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Yesterday, I wrote about the big swing from Democratic leader and Nancy Pelosi that came when she for the first time expressed true urgency in getting a stimulus deal done before the upcoming elections.
I also mentioned support from the president when he tweeted:
“Democrats are “heartless”. They don’t want to give STIMULUS PAYMENTS to people who desperately need the money, and whose fault it was NOT that the plague came in from China. Go for the much higher numbers, Republicans, it all comes back to the USA anyway (one way or another!).”
It wasn’t exactly clear what Trump was supporting in that tweet but he later on want to clarify his support for the bipartisan Problem Solvers Caucus in the House.
“I like the larger amount, I’ve said that,” Trump said. “Some of the Republicans disagree, but I think I can convince them to go along with that because I like the larger number. I want to see people get money.”
So the president is not only on board with the larger proposal of $1.5 trillion but he thinks that he can convince some of his fellow Republicans to get on board.
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Trump didn’t necessarily endorse every element of the plan but we know that he is in support of more stimulus checks and other measures so perhaps there is a chance of him getting the GOP to support this bill.
The more difficult challenge might be getting Democrats to come down from that $2.2 trillion number which seems to have been impossible based on failed negotiations the past couple of months.
In response to Trump’s latest comments, Pelosi reportedly told Treasury Secretary Steven Mnuchin “Great, call me when he’s at $2.2 trillion.”
At this point, most people are just hoping that Democrats will feel significant pressure to get something done before the elections.
It’s being reported that many Democrats are growing increasingly unhappy and there is even talk about them threatening a government shut down if Pelosi does not ease up on demands.
[T]here’s even some talk among rank-and-file House Democrats about withholding their votes on the [Continuing Resolution] unless the House takes up coronavirus relief, despite a White House-leadership deal to keep the two issues separate.
It wasn’t clear how much traction that push was gaining. But one Democrat who spoke on condition of anonymity said it was an option as nervous lawmakers seek to put pressure on Speaker Nancy Pelosi to cut a deal on virus aid, or at least give them something new to vote on before heading home to campaign.
Other Democrats feel like Pelosi’s hard line is working.
Some Democrats are happy with Pelosi’s positioning. Trump’s insistence that he is willing to increase the price of the package, they argue, is proof that her tactics are having results.
“It sounds like it’s working pretty well,” said Rep. Mary Gay Scanlon (D-Pa.), praising the speaker for her tough line.
As these negotiations have evolved over the past few months it does seem pretty clear that Pelosi is the key determining factor in getting something done.
If she were to agree to the $1.5 trillion proposal there seems to be a little reason to doubt that it would not get passed especially with the president trying to work with Republicans on the matter.
Americans are starting to spend less money this month and so there may be a growing need for additional aid that is starting to be reflected in consumer spending.
Keep in mind consumer spending represents about two-thirds of U.S. economic activity.
Hopefully lawmakers can act before these trends take a steep downward tick and millions of people along with the economy struggle unnecessarily due to political gamesmanship.
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Daniel Gillaspia is the Founder of UponArriving.com and creator of the credit card app, WalletFlo. He is a former attorney turned full-time credit card rewards/travel expert and has earned and redeemed millions of miles to travel the globe. Since 2014, his content has been featured in major publications such as National Geographic, Smithsonian Magazine, Forbes, CNBC, US News, and Business Insider. Find his full bio here.