With stimulus negotiations between Democrats and the Trump administration still tenuous as to whether they will resume, financial leaders are calling on Congress to provide more support to help the ailing economy.

Federal Reserve Chairman Jerome Powell warned lawmakers this week that failure to pass another stimulus package, including Stimulus Check 2, could have long-term economic consequences.

Powell specifically pointed out that many Americans without savings would lose money to spend if personal benefits, including federal unemployment subsidies and a second stimulus check, fell short, and called for the need for additional direct benefits. [According to CNBC, Powell said, "Many borrowers will benefit from these programs, as will the economy as a whole. But for others, loans that could be difficult to repay may not be the answer." [Business leaders concur with Powell's concerns about the impact of slowing spending on the economic recovery. Business executives who are members of the Business Roundtable are calling for "massive support" to mitigate the financial impact of the coronavirus. According to Reuters, stock prices have been on a downtrend all week in response to these growing concerns.

House Speaker Nancy Pelosi (D-CA) and Treasury Secretary Steven Mnuchin announced that they would resume negotiations on a stimulus package in the next few days, and Pelosi asked House committee heads to draft a new $2.4 trillion spending package.

During negotiations last month, Pelosi lowered the Democrats' request to $2.2 trillion from the $3.4 trillion in the HEROES Act passed by the House in May. Meanwhile, the White House has announced its intention to spend up to $1.5 trillion, and possibly more, on a second bailout bill.

Senate Republicans have not agreed to a figure in that range; in late July, Republican leaders introduced a $1.1 trillion HEALS bill, which has not been voted on in the Senate. A more recent $500 billion "skinny" bill gained the support of most Senate Republicans but failed to move forward.

Details of the House Democrats' upcoming proposal are not yet available, but both the HEROES Act and the HEALS Act include a second stimulus check for $1,200. It will no doubt be included in the new bill as well.