Federal stimulus talks in Washington have hit another roadblock on Friday, with Republicans and Democrats in Congress unable to reach a compromise on a few key issues for the new economic relief package. Friday's negotiations conclude roughly two weeks of almost daily closed door talks between four Congressional leaders, delaying the extension of some benefits to financially struggling Americans amid the coronavirus pandemic.
In order to reach a faster solution before Congress reaches its eventual resolution, U.S. Treasury Secretary Steven Mnuchin and White House Chief of Staff Mark Meadows told reporters on Friday that they are going to recommend President Donald Trump to issue an executive order over the weekend to resume enhanced unemployment benefits, reinstate a pause on evictions, and as well as other financial issues for the time being.
"The President would like us to make a deal, but unfortunately we did not make any progress today," Mnuchin told reporters after exiting a meeting with Congressional officials, quoted by Reuters. "I will be back here any time to listen to new proposals."
Mnuchin identified the key issues behind the lawmakers' impasse as funding for state and local governments and an extension of the $600 per week federal unemployment benefits.
New Forecasts
Researchers at the University of Washington's Institute for Health Metrics and Evaluation (I.H.M.E.) forecasted on Friday that nearly 300,000 Americans could die due to COVID-19 infection by December 1, 2020, citing data trends. The group, however, noted that roughly 66,000 lives could be saved if citizens wear masks 95% while in public, as well as other protective measures.
"We're seeing a rollercoaster in the United States," I.H.M.E. Director Dr. Christopher Murray stated in the report. "It appears that people wearing masks and socially distancing more frequently as infections increase, then after a while as infections drop, people let their guard down and stop taking these measures to protect themselves and others--which, of course, leads to more infections. And the potentially deadly cycle starts over again."
The study noted that infections have recently fallen in the former epicenters of Arizona, California, Florida, and Texas, driven by masks mandates and other issued social restrictions.
"The public's behavior had a direct correlation to transmission of the virus and, in turn, the numbers of deaths," Murray added. "Such efforts to act more cautiously and responsibly will be an important aspect of COVID-19 forecasting and the up-and-down patterns in individual states throughout the coming months and into next year."
New Agreements
Pharmaceutical giant Pfizer (NYSE: PFE) announced on Friday that it has entered a multiyear agreement to manufacture and supply Gilead Sciences' (NASDAQ: GILD) coronavirus treatment remdesivir. Under the terms of the deal, Pfizer will produce the antiviral drug in its McPherson, Kansas facility.
"From the beginning it was clear that no one company or innovation would be able to bring an end to the COVID-19 crisis. Pfizer's agreement with Gilead is an excellent example of members of the innovation ecosystem working together to deliver medical solutions," Pfizer CEO Albert Boula stated in a release. "Together, we are more powerful than alone."
The terms of the deal were not disclosed. It is also unclear whether the drug with be manufactured for international use, or for just U.S. residents.