Stock markets on Wednesday held their ground as prospects faded that the next COVID-19 relief package in Congress would be done before August.
The Dow Jones Industrial Average was down 23 points, or 0.1 percent, and the S&P 500 was up 1 point, or zero percent.
Congress on Monday kicked off negotiations over a final COVID-19 bill in earnest with disagreements among Republicans over their ideal bill and, more broadly, between Republicans and Democrats over the size and scope of the bill.
Democrats are pushing for a larger bill, with more robust unemployment benefits and aid to state and local governments. The House has approved a $3 trillion relief measure.
Republicans are looking at a bill with a price tag of $1 trillion.
President Trump has pushed for a payroll tax cut, a policy many congressional Republicans oppose. Instead, they want to extend unemployment benefits at a more modest level, arguing that overly generous benefits exacerbate high unemployment.
A slew of benefits from March’s CARES Act are set to expire by the end of July, meaning many Americans will be left in limbo before a new package passes and is signed into law in early August.