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US House Speaker Nancy Pelosi said on Friday that their offer to reduce the aid package to reduce by $1 trillion was rejected by the White House.

“$1 trillion cut in Democrats’ coronavirus aid plan would shorten the duration of the aid,” Pelosi added.

Meanwhile, US Senate Minority Leader Chuck Schumer said that the US needs “big bold steps for an economy losing steam”.

US Treasury Secretary Steven Mnuchin, President Donald Trump’s chief of staff Mark Meadows will meet with Pelosi and Schumer at 1700 GMT on Friday for the next round of talks.

Market reaction

The S&P 500 Index was last seen losing 0.2% on the day at 3,342 as investors remain cautious.