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White House says agreement for economic stimulus is still possible



An agreement would continue the $2.2 trillion Cares Act and other measures that raised the total aid approved by Congress to nearly $3 trillion.

Bogota, October 13, 2020 (Money)-. A new economic stimulus package to overcome the crisis caused by the White House-proposed covid-19 pandemic could still be approved, despite stagnation in discussions, President Donald Trump's economic adviser said Sunday.

"We are asking for some specific areas of assistance that would help this recovery. It's a V-shaped recovery, but there are key areas that could help," Kudlow said.

"These are simple things. They have bipartisan support.We could do it as independent bills, or a collective bill, or whatever. But I don't understand the intransigence of my friends, the Democrats," he said.

Markets plummeted Tuesday following Trump's abrupt decision to end talks on the stimulus package until after the election, but took a sharp turn in the days following in favor of an agreement.

On Friday, the White House reinforced its bid, proposing a $1.8 trillion package, as Trump himself, who is lagging behind in national polls toward the November 3 election, said he was in favor of an even larger package.

But Senate Republican majority leader Mitch McConnell cooled the chances of an agreement on the same day, saying Congress is unlikely to give the green light to a new stimulus package before the election because of differences in how much to spend.

House Democratic President Nancy Pelosi and Treasury Secretary Steven Mnuchin were negotiating for weeks, fueling expectations.

An agreement would continue the $2.2 trillion Cares Act and other measures that raised the total aid approved by Congress to nearly $3 trillion.

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