US President Donald Tump, speaking to reporters, has said that he ”wants a bigger stimulus deal than Pelosi’s plan”.
Prospects for U.S. fiscal stimulus before Election Day dimmed last week with House Speaker Nancy Pelosi demanding the White House revamp its latest offer and Senate Republican leader Mitch McConnell pushing a smaller-scale strategy that Pelosi quickly rejected.
US Treasury Secretary Steven Mnuchin told House Speaker Nancy Pelosi that President Donald Trump would “weigh in” with Senate Majority Leader Mitch McConnell if an agreement is reached on a new pandemic relief package.
House Republican leader Kevin McCarthy, however, said he does not expect an agreement to be reached ahead of the Nov. 3 election as long as Pelosi is involved.
McConnell’s proposal to vote next week on just one provision replenishing funds in the Paycheck Protection Program for small businesses appeared to stoke opposition even from President Donald Trump, who tweeted “Go big or go home!!”
Pelosi told House Democrats on a call Tuesday that McConnell’s proposal was a non-starter, according to participants. She warned that Democratic priorities would be cut in any deal based on such an agreement, they said. In the wake of Trump’s “go big” tweet, she told colleagues that the Democratic side has more leverage than ever, three participants said.
Due to the lack of traction in talks, equities were struggling to stay above water last week, with both the Dow and S&P 500 losing ground for three of the five business days.
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