Democrats and the Trump administration are near an agreement for Congress to act this week on a deal as large as $500 billion putting more funding into a tapped-out small business aid program and providing money for coronavirus testing and overwhelmed hospitals.
Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi said Sunday the two sides were close on a deal, though various details remained to be worked out and the entire package still has to be translated into text for legislation.
President Donald Trump was cautiously optimistic about breaking the deadlock in place all of last week as the Paycheck Protection Program for small businesses ran through its entire $349 billion in funding.
“We have a good chance of getting a deal,” Trump said at a briefing on Sunday. “A lot of good work has been going on. We could have an answer tomorrow.”
Mnuchin said on CNN’s “State of the Union” that he’s hopeful the deal can be passed in the Senate on Monday and the House on Tuesday. That timetable appeared to be unrealistic.
While the Senate has a pro forma session scheduled for Monday, leaders of both parties first would have to ensure no senator would object to the agreement in order to pass it by unanimous consent. That typically would require circulating legislative text.
The Senate’s next scheduled session is currently set for Thursday. Senate Republicans are still reviewing the deal.