Stimulus update: Pelosi says a deal could be near, but a vote may not come until after the election

Our mission to help you navigate the new normal is fueled by subscribers. To enjoy unlimited access to our journalism, subscribe today.

The White House and Democratic leaders are nearing an agreement for another broad stimulus package that would include items including another round of $1,200 stimulus checks and enhanced unemployment benefits.

“I’m pretty happy. I think we have a prospect for an agreement,” House Speaker Nancy Pelosi told MSNBC on Wednesday.

Pelosi will speak with the White House again later on Wednesday in an attempt to iron out the final price tag and further details. Pelosi said on MSNBC she’s hopeful they can resolve the “appropriations piece” during that meeting. As of Tuesday, Democratic leaders are asking for $2.2 trillion, while the White House has offered just under $1.9 trillion.

If a deal is struck, it doesn’t guarantee passage. A number of Senate Republicans have already voiced objection to the size of the package, and Senate Majority Leader Mitch McConnell reportedly told the White House on Tuesday not to accept Pelosi’s bill before the election.

McConnell has also notably kept his language vague in terms of when a bill might be passed: He told reporters Tuesday that if a bill was agreed upon, the Senate would put it on the floor “at some point.” Senate Republicans took up their own $500 billion stimulus bill on Wednesday, but Democrats blocked it from advancing.

Speaker Pelosi, however, is optimistic about a compromise. “There will be a bill,” she said. “The question is, is it in time to pay the November rent, which is my goal, or is it going to be shortly thereafter and retroactive?” Pelosi noted that Senate Republicans may pose a roadblock, saying on SiriusXM radio earlier Wednesday that “I think Mitch McConnell might not mind doing it after the election.”

For months the White House and Democratic leaders have butted heads on the dollar size of the package—Democrats want billions more in aid for state and local governments, a point that appears to still be up for debate. Additionally, Republicans’ support for COVID-19 lawsuit immunity for businesses and schools has generated Democratic opposition.

Meanwhile, there is bipartisan support for other items. Both parties have reaffirmed support for a new round of $1,200 stimulus checks. Both parties support more funding for education, coronavirus-related projects, mortgage and rental assistance, and food programs. When it comes to enhanced unemployment benefits, the White House would prefer $400 per week compared to House Democrats’ proposal of $600 per week.

More must-read finance coverage from Fortune:

  • What Wall Street needs from the 2020 election
  • How J.P. Morgan is proceeding with extreme caution—and still making plenty of money
  • “A tale of two Americas”: How the pandemic is widening the financial health gap
  • A disputed election could cost the U.S. its “AAA” credit rating
  • As earnings season kicks off, only 48% of companies have resumed giving investors guidance

Latest articles

Hawaii seeks to be seen as a remote workplace with a view

Software engineer Raymond Berger begins his work day at 5 a.m., before the sun comes up over Hawaii. Rising early is necessary because the...

Taylor Swift’s ‘Folklore’ Live Album Is This Week’s Fan Favorite New Music

Last week, Swift treated fans to early Christmas gifts by releasing a Disney+ film documenting the making of her 2020 quarantine album, Folklore,...

Indian farmers reject talks with government amid blockades, furor over agriculture legislation

Protesting farmers on Sunday rejected the Indian government's offer to hold immediate talks if they ended their blockades of key highways as they seek...

Canada ‘not at the back of the line’ for COVID-19 vaccine, Moderna chairman says

The head of a U.S. biotechnology company that is developing one of the most promising COVID-19 vaccine candidates says Canada is not far...

Related articles

Leave a reply

Please enter your comment!
Please enter your name here