US stimulus hopes dim as Mnuchin says negotiators 'far apart'

US Treasury Secretary Steven Mnuchin Wednesday said despite some progress, he still has not reached an agreement with Democratic lawmakers on a stimulus package, dampening hopes the US economy would get a new injection of cash before the presidential election. Wall Street sunk on the downbeat comments from Mnuchin, who has been negotiating for months with Democrats over passing a measure to restore expired provisions of the $2.2t CARES Act approved as the coronavirus pandemic struck in March. "We continue to make progress on certain issues, on certain issues we continue to be far apart," Mnuchin said. The official has been leading negotiations on behalf of President Donald Trump, and said he had a lengthy conversation with his Democratic counterpart House Speaker Nancy Pelosi on Wednesday. Pelosi aide Drew Hammill confirmed the talks and said they would continue on Thursday "One major area of disagreement continues to be that the White House lacks an understanding of the need for a national strategic testing plan," he tweeted. "The Speaker believes we must reopen our economy and schools safely and soon, and scientists agree we must have a strategic testing plan." The two sides are deadlocked over how much to spend and what form to spend it in, with Democrats demanding aid for struggling state and local governments that are on the front lines of delivering aid. "We continue to have discussions and try to compromise on a broader package," Mnuchin said, adding Pelosi rejected a stand-alone measure to fund airlines that have furloughed tens of thousands of workers this month. An agreement with struggling US airlines to avoid layoffs in exchange for payroll funding lapsed at the start of October, and the carriers have since announced tens of thousands of job cuts.<br/>