President Trump told reporters that “we are getting close” to reaching a deal on a proposal for the next stimulus bill to deal with the coronavirus.
“There has never been anything like what we are doing on the Hill right now. They are negotiating. Mitch McConnell, Chuck Schumer, and they are all up there, Kevin Mccarthy and Nancy Pelosi. They are all negotiating and everybody is working hard and they want to get to a solution that is the right solution,” Trump said Saturday at a coronavirus task force briefing.
Some context: Congressional and administration negotiators on Saturday entered a crucial day in the effort to deploy more than $1 trillion in emergency stimulus to a staggering economy, with a growing consensus on a final agreement, but a handful of significant hang-ups still to be resolved.
Bipartisan groups of senators worked late into Friday night with top officials from President Donald Trump’s administration to lock in a final agreement — an agreement that people directly involved in the negotiations tell CNN could top a cost of $1.5 trillion — before falling short of a midnight deadline imposed by Senate Majority Leader Mitch McConnell.
Larry Kudlow, a top economic adviser to Trump, went even further on the overall scope the package Saturday, telling reporters it could top $2 trillion.
“The package is coming in about 10% of GDP, it’s a very large package,” Kudlow, the director of the National Economic Council, said. Ten percent of gross domestic product is roughly $2 trillion.