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Politics On The Money: Sides tiptoe towards a COVID deal, but breakthrough appears distant | Expiring benefits raise stakes of stimulus talks | Stocks fade with eyes on Capitol

01:55  20 october  2020
01:55  20 october  2020 Source:   thehill.com

Trump’s Hurdles to Stimulus Climb After Abrupt Tactical Shift

  Trump’s Hurdles to Stimulus Climb After Abrupt Tactical Shift (Bloomberg) -- President Donald Trump scrapped fiscal stimulus talks this week after failing to swing Senate Republicans behind a package Democrats could support. With negotiations back on, the obstacles are just as daunting. Treasury Secretary Steven Mnuchin heads into weekend negotiations with House Speaker Nancy Pelosi with the top-line number for relief fast approaching the $2 trillion level that many Senate Republicans say they cannot accept.Mnuchin has already alienated some in his party by moving toward policies in the House Democrats’ $2.2 trillion proposal that they oppose.

Happy Monday and welcome back to On The Money. I'm Sylvan Lane, and here's your nightly guide to everything affecting your bills, bank account and bottom line.

Nancy Pelosi wearing a suit and tie: On The Money: Sides tiptoe towards a COVID deal, but breakthrough appears distant | Expiring benefits raise stakes of stimulus talks | Stocks fade with eyes on Capitol © Greg Nash On The Money: Sides tiptoe towards a COVID deal, but breakthrough appears distant | Expiring benefits raise stakes of stimulus talks | Stocks fade with eyes on Capitol

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White House sends mixed signals on stimulus as Pelosi announces opposition to latest White House proposal

  White House sends mixed signals on stimulus as Pelosi announces opposition to latest White House proposal On Sunday, Pelosi told House Democrats, "we remain at an impasse" on stimulus negotiations.In a letter to House Democrats sent Saturday, Pelosi called the administration's proposal presented on Friday "one step forward, two steps back" in their negotiations but said she would "remain hopeful" both sides could come to a deal.

Write us with tips, suggestions and news: slane@thehill.com, njagoda@thehill.com and nelis@thehill.com. Follow us on Twitter: @SylvanLane, @NJagoda and @NivElis.

Lawmakers have been discussing second $1,200 stimulus checks for 5 months. Why those payments are still uncertain

  Lawmakers have been discussing second $1,200 stimulus checks for 5 months. Why those payments are still uncertain The coronavirus pandemic has hit Americans' wallets hard. Many are hoping for more financial relief from the federal government, namely second $1,200 stimulus checks. While lawmakers on both sides of the aisle agree on those payments, they're still clouded by uncertainty.Whether that happens or not depends on Congress.

THE BIG DEAL-Sides tiptoe towards a COVID deal, but breakthrough appears distant:

Party leaders seeking an elusive deal on a coronavirus stimulus package claimed more progress on Monday, but the slow headway appeared far short of the breakthrough needed to get more emergency relief to President Trump's desk before Election Day.

  • Speaker Nancy Pelosi (D-Calif.) and Treasury Secretary Steven Mnuchin, the principal negotiators, spoke by phone for almost an hour Monday afternoon, when "they continued to narrow their differences" on policy specifics, according to Pelosi spokesman Drew Hammill.
  • But Pelosi had warned a day earlier that Republican concessions on a national testing strategy gutted 55 percent of the language demanded by Democrats.
  • She also demanded more funding and language concessions surrounding childcare, worker safety, election security and tax breaks for low-income families.

The sheer number of outstanding disagreements has lengthened the odds that the sides can forge an agreement that can pass into law before the Nov. 3 elections. The Hill's Mike Lillis explains here.

Barrett back on Capitol Hill for senators' final questions

  Barrett back on Capitol Hill for senators' final questions WASHINGTON (AP) — Supreme Court nominee Amy Coney Barrett returns to Capitol Hill for a third day of confirmation hearings as senators dig deeper into the conservative judge's outlook on abortion, health care and a potentially disputed presidential election — the Democrats running out of time to stop Republicans pushing her quick confirmation. require(["medianetNativeAdOnArticle"], function (medianetNativeAdOnArticle) { medianetNativeAdOnArticle.getMedianetNativeAds(true); }); Wednesday's session is set to be Barrett's last before the Senate Judiciary Committee.

LEADING THE DAY

Expiring benefits raise economic stakes of stalled stimulus talks: Washington's inability to pass a much-needed stimulus bill ahead of November's election is expected to inflict further damage on the economy, potentially kneecapping its recovery as the expiration of key benefits looms.

Haggling between House Speaker Nancy Pelosi (D-Calif.) and Treasury Secretary Steven Mnuchin has progressed, with Mnuchin saying he is willing to sign on to a $1.8 trillion deal. But the sides say they remain far apart on key issues.

The extended wait for expanded unemployment benefits, aid to small businesses, health efforts to fight the virus, and funding for state and local government is expected to leave lasting scars.

"The consequences could be pretty severe," said Shai Akabas, director of economic policy for the Bipartisan Policy Center. "It is critical for the economy to get support now, and each day, week, month that passes by is damage that can't be undone."

Expiring benefits raise economic stakes of stalled stimulus talks

  Expiring benefits raise economic stakes of stalled stimulus talks Washington's inability to pass a much-needed stimulus bill ahead of November's election is expected to inflict further damage on the economy, potentially kneecapping its recovery.Haggling between House Speaker Nancy Pelosi (D-Calif.) and Treasury Secretary Steve Mnuchin has progressed, with Mnuchin saying he is willing to sign onto a $1.8 trillion deal, but the sides say they remain far apart on key issues.

The Hill's Niv Elis explains here.

Read more: Clock ticks on chance for coronavirus deal

Democrat urges IRS to quickly process Gold Star families' refund requests: A Democratic lawmaker is urging the IRS to quickly process amended tax returns filed by the families of deceased military members after Congress enacted legislation last year to provide these families with tax relief.

"Gold Star Families are counting on prompt receipt of their refunds to help make ends meet in this time of economic uncertainty," Rep. Elaine Luria (D-Va.) wrote in a letter late last week to IRS Commissioner Charles Rettig.

The background:

  • In December, Congress passed an omnibus spending package that reversed changes that the Republicans' 2017 tax-cut law made to a tax on children's unearned income, known as the kiddie tax.
  • The legislation allowed taxpayers to apply the repeal retroactively.
  • The changes to the kiddie tax in the 2017 law were made in an effort to simplify it, but they had the unintended consequence of raising taxes on survivor benefits received by the children of deceased military members.

Luria wrote in her letter that many eligible families filed amended 2018 tax returns in January or February but that most of them have yet to receive their refunds.

Senate Republicans could be the real roadblock to getting a stimulus deal passed

  Senate Republicans could be the real roadblock to getting a stimulus deal passed If Nancy Pelosi and Steven Mnuchin reach a stimulus agreement, it’s unclear whether Republicans would support it.This past weekend, Senate Majority Leader Mitch McConnell said the upper chamber would “consider” any compromise made between Pelosi and Treasury Secretary Steven Mnuchin, though it’s unclear if that means he would schedule a vote on it. (White House Chief of Staff Mark Meadows has said that the Senate would vote on any deal that’s reached, but McConnell has not explicitly confirmed this himself.

"These delays would create hardships for taxpayers in the best of times, but they are especially damaging in this current economic crisis," Luria wrote.

The Hill's Naomi Jagoda has more here.

Fact check: 2016 image of Nancy Pelosi leaving a store is miscaptioned

  Fact check: 2016 image of Nancy Pelosi leaving a store is miscaptioned Social media posts claim that Pelosi was escorted out of a restaurant after a "liquid lunch." This claim is false. The House speaker does not drink. Numerous fact-checking organizations, including USA TODAY, have repeatedly debunked false claims that target Pelosi and attempt to make her appear intoxicated. The claims range from manipulated videos that make her appear to be slurring her words during a press conference to false claims that she was removed from the House floor for "drunken and disorderly conduct.

More than 7 million households lacked bank, credit union accounts in 2019: Roughly 7.1 million U.S. households did not have an account with a bank or credit union in 2019, according to a report released Monday by the Federal Deposit Insurance Corp. (FDIC).

  • Last year, 5.4 percent of U.S. residents was "unbanked," the FDIC reported in its biannual survey of how American households interact with the financial system.
  • The unbanked rate fell 1.1 percentage points from 2017 and has declined in every survey conducted since 2011.
  • The FDIC estimated that of the 124.2 million U.S. households with a bank or credit account in 2019, roughly 1.5 million did not have one in 2017. The survey was conducted with the Census Bureau in June 2019 and received responses from nearly 33,000 households.

"It is encouraging that a record number of households had bank accounts in 2019, though we continue to pursue actions to create a more inclusive banking system," FDIC Chairman Jelena McWilliams said in a statement.

I break down the survey here.

On The Money: Finger-pointing picks up in COVID-19 relief fight | Landlords, housing industry sue CDC to overturn eviction ban

  On The Money: Finger-pointing picks up in COVID-19 relief fight | Landlords, housing industry sue CDC to overturn eviction ban Happy Friday and welcome back to On The Money. I'm Sylvan Lane, and here's your nightly guide to everything affecting your bills, bank account and bottom line.See something I missed? Let me know at slane@thehill.com or tweet me @SylvanLane. And if you like your newsletter, you can subscribe to it here: http://bit.ly/1NxxW2N.Write us with tips, suggestions and news: slane@thehill.com, njagoda@thehill.com and nelis@thehill.com. Follow us on Twitter: @SylvanLane, @NJagoda and @NivElis.THE BIG DEAL-Finger-pointing picks up in COVID-19 relief fight: The blame game is heating up as it becomes increasingly clear there will be no new COVID-19 relief deal before Election Day.

GOOD TO KNOW

  • Stocks closed with losses Monday amid mounting concern that negotiations to reach a bipartisan stimulus deal before Election Day may fail to meet a 48-hour deadline set by Speaker Nancy Pelosi (D-Calif.).
  • Five things to know about Biden's tax proposals
  • The Wall Street Journal: "The Federal Reserve is in no hurry to issue a digital currency, Chairman Jerome Powell said Monday, citing unresolved concerns including the potential for theft and fraud."

ODDS AND ENDS

  • CVS Health announced Monday that the company would hire thousands of workers to fill positions ahead of an anticipated rise in coronavirus and seasonal flu cases this fall and the rollout of a COVID-19 vaccine.
  • Op-Ed: "There are policy tools to strengthen safety nets - why not use them?"

On The Money: Finger-pointing picks up in COVID-19 relief fight | Landlords, housing industry sue CDC to overturn eviction ban .
Happy Friday and welcome back to On The Money. I'm Sylvan Lane, and here's your nightly guide to everything affecting your bills, bank account and bottom line.See something I missed? Let me know at slane@thehill.com or tweet me @SylvanLane. And if you like your newsletter, you can subscribe to it here: http://bit.ly/1NxxW2N.Write us with tips, suggestions and news: slane@thehill.com, njagoda@thehill.com and nelis@thehill.com. Follow us on Twitter: @SylvanLane, @NJagoda and @NivElis.THE BIG DEAL-Finger-pointing picks up in COVID-19 relief fight: The blame game is heating up as it becomes increasingly clear there will be no new COVID-19 relief deal before Election Day.

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