By Mark Moore
House Speaker Nancy Pelosi said that Congress is “very close” to reaching a bipartisan deal for additional funding for a small business loan program that ran out of money last week.
“We’re close. We have common ground,” Pelosi said in an interview on ABC News’ “This Week” that will air Sunday. “I think we’re very close to agreement.”
Translation:
The $350 billion Paycheck Protection Program went broke last week under overwhelming demand, leaving thousands of business owners in the lurch.
Congressional leaders are at a standoff in negotiating replenishing the relief fund and have been in talks with Treasury Secretary Steven Mnuchin.
GOP lawmakers have been pushing for an additional $251 billion for the small business loans, but Democrats have been holding out, seeking another $250 billion to be designated to local and state governments and hospitals that have taken huge financial hits while on the frontlines in the fight against the coronavirus.
President Trump has been ripping Democrats over the past few days for holding up the loan program.
“Lawmakers must stop blocking these funds and replenish the program without delay,” Trump said at the White House briefing on Saturday. “The Democrats have to come on board. I used to read that these were Democrat programs, not Republican. Seems to have switched around a lot, hasn’t it, huh? Switched around a lot. The Republicans want it. I think the Democrats probably do too, but they also want other things that are unacceptable.”
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