Mitch McConnell says Senate will vote on coronavirus stimulus plan as soon as this week

The Senate will vote on a coronavirus stimulus bill as early as this week, Majority Leader Mitch McConnell said Tuesday.

In a statement, the Kentucky Republican said the chamber aims to take up what he called a “targeted proposal, focused on some of the very most urgent healthcare, education, and economic issues.” He did not specify what the legislation would include. 

CNBC previously reported that the GOP was considering a roughly $500 billion proposal to address enhanced unemployment insurance, new small business loans, school funding and money for Covid-19 testing, treatment and vaccines. It is unclear how much the package will resemble the plan that was developing late last month. 

The bill likely will not garner the 60 votes needed to get through the Senate or receive support in the Democratic-held House. Last week, Senate Minority Leader Chuck Schumer, D-N.Y., called the legislation as reported “completely inadequate.” 

Democrats and the Trump administration have failed to break an impasse over coronavirus relief since talks between the sides collapsed late last month. Democratic leaders have pushed for the White House to offer at least $2.2 trillion in federal funding to boost the U.S. economy and health-care system during the pandemic. Republicans so far have not agreed to go higher than $1.3 trillion. 

Congress has failed to pass a fifth coronavirus aid package even after a $600 per week extra jobless benefit, a federal moratorium on evictions and the window to apply for Paycheck Protection Program small business loans lapsed. The expiration of those lifelines has left millions made jobless by the coronavirus struggling to cover costs, even as the overall labor market recovers. 

Last month, Republicans considered reinstating the extra unemployment insurance at a reduced $300 to $400 per week, CNBC reported. Schumer criticized the legislation in particular because reports said it did not include relief for state and local governments or money for rental and mortgage assistance. 

Democrats have pushed for more than $900 billion in new aid for states and municipalities, some of which will have to cut services if they receive no more assistance. The White House, which charges that cities and states run by Democrats want funds to cover for financial mismanagement before the pandemic, has offered no more than $150 billion in new funding. 

The bipartisan National Governors Association has asked for at least $500 billion in relief. 

Senate Republicans released their first pass at a fifth coronavirus relief package in late July. The bill, valued at roughly $1 trillion, countered the more than $3 trillion House Democratic legislation passed in May. It kickstarted the stimulus negotiations, which have since made little progress. 

While most GOP senators now acknowledge the need for another relief bill, some have argued against spending any more federal money at all to combat the pandemic.