Stimulus update: Crucial counterproposal expected tomorrow

Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. UponArriving has partnered with CardRatings for our coverage of credit card products. UponArriving and CardRatings may receive a commission from card issuers. 

House Speaker Nancy Pelosi says that she is not giving up on passing another economic relief package prior to the November 3 election.

Based on reports, Pelosi sent the White House administration a list of specific concerns on Friday and she was told that she will get answers to those tomorrow.

It’s not clear exactly what those specific concerns were but chances are they dealt with local and state government aid along with additional aid to schools and perhaps coronavirus testing and vaccines since those have been hot button issues.

When Treasury Secretary Steven Mnuchin last spoke on Friday he mentioned that there still were significant differences between Republicans and Democrats.

Both sides have continued to accuse each other of continuing to “move the goalposts” (they’ve literally each used that same terminology).

Currently, the relief bill that is being negotiated is reported to be valued at about $1.9 trillion.

Pelosi has dug into her position for quite some time and attempted to secure a $2.2 trillion package.

Assuming a deal is hammered out around $2 trillion, the big question remains about what Republicans will do.

Senate Democrats blocked the GOP’s plan last week for a skinny stimulus proposal.

That measure contained aid for schools, unemployment insurance, more subsidies for businesses, but it did not contain stimulus checks.

Despite the low price-tag proposals from Republican leaders, we continue to hear assurance from White House insiders such as White House Chief of Staff Mark Meadows who say that the Senate Majority Leader Mitch McConnell will bring a bill to the floor if negotiations with Pelosi conclude successfully.

Bringing a bill to the floor is one thing and getting it passed is another though.

The reason why there is so much concern over getting a package done before the election is that nobody knows what will happen if Trump loses.

Trump stated that if he wins relief aid will begin going out immediately.

However, if he loses many speculate that nothing will get done until early next year.

“I’m never very optimistic about the lame duck and I’ve never been surprised,” said Sen. Roy Blunt, R-Mo.

“You don’t get near as much done as you think you’re going to get done.”

So the bit of information that we are waiting to hear about tomorrow will be what type of response does the White House administration take to Pelosi’s demands she sent over on Friday?

We might not hear specifics tomorrow but we should have an idea of how things go.


UponArriving has partnered with CardRatings for our coverage of credit card products. UponArriving and CardRatings may receive a commission from card issuers. Responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.

Leave a Reply

Your email address will not be published. Required fields are marked *