$1T coronavirus relief bill 'very close,' Senate leaders to meet again Sunday morning

Coronavirus stimulus package is more about ‘social insurance’: Professor

Barron’s Roundtable is joined by economist and University of Michigan professor Justin Wolfers believes the checks heading to Americans might be a good idea but with all the stores closed, there isn’t anywhere to spend it, thus might not stimulate the economy.

Senate Majority Leader Mitch McConnell and other Senate leaders are expected to discuss the $1 trillion-plus coronavirus economic package at 11 a.m. ET Sunday before a procedural vote expected later that afternoon.

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With a population on edge and financial markets teetering, all sides indicated late Saturday that a deal is within reach. At issue is how best to keep paychecks flowing for millions of workers abruptly sidelined by the crisis.

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Talks also narrowed on a so-called Marshall Plan for hospitals as well as industry loans to airlines and others all but grounded by the virus outbreak and national shutdown. The post-World War II Marshall Plan helped to rebuild Western Europe.

McConnell announced late Saturday all sides were "very close" to a bipartisan resolution.

In this image from video, Senate Majority Leader Mitch McConnell, R-Ky., speaks on the Senate floor at the U.S. Capitol in Washington, Saturday, March 21, 2020. (Senate Television via AP)

McConnell instructed committee chairmen to assemble draft legislation. Officials put the price tag at nearly $1.4 trillion and said that with other measures from the Federal Reserve it could pump $2 trillion into the U.S. economy.

"We are poised to deliver the significant relief that Americans need with the speed that this crisis demands," McConnell said.

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Talks will resume Sunday morning when the top four congressional leaders of both parties are set to confer privately at the Capitol with Treasury Secretary Steven Mnuchin in hopes of striking a final accord.

A spokesman for Senate Democratic leader Chuck Schumer said there is "not yet an agreement." Spokesman Justin Goodman said Democrats look forward to reading the draft and further negotiations.

"Everybody's working hard and they want to get to a solution that's the right solution, I think we're very close," Trump said at Saturday's briefing, striking a confident tone about the nation's ability to defeat the pandemic soon.

President Donald Trump points towards the media during a coronavirus task force briefing at the White House, Friday, March 20, 2020, in Washington. (AP Photo/Evan Vucci)

On Capitol Hill, the Senate convened the rare weekend session as negotiators raced to complete the package. The Senate's goal is to hold an initial vote Sunday and win Senate passage on Monday.

The urgency to act is mounting, as jobless claims skyrocket, businesses shutter and the financial markets are set to re-open Monday eager for signs that Washington can soften the blow of the healthcare crisis and what experts say is a looming recession.

Trump has largely stayed out of the details, but said Saturday that he would be lobbying the lead negotiators.

On one topic, Trump appears to be agreeing with Democrats as Washington tries to steer clear of the politically toxic bailouts from the last economic crises.

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Trump expressed a clear distaste for any industry, including the airlines, that would use federal assistance to buy back its own stock in an effort to increase profits. Banning stock buy-backs is one of Democrats' top business priorities in the emerging package.

Mnuchin and other top White House officials were on Capitol Hill for a second day of nonstop negotiations. But no announcement was expected.

House Speaker Nancy Pelosi, who has been in talks with Mnuchin, returned to Washington on Saturday and was scheduled to join Sunday's meeting.

McConnell speaks during a news conference on Capitol Hill March 17. (AP Photo/Susan Walsh)

Negotiations are focused on providing direct relief to Americans, with one-time checks of $1,200, as well as ongoing payroll support and enhanced unemployment benefits for the newly out of work.

Talks are also focused on loans to airlines and other industries blindsided by the crisis, as well as possible aid to the states and billions for hospitals and healthcare providers on the front lines of the outbreak.

The emerging package builds on a GOP proposal but Democrats push for add-ons, including food security aid, small business loans and other measures for workers.

"We're making very good progress," Schumer said late Saturday. "We're going to continue working through the night."

The Associated Press contributed to this report.

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