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Pelosi-Mnuchin Stimulus Buzz Draws Skepticism in Congress
Posted
September 25, 2020
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September 25, 2020
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1:01Now PlayingA last-ditch attempt by Democrats and the White House to restart negotiations on a new stimulus drew skepticism in Congress that a deal could be reached and written into law by Election Day.
Both sides had largely given up on stimulus talks after a weeks-long stalemate, even amid signs of strain in financial markets. But Thursday brought a flurry of activity that suggested movement on virus relief efforts as the clock runs out for Congress.
House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin expressed willingness Thursday to resume talks that broke off in August. Separately, House Democrats started work on what would be a roughly $2.4 trillion stimulus proposal that they could take into negotiations.
The new Democratic plan is roughly in line with the last offer made by Pelosi and Senate Minority Leader Chuck Schumer to Mnuchin and White House Chief of Staff Mark Meadows, which the administration rejected. Smaller than the $3.4 trillion package the House passed in May, it’s still more than the $1.5 trillion President Donald Trump has indicated he would accept, and much bigger than the $650 billion in new spending supported by Senate Republicans.
Texas Representative Kevin Brady, the top Republican on the House tax writing committee, called the move to draft a Democrat-only bill “a waste of time.”
“It doesn’t get us an inch closer,” Brady said.
White House Deputy Press Secretary Brian Morgenstern said Friday, “the Democrats tend to keep coming back to very large packages that don’t necessarily address” areas in particular need of help such as airlines, small businesses and the unemployed. “But we remain hopeful that they will and we remain ready to negotiate,” he said on Fox Business.
Even if a deal can’t be done by Election Day, some Democrats held out hope of passing a stimulus bill during the lame-duck session after the election, arguing that if Republicans lose control of the Senate they may be less concerned about winning the political argument about holding the line on spending.
Word from Pelosi and Mnuchin that they were willing to talk provided a brief boost to markets in the middle of the session Thursday. Yet the S&P 500 Index pared most of its advance as it became clear the two sides remained far apart on the size of stimulus needed. Futures were down Friday morning.
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