McConnell warns White House against making stimulus deal before election

McConnell warns White House against making stimulus deal before election

Pelosi set the Tuesday deadline in an appearance on a Sunday talk show, indicating that if no agreement was reached by Tuesday night, it would not be possible to get legislation passed before the November 3 election.

Hammill said staff would be working around-the-clock, but the divisions appeared significant. Apparently - and fortunately, for the stock market - when it relates to politicians passing a stimulus deal. The Dow Jones industrial average fell 411 points, or 1.4 percent. "The American people can not wait", Rep. Max Rose, D-N.Y., said on CNN. Pelosi said that offer fell short in a range of areas, including tax credits for poor people, aid to state and local governments, worker protections and rent help.

"If Congress doesn't act, the next administration is going to inherit a real mess", said Harvard economist Jason Furman, a former top Obama adviser. Frank Pallone Jr. (D-N.J.) saying Democrats could not sign off on what would amount to a "slush fund" for the administration.

The Senate is set to vote Tuesday afternoon on a pair of competing coronavirus stimulus measures that are created to show whether senators support passing a lower cost Republican-authored extension of the small business loan Paycheck Protection Program or a more comprehensive and expensive bill that already passed the Democratic-led House.

Trump initially said he wouldn't go beyond a $1.8-trillion package, but said Tuesday he could support a package topping Democrats' demands of $2.2 trillion.

Meanwhile, Senate Majority Leader Mitch McConnell (R-Ky.) - who has rejected spending the enormous sums Pelosi and Mnuchin are discussing - announced the Senate will be voting Tuesday and Wednesday on much more targeted bills. The bill, likely to be nearly identical to the one that failed in the Senate in September, includes funding for the Payroll Protection Program (PPP), extra unemployment benefits, money for schools, and liability protections for businesses. It appears destined to meet the same fate this week.

"The President, Secretary Mnuchin, and myself have not only made modifications but made substantial modifications that come at the risk of jeopardizing Republican support", Meadows said. "The speaker's Marie Antoinette act needs to end", McConnell said. Many of those programs have since run their course, the economy is weakening and coronavirus cases are spiking around the country.

Mnuchin and House Speaker Nancy Pelosi (D-CA) are scheduled to speak again Monday afternoon.

On Tuesday, Trump said he wants to get to a deal done even more than Democrats, even if some of his Republican supporters disagree.

It's not clear that any deal struck by Mnuchin and Pelosi could even pass the Senate.

"We've increased our offer up to nearly $1.9 trillion", Meadows told reporters on Monday morning.

Pelosi has said Tuesday is a deadline day, but clarified in an interview with Bloomberg News that the aim is to spur the two sides to exchange their best proposals on a host of unresolved issues, not to close out all of their disagreements or have final legislative language at hand.

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