Trump Presses Tax Cut as Pelosi, Mnuchin Near Coronavirus Aid Bill

As President Donald Trump again pressed for a payroll tax cut Friday morning, House Speaker Nancy Pelosi told reporters Friday morning after speaking with U.S. Treasury Secretary Steven Mnuchin that Democrats and the administration are close to a deal on a coronavirus economic aid package.

"We’re close. We have exchanged paper. We’ll talk again this morning," Pelosi said as negotiations continued over an economic relief package to help offset economic shocks from the coronavirus as the growing outbreak rattled Americans and continued to unnerve financial markets.

Pelosi and Mnuchin, who is handling negotiations for Trump's Republican administration, are seeking to come to an agreement on an economic aid package after Congress earlier approved $8.3 billion to fight the disease.

Mnuchin, in a CNBC interview, said negotiations with the House were going very well.

Democrats want sweeping steps to address economic hardships, including sick leave, unemployment insurance and funding for food programs, while Republicans have balked at what they called Democrats' burdensome proposal, particularly its provision for paid leave for employees.

Meanwhile, Trump in a tweet Friday continued to press a payroll tax cut, which has received a cool response from both fellow Republicans in Congress as well as Democrats.

Any measure must pass both the Democrat-controlled U.S. House of Representatives and the Republican-controlled Senate before Trump could sign it into law.

Trump also took the opportunity to slam the Federal Reserve again, tweeting:

"The Federal Reserve must FINALLY lower the Fed Rate to something comparable to their competitor Central Banks. Jay Powell and group are putting us at a decided economic & physiological disadvantage. Should never have been this way. Also, STIMULATE!"