Breaking News
Ad-Free Version. Subscribe now to follow markets, faster and distraction-free. Upgrade now
0
Ad-Free Version. Subscribe now to follow markets, faster and distraction-free. More details

Pelosi, Mnuchin to Talk Stimulus Again as Trump Hints at Failure

PoliticsOct 22, 2020 11:09
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
2/2 © Bloomberg. Nancy Pelosi 2/2

(Bloomberg) -- House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin will pick up discussions a stimulus package again Thursday with time running ever shorter for a deal before the election and President Donald Trump seeking to blame Democrats for any failure.

The two sides “are better prepared to reach compromise on several priorities” after Wednesday’s call between the main negotiators, Pelosi spokesman Drew Hammill tweeted. Pelosi and Mnuchin will speak again Thursday as they seek to “resolve open questions,” he said.

Senate Republicans remain the ultimate roadblock to enacting a roughly $2 trillion deal being negotiated by Pelosi and Mnuchin. Senate Majority Leader Mitch McConnell has made no promises on when the Senate might take up any compromise agreement, and some senior GOP lawmakers expressed skepticism whether the chamber would vote on one even after the election.

Funding for state and local governments, a key issue of dividing Democrats and Republicans going back to the summer, was singled out by both sides as a remaining stumbling block. Trump and his allies have characterized large-scale aid to local authorities as an effort to bail out poorly run, Democratic states.

Trump made that charge again in a tweet Wednesday. He also said, “Just don’t see any way Nancy Pelosi and Cryin’ Chuck Schumer will be willing to do what is right for our great American workers, or our wonderful USA itself, on Stimulus.”

White House Chief of Staff Mark Meadows earlier Wednesday complained that it’s the administration that’s “advancing this negotiation further and further to Nancy Pelosi’s side of the ledger.” The speaker has made only “small” concessions, he said on Fox News.

Senate Democratic leader Chuck Schumer on Wednesday put the onus on Republicans for the lack of an agreement, highlighting reports that McConnell had advised the White House to avoid a pre-Nov. 3 deal, given the likelihood of division among Republicans on any vote in the Senate. “Ask the American people. They know who to blame,” Schumer said.

GOP Senators, meanwhile, raised concerns about both the size of the deal under negotiation -- $1.9 trillion, according to Meadows -- and policy issues in the language.

GOP Opposition

Senator John Cornyn of Texas said, “Part of the message from Senate Republicans is: we need to have a discussion about the substance” of policy measures. Republican senators’ concerns include lack of language to prevent government funding for abortions.

GOP members also expressed skepticism about a post Nov. 3 vote on a stimulus deal. Pelosi had floated such a possibility Wednesday, and White House economic adviser Larry Kudlow said the economy and markets would still benefit from the announcement of a deal between the administration and the House in the next two weeks.

Missouri Republican Roy Blunt, a member of McConnell’s leadership team, said, “If we’re going to do it this year, I think it’s now or never.” Republican vote counters in the Senate won’t have the 13 votes needed to pass a stimulus package as large as Pelosi is seeking, according to John Thune, the party’s No. 2 leader in the Senate.

Republican Senator Chuck Grassley of Iowa told reporters, “It’s pretty hard to predict because I think that what happens in the presidential election will determine that more than anything we know right now.”

Meadows said, “The president’s willing to lean into this” with Republican senators if a deal is reached. But he, too, said he doubted chances of passage were better after the election.

Meadows said on Fox Business that the “biggest issue remains state and local assistance.” While the administration estimates that those authorities have lost $250 billion to $275 billion in revenue thanks to the coronavirus crisis, Pelosi is seeking aid of “about twice that number,” or closer to $500 billion, he said.

Hammill, Pelosi’s spokesman, also on Wednesday highlighted that “work needs to be done to ensure that schools are the safest places in America for children to learn.”

©2020 Bloomberg L.P.

Pelosi, Mnuchin to Talk Stimulus Again as Trump Hints at Failure
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email