Stimulus Talks Remain Deadlocked as House Told No Votes Expected
(Bloomberg) - The prospect of a quick end to the stalemate due to a new stimulus faded Monday when Members of the House were told not to expect action this week and many Senate Republicans opposed the White House's proposal for a deal from.
President Donald Trump, who lagged Democrat Joe Biden in every recent poll, tried again to move negotiations forward by tweeted the GOP to allow brief hearings to confirm his Supreme Court candidate, Judge Amy Coney Barrett cut back to focus on strengthening the economy.
House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin are expected to speak more about this this week to fill the gap between the $ 2.2 trillion Democrat proposal and the government counteroffer of $ 1 To close $ 8 trillion.
Even if they manage to reach an agreement, there is little chance that Congress will legislate and pass before the November 3rd elections, which put control of the White House and Senate at stake.
House Majority Leader Steny Hoyer, a Maryland Democrat, sent a notice to lawmakers Monday: "With the Trump administration failing to reach an agreement on coronavirus relief, no House votes are expected this week." The House is out of session this week and most of the members are out of Washington. However, they will remain on 24-hour standby in the event that an agreement is reached.
Trump's change of direction over the past week - first breaking off talks in a tweet, then saying he wanted a bigger package than even Democrats suggested - may have hardened Pelosi's determination to hold on. On Sunday she called the White House a "miserable and fatal failure".
Investors accepted the stalemate. U.S. stocks rose to their highest level in nearly six weeks, also due to a rally in big tech companies that Trump highlighted in a tweet on Monday morning.
"The economic problem remains big, even though it has not derailed the market," said Chris Larkin, general manager, trading and investment products, E * Trade Financial.
Senate Republicans could be a big administrative problem.
Several GOP senators who attended a conference call on Saturday told Mnuchin and White House Chief of Staff Mark Meadows that any deal with Democrats that totaled around $ 2 trillion is too much, according to two people familiar with the conference call be.
One of the people said Mnuchin's offer to Pelosi would not have enough Republican votes to pass the Senate without major changes.
Some senators said the spending discussed was unacceptable and that increasing the deficit would affect their standing with the electorate. Others said a deal this size would give Pelosi and the Democrats a big win just before the election, said the person, who spoke on condition of anonymity.
There have also been objections to some of the guidelines, including extending eligibility to the Affordable Care Act that Republicans have tried to dismantle and giving support to state governments.
Mnuchin and Meadows told senators they would forward their concerns to the president, who last week called on negotiators to "make it big".
Senate Majority Leader Mitch McConnell, who had previously warned that some members of the GOP would not support another big stimulus package, said there was probably not enough time to get a deal off the ground before the elections.
Federal Reserve officials, led by Chairman Jerome Powell, have also stepped up their calls for a comprehensive aid package to shore up the shaky US economy.
Mnuchin and Meadows, in a letter to members of the House and Senate on Sunday, again called for tighter incentives, citing the same areas as Kudlow.
"The all-or-nothing approach is an unacceptable response to the American people," they wrote, citing Pelosi's insistence that any relief package be comprehensive and include provisions to help contain the spread of the coronavirus and assist state and local governments should.
Some lawmakers from both parties are pushing their leaders for a solution.
"People in need can't wait until February. 1.8 trillion is meaningful and more than twice as important as Obama," California Democratic Representative Ro Khanna wrote on Twitter. "Make a deal and put the ball in McConnell Court. "
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