Pelosi and Mnuchin to speak as Democrats release bill

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U.S. House of Commons Speaker Nancy Pelosi (D-CA) and Senate Minority Leader Chuck Schumer (D-NY) address reporters after their coronavirus relief negotiations with Treasury Secretary Steven Mnuchin and White House Chief of Staff Mark Meadows at the U.S. Capitol in Washington, United States August 7, 2020.Jonathan Ernst | Reuters

House of Commons Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin spoke on Tuesday morning after Democrats unveiled a coronavirus stimulus package designed to jump-start progress towards a relief deal.Democrats released the $ 2.2 trillion legislation Monday night as they struggle to break a week-long standoff with the White House over how to structure a fifth relief bill. While the Democratic-led House passed a $ 3.4 trillion proposal in May, the Trump administration offered to inject just $ 1.3 trillion more into efforts to stimulate the economy and the health care system during the pandemic.

Pelosi and Mnuchin spoke for 50 minutes on Tuesday morning and “went over the terms” of the latest proposal, speaker spokesperson Drew Hammill said. While the pair agreed to speak again on Wednesday, it’s unclear whether they came close to a compromise.

Writing to House Democrats on Monday night, Pelosi said his party was “keeping our promise to compromise with this updated bill” as it slashed more than $ 1 trillion from their original plan. The new legislation:

  • Reinstate enhanced unemployment benefits of $ 600 per week through January
  • Send a second direct payment of $ 1,200 to most Americans
  • Give $ 436 billion in relief over one year to state and local governments
  • Authorize more money for a second round of Paycheck Protection Program loans for hardest hit businesses and industries
  • Send $ 25 billion to airlines to cover salary costs
  • Inject $ 75 billion in Covid-19 testing and contact tracing efforts
  • Invest $ 225 billion in education and $ 57 billion in child care
  • Set aside billions for rental and mortgage assistance

U.S. Treasury Secretary Steven Mnuchin, left, and White House Chief of Staff Mark Meadows speak to reporters at the U.S. Capitol in Washington, United States, July 29, 2020.

Erin Scott | Reuters

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