Republicans are working on a trillion-dollar economic aid package

The bill focuses on helping businesses, schools, and medical institutions.

President Donald Trump and congressional Republicans announced that they are working on a bill to allocate $ 1 trillion to combat the effects of the coronavirus pandemic. The bill focuses on helping businesses, schools, and medical institutions.

At a meeting at the White House, Republican lawmakers and administration officials said they were continuing to work on a bill to mitigate the severe effects of the pandemic on the economy.

“Republicans in the Senate will come forward with our proposal soon, and I hope our Democratic colleagues will be ready to work together,” said Senate Republican majority leader Mitch McConnell. He added that he hopes to submit a proposal this week.

The Senate and House of Representatives have less than two weeks to develop a new bill to help the economy before tens of millions of Americans. The latter became unemployed as a result of the COVID–19 pandemic stop receiving increased unemployment benefits.

House Republican leader Kevin McCarthy on Monday, said the Republican proposal would include a payroll tax cut that funds national pension programs. Trump is in favor of this reduction, viewing it as an economic stimulus, but Democrats believe that this step could harm the social security system.

“We are … negotiating with the Democrats and trying to develop a plan that will help small businesses, help people, help the country,” the President said.

However, McConnell has not yet begun bipartisan negotiations, a representative of the Democrats in the Senate said. Senate Democratic leader Chuck Schumer warned that his party is ready to thwart any attempts by Republicans to pass a one-party bill.

To date, Congress has allocated $ 3 trillion to help an economy in crisis due to the coronavirus pandemic. McConnell said that recent spikes in new COVID-19 infections indicate that the danger has not yet passed.

Democrats in mid-May approved in the House of Representatives a bill to help the economy in the amount of $ 3 trillion, providing hundreds of billions of dollars to state and municipal authorities, expanding the system of unemployment benefits and providing new payments to American taxpayers. However, this document was not approved by the Republican-controlled Senate.