stimulus

The tide of Capitol Hill is moving alongside compromises to adopt a new economic stimulus package to help Americans and U.S. small businesses struggling with the coronavirus epidemic, co-chairs of the bipartisan House Problem Solvers Caucus told CNBC on Thursday.

“We’re exhausted … after how long we’ve struggled to make something happen, but I really think he now sees the momentum next week to legislate this emergency package,” said MP Josh Gottheimer. on the “Squawk Box”. “I think there’s a deep realization … that we need to do something. People are very hurt. Small businesses go out every day, there are plenty of them,” the New Jersey Democrat added.

Gottheimer Problem Solvers Caucus this week unveiled a $ 908 billion coronavirus stimulus plan with a bipartisan group of senators, including Joe Manchin of the West Virginia Democratic Senate and Utah Senator Mitt Romney.

House Speaker Nancy Pelosi and Senate minority leader Chuck Schumer, who had been backing a more expensive aid bill for months, placed support behind the bipartisan proposal on Wednesday, urging Senate Majority Leader Mitch McConnell to use it as a basis for starting incentive talks.

McConnell, a Kentucky Republican, preferred a smaller package closer to $ 500 billion. Rejecting the bipartisan proposal on Tuesday, he said: “We just don’t have time to waste time.” President Donald Trump supports the McConnell approach, Finance Minister Steven Mnuchin said on Wednesday. “We are confident that we can make progress on this,” Mnuchin told Reuters. Mnuchin and Pelosi had been trying to reach a compromise agreement before the election for months, but failed.

Congressmen who helped develop the new $ 908 billion package – which includes support for small businesses and a $ 300 weekly unemployment allowance – believe it will continue to raise support in Washington. “It’s time to listen to the American people,” Tom Reed, a New York Republican, also said on the “Squawk Box.”

For months, Reed has been urging congressional action, which has been at a stalemate since the summer for further assistance, even as the epidemic continued to rage.

Reed, a troublemaker representing much of western and central New York State, said he had recently heard that Republicans could receive more support for a coronavirus eradication package, between $ 550 billion and $ 700 billion. . “So that means we’re close to each other. It looks at where the democratic leadership was. They went for $ 1.3 trillion. They now support $ 900 billion in this bipartisan, bicameral package that we put together,” he said.

“Now he sees the Senate movement. He sees that the White House is in a position to possibly sign the package. They realized we have to do this as a Covid surge as people continue to suffer, businesses run out of lifeline,” he added. Reed. “The point is, that’s true among the reasons. It’s not a perfect bill, but a compromise bill that brings people together.”