Schumer says Congress and President Trump are close to agreeing a US$9 bil legislation to fight the virus.
A source close to the negotiations, who asked not to be identified, said that two issues must first be resolved: Democrats insist that the spending bill contain language stating that any coronavirus vaccine be priced at a “fair and reasonable” level. Democrats also want the government to help pay for vaccines to help those who might not be able to afford them.Trump said the measure would appropriate about US$8.5 billion – far above the US$2.5 billion he initially requested last month.
Earlier on Tuesday the Federal Reserve cut interest rates by a half percentage point to a target range of 1.00% to 1.25% in an attempt to cushion the economy against the impact of the virus, which could slow consumer spending and disrupt business activities. While details were still not available, the House’s emergency spending could contain money to help state and local governments respond to local health emergencies and possibly provide interest-free loans for small businesses affected by an outbreak, Democratic lawmakers said.
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