Democrats and Republicans rip into the White House's $1.8 trillion stimulus offer, dampening chances of $1,200 stimulus checks and coronavirus relief before the election
House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin outlined the ongoing negotiations on an upcoming stimulus package. Samuel Corum, Drew Angerer / Getty Images
Republicans and Democrats are attacking the Trump administration's $ 1.8 trillion stimulus offer.
The spokeswoman Nancy Pelosi called the plan "inadequate" and said in a letter to the House Democrats "one step forward, two steps back".
Senate Republicans have stepped up criticism of the deal, Politico reported, with some having issues with spending levels and certain regulations.
The backlash from both parties reduces the likelihood that a federal rescue package will be passed before the election.
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The Trump administration's $ 1.8 trillion stimulus offer has been heavily criticized by both Senate Democrats and Republicans, dampening a state bailout's chances of keeping individuals and businesses alive ahead of the elections.
In a letter to her caucus on Saturday, spokeswoman Nancy Pelosi called the plan "inadequate" and said it was "one step forward, two steps back." She raised several concerns about the White House proposal, including state and local benefits, unemployment benefits and childcare.
"When the president talks about wanting a larger aid package, his suggestion seems to mean that he, in his own discretion, wants more money to grant or withhold," wrote Pelosi in the letter, adding that she was "hopeful" for a final deal.
Pelosi said Democrats would continue to push for more funding and details from the government. The negotiations will continue this weekend.
Senate Republicans also attacked the offer on a conference call with Treasury Secretary Steven Mnuchin and White House Chief of Staff Mark Meadows on Saturday morning to assess both the level of spending and certain actions, Politico reported.
Senator Lamar Alexander, of Tennessee, said, "Right now there is no appetite to give out the White House number or the house number."
Read more: A $ 2.5 billion investment chief highlights the stock market sectors that could benefit the most if post-election incentives - and says Trump's end of negotiations won't jeopardize economic recovery
Then Senator John Barrasso of Wyoming warned that support for relief laws that expand the reach of the Affordable Care Act is viewed as "a tremendous betrayal by our supporters." Republicans are concerned that the government's plan includes a Democratic call for an increase in the ACA tax credit that could lead to taxpayers funding abortions. Democrats challenge characterization.
"I don't get it," said Florida Senator Rick Scott of the plan's high cost. For a long time, he was also critical of the provision of federal aid by state and local governments, as they are grappling with major budget constraints.
The White House did not immediately respond to a request for comment.
Fierce criticism from Republicans and Democrats comes after the Trump administration increased its stimulus offer to $ 1.8 trillion, the largest in an inconsistent series of talks with Democrats. President Donald Trump is again trying to reach a coronavirus alleviation deal just days after talks suddenly broken off to increase his chances of re-election.
Read more: EXCLUSIVE: Trump's White House chief of policy sets an agenda for the second term, including the impact on taxes, drug prices and manufacturing jobs
The White House plan includes US $ 1,200 direct payments, US $ 400 weekly federal unemployment benefits, US $ 300 billion aid to state and local governments, and funding for virus testing and tracking.
However, the prospect of a pre-election economic bailout is diminishing given the large divide between the two parties on a number of measures such as state aid and unemployment benefits. Senate majority leader Mitch McConnell was cool about the chances of additional federal aid and said Thursday it was unlikely to be before election day.
The attacks underscore the obstacles that a possible agreement between Pelosi and Mnuchin will face in repeatedly negotiated negotiations - particularly in terms of support from the Senate Republicans.
"The total price is very important to Conservatives, but just as important is the content of the expenses," Steve Moore, an external economic advisor to the White House, told Business Insider. "The content makes the difference in the world."
Some Republican senators criticize support for aid spending that increases national debt. However, many economists are calling on Congress to renew and approve federal aid programs as millions of Americans remain unemployed and the economy shows signs of slowing.
Republicans are preparing to begin the Supreme Court nomination process for Judge Amy Coney Barrett on Monday.
Read more: BlackRock's investment director explains why Congress, which is passing a second round of fiscal stimulus, is "pretty serious" for markets and the economy - and determines which sectors will benefit in both scenarios
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