Mnuchin's Stimulus Plan Won't Get Much Support from Democrats, Schumer Says

Treasury Secretary Steven Mnuchin made a surprise re-entry into talks on a 2020 pandemic-relief package with a $916 billion proposal that opened a potential new path to a year-end deal despite objections from Democrats over elements of the plan.

After largely leaving the task to Senate Majority Leader Mitch McConnell since Election Day, Mnuchin pitched a $916 billion stimulus plan to House Speaker Nancy Pelosi in a Tuesday afternoon telephone call, more than a week after she and Senate Democratic leader Chuck Schumer retreated from their previous insistence on a $2.4 trillion bill.

Mnuchin’s offer was a joint proposal supported by McConnell and House Republican leader Kevin McCarthy, who called it “a great offer.” Mnuchin said he had conferred with President Donald Trump, whose support will be needed to get any deal through the Republican-controlled Senate.

Pelosi and Schumer said in a joint statement that it marked “progress” because it brought McConnell closer to the $908 billion framework unveiled last week by a group of Democratic and Republican lawmakers. But they said its omission of supplementary jobless benefits was “unacceptable,” and backed the continuing bipartisan effort at crafting a compromise.

McConnell on Wednesday in turn blasted Pelosi and Schumer’s response as indicating that they still don’t want to compromise. He reiterated his argument that the most contentious items be set aside and Congress proceed with critical components that are widely agreed upon, including small-business help.

The Mnuchin plan differs in important ways from the alternative that Pelosi and Schumer endorsed as a basis for fresh talks. It includes $600 stimulus payments to individuals, which could win support from both Republicans and Democrats, but it pays for that in part through cutting the bipartisan proposal for $300 a week in supplemental unemployment aid.

Subscribe to our YouTube channel

Bloomberg Quicktake brings you live global news and original shows spanning business, technology, politics and culture. Make sense of the stories changing your business and your world.

To watch complete coverage on Bloomberg Quicktake 24/7, visit or watch on Apple TV, Roku, Samsung Smart TV, Fire TV and Android TV on the Bloomberg app.

Have a story to tell? Fill out this survey for a chance to have it featured on Bloomberg Quicktake

Connect with us on…

Breaking News on YouTube