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As House Speaker Nancy Pelosi and Treasury Secretary Steve Mnuchin get closer to finalizing a deal, there is an increased focus on what is happening on the Republican side of things.
Some sources have already come out and stated that some Republicans feel that the upcoming stimulus package is essentially a “pile of crap.”
Moreover, there is a serious question of if there will be enough Republican votes in favor of such a package to get it passed.
It’s likely that 13 Republican senators will need to be in favor of the stimulus bill in order for it to pass the Senate.
Based on how votes have gone in the House, we can pretty much assume that Democrats will quickly pass the stimulus bill.
And we know the White House will be on board with this considering that they are directly involved in the negotiations.
So passage of this next stimulus bill will likely come down to about a dozen key Republican senators.
So every Republican senator who shows support at this point is an important step forward to getting a deal passed.
We’ve heard from certain key Republican senators such as Lindsey Graham that they will vote in favor of a large package as long as the contents are reasonably put together.
And we just heard from another popular Republican Senator Marco Rubio.
He offered some slightly encouraging thoughts on how he would feel about passing a large relief bill.
First, he expressed his reservations about the overall price tag.
“No one is going to get everything they want here, and from my perspective, that means the bill on this is probably going to be higher than I want it to be and I’m very uncomfortable with that,” the Florida Republican said.
But then he reiterated that the price of not doing something should be factored in as well and more or less echoed Lindsey Graham’s view of passing a large but “not crazy” stimulus package.
“I think the price of not doing something is even higher. So as long as it’s limited in some way, as long as it’s not crazy, yes I’m willing to be flexible about it because I think it’s that important.”
“I’m willing to vote for things I’m not in favor of in order to pass the things I think are essential and important for our country, within reason.”
This is exactly the logic that sources have said a sizable group of Republicans hold.
And I believe this is the basis for why we have heard that Republicans will get on board with a bigger stimulus deal.
I personally think that the tight re-election races are going to factor into this as well and likely force some Republicans into supporting a package that they would otherwise not support.
On the other hand, if nothing passes before the election then that pressure will largely be alleviated.
That has me worried about getting a deal done during a lame duck session but some lawmakers like Rubio have still expressed optimism that a deal may still be put together even if it happens after the election.
“In the end, I think we run the risk here of structural damage to components of our economy if we don’t do something,” he said.
“I have more optimism that we’re going to have a deal on stimulus. I don’t know if it will be before the election just simply because of the calendar and some of the time constraints we face.”
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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.