US Senate Minority Leader Schumer: Democrats ready to work with Trump on coronavirus plan

Democrats are ready to work with the Trump administration on focused coronavirus economic plan, US Senate Minority Leader Chuck Schumer said on Tuesday, per Reuters.

"Democrats want paid sick leave and emergency unemployment insurance as part of the coronavirus relief plan," Schumer explained and added that expanded food assistance needs to be a part of the economic relief package.

Meanwhile, Republican Senator Rubio noted that the scope of payroll tax cuts being considered for coronavirus relief could be around $300 billion and announced that Treasury Secretary Mnuchin will meet with House Speaker Pelosi later in the day.

Market reaction

Major equity indexes in the US pushed higher on these developments. As of writing, the Dow Jones Industrial Average was up 2.8% on the day while the Nasdaq Composite Index and the S&P 500 were adding 3.3% and 3%, respectively.