McConnell: We should pass what we can agree on

Negotiations on another bipartisan stimulus package are ongoing on Capitol Hill.

US Senate Majority Leader Mitch McConnell says he favours passing basic coronavirus aid package without provisions on liability and state and local aid that are dividing lawmakers.

''We can’t leave without doing a COVID bill... We should pass what we can agree on. This is a one-time liability relief..that kicks in for a period of time. And then goes away,'' he said. 

He has not endorsed the $908 billion economic aid plan, which Democratic congressional leaders threw their support behind last week. Instead, he has circulated a slimmer $550 billion plan that would mostly direct federal dollars to small businesses and schools.

Market implications

The pressure is mounting on Congress to approve an economic rescue package as coronavirus cases continue to rise and states renew restrictions. So far, markets are pricing n a bullish outcome but time is dragging on.

If lawmakers fail to authorize a deal, an eviction moratorium will expire, while 12 million people could lose all jobless aid by the end of the year.

The US dollar is slowing correcting: