Top Trump administration officials are calling on lawmakers to pass legislation to redirect unused funding from a small-business lifeline, the latest salvo in a week of twists and turns in talks between the White House and congressional leaders on a new round of coronavirus stimulus.

a man wearing a suit and tie: "He may. He may," Kudlow said of Mnuchin. "Secretary Mnuchin is up to $1.8 trillion. So, the bid and the offer is narrowing somewhat between the two sides."

© Chip Somodevilla/Getty Images
“He may. He may,” Kudlow said of Mnuchin. “Secretary Mnuchin is up to $1.8 trillion. So, the bid and the offer is narrowing somewhat between the two sides.”

“Now is the time for us to come together and immediately vote on a bill to allow us to spend the unused Paycheck Protection Program funds while we continue to work toward a comprehensive package,” White House chief of staff Mark Meadows and Treasury Secretary Steven Mnuchin wrote in a letter on Sunday to members of the House and Senate. “The all-or-nothing approach is an unacceptable response to the American people.”


Load Error

The letter follows a bevy of mixed signals from the administration over the past week — which included President Donald Trump abruptly breaking off stimulus talks, then reversing course and insisting on a variety of relief measures.

House Speaker Nancy Pelosi (D-Calif.) on Sunday rejected the latest $1.8 trillion stimulus offer from Mnuchin. Many Senate Republicans, meanwhile, have been wary of greenlighting yet another hefty relief package.

Meadows and Mnuchin reserved their criticism for the Democratic-led House for passing two massive relief bills largely along party lines “instead of compromising with us on bipartisan legislation like we have done in the past.”

“We will continue to try to work with Speaker Pelosi and Senator [Chuck] Schumer,” the pair wrote. “It is not just about the top-line number but also about legislation that can be passed by both the House and the Senate and signed into law by President Trump to

People shop at stores in Noida, Uttar Pradesh. 

Photographer: Prashanth Vishwanathan/Bloomberg 

India’s central bank and the federal government have urged the nation’s Supreme Court to reject pleas by borrowers to extend a loan repayment holiday, according to people familiar with the filing.

The Reserve Bank of India and the government filed their written views on Friday following an order by the court, saying the measures announced so far to increase liquidity and lower borrowing costs are having a positive impact on the economy, the people said, asking not to be identified because the filings aren’t public.

A RBI spokesperson didn’t immediately respond to a message seeking comment. Finance Ministry spokesman Rajesh Malhotra declined to comment, saying the matter is under consideration by the court.

Earlier this year, the central bank allowed lenders to freeze loan repayments through Aug. 31 to limit the impact of the coronavirus pandemic on borrowers. It also gave lenders power to restructure certain loans.

The measures announced by the RBI after the pandemic have assured 11.1 trillion rupees ($152 billion) of liquidity, equivalent to 5.5% of gross domestic product, while lower borrowing costs have led to a record 3.2 trillion rupees in primary issuance of corporate bonds between April and August, the central bank said in the filing.

Prime Minister Narendra Modi’s government has also offered additional support by deciding to pay the “interest on interest” on loans of as much as 20 million rupees for the duration of the RBI-authorized repayment holiday. The government said it will seek approval from the cabinet and parliament for the “huge” additional expenditure that will be incurred.

India’s financial system entered the pandemic already weakened by a mountain of bad loans at its banks and a two-year liquidity crisis at so-called shadow banks. Business activity

FILE PHOTO: International Monetary Fund logo is seen outside the headquarters building during the IMF/World Bank spring meeting in Washington, U.S., April 20, 2018. REUTERS/Yuri Gripas

WASHINGTON (Reuters) – The Group of 20 nations must offer poorer countries a longer freeze in debt payments and other help to protect the global economy from long-term scarring inflicted by the COVID-19 pandemic, leading business and labor groups said.

Warning of job losses, increasing poverty, rising child mortality and high business failure rates in poorer countries, the groups urged G20 finance ministers, who will meet by teleconference next week, to take immediate action.

“The required contribution from the world’s leading economies is minute compared to the social and economic costs of inaction,” the International Chamber of Commerce, the International Trade Union Confederation, and Global Citizen, a group pushing to end extreme poverty by 2030, said in an open letter.

The G20’s freeze in official bilateral debt payments for the poorest countries should be extended through to end-April 2022 and broadened to include lower-middle and middle-income countries, based on their health and debt vulnerabilities, said the letter which was viewed by Reuters and will be published Thursday.

The groups noted a worrying ‘stimulus gap’ with high-income countries having spent some 8% of GDP in economic stimulus to mitigate pandemic’s impact, compared to just 1.3% for low-income countries.

They called for International Monetary Fund members to replenish the Fund’s Catastrophe Containment and Relief Trust and allow the IMF to extend a freeze in debt payments by the poorest countries through April 2022.

In addition, they called for a reallocation of existing IMF Special Drawing Rights to benefit poor countries and a major issuance of new SDRs, a step akin to a central bank printing money that was backed by IMF Managing Director Kristalina Georgieva, but