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Politics Another Day of Overtime Stimulus Talks Ends With No Deal

01:51  27 october  2020
01:51  27 october  2020 Source:   nymag.com

Stimulus latest: Deadline looms for deal before Election Day with key differences unresolved

  Stimulus latest: Deadline looms for deal before Election Day with key differences unresolved Stimulus negotiators face a fast-approaching deadline to resolve key differences and deliver a sweeping coronavirus relief package to the American people before Election Day. © AP/Getty Images House Speaker Nancy Pelosi on Sunday set a Tuesday deadline for her and Treasury Secretary Steven Mnuchin to reconcile significant policy disputes if they want to pass a relief bill before November 3. That time frame brings enormous pressure for a fast breakthrough that will have implications for millions of Americans struggling with the fallout of a still-raging pandemic.

President Donald Trump has ordered his negotiators to halt talks over a new stimulus package, after the two sides have struggled for months to reach a deal , a stunning move that puts an end to last-ditch efforts for a major economic relief package as millions are reeling from the coronavirus crisis.

Pelosi is playing the game to the very end of the deck. Photo: Chip Somodevilla/Getty Images. Earlier this week, the word in Washington was that if stimulus talks didn’t immediately resume, House Democrats would pass a bill encompassing their latest .2 trillion proposal and then go home to hit

The incredibly drawn-out saga of negotiations over a second major comprehensive COVID-19 relief and stimulus package wheezed along for another day on Monday, but the talks between House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin produced no agreement. Instead, there may even have been some backsliding on previous progress, as Pelosi’s deputy chief of staff, Drew Hammill, indicated in a Twitter thread on Monday afternoon:

Nancy Pelosi, Steven Mnuchin are posing for a picture: Pelosi and Mnuchin are still talking without any real signs of an imminent deal. Getty Images © Getty Images Pelosi and Mnuchin are still talking without any real signs of an imminent deal. Getty Images

The Speaker and Secretary Mnuchin spoke today at 2:00 p.m. by phone for 52 minutes. As the nation faces record spikes in new COVID cases, we continue to eagerly await the Administration’s acceptance of our health language, which includes a national strategic plan on testing and tracing. We are hopeful their response will be positive as we also await the outcomes of talks between committee chairs. It is clear that our progress depends on Leader McConnell agreeing to bipartisan, comprehensive legislation to crush the virus, honor our heroes — our essential workers — and put money in the pockets of the American people. The Speaker remains optimistic that an agreement can be reached before the election.

How long it could take for Americans to get more money from the government if stimulus talks fail

  How long it could take for Americans to get more money from the government if stimulus talks fail Washington lawmakers are working to hammer out a potential compromise to stimulus aid negotiations that have preoccupied them for months. The outcome of those talks will determine how soon Americans will receive more financial aid.But numbers continue to be a sticking point

Pelosi and Mnuchin make progress in stimulus talks , plan to speak again Tuesday. Published Mon, Oct 19 20204:19 PM EDTUpdated Mon, Oct House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin made some progress during their latest coronavirus stimulus talks , according to

The fate of those payments and other additional coronavirus stimulus aid — namely additional enhanced federal unemployment benefits and loans for small businesses — has been up in the air since May. Congress approved the first disbursement of

Pelosi indicated yesterday that she was waiting on the administration’s response to the “health language.” As she noted, it was way overdue, The Hill reports:

[Pelosi] blasted the Trump administration for declining to sign on to Democrats’ plan for a COVID-19 testing strategy, despite earlier public statements from Treasury Secretary Steven Mnuchin indicating that there was an agreement.

“Today, we are waiting for an important response on several concerns, including on action to crush the virus. Ten days after Secretary Mnuchin went on CNBC to declare that he was accepting our testing plan, the Administration still refuses to do so,” Pelosi wrote.

If that still hasn’t happened, what reason is there to hope that a preelection deal can be struck on areas like state-and-local-government assistance and a COVID-19 liability shield when there’s not an agreement in principle?

Will a COVID-19 stimulus deal be struck by Tuesday? What we know about relief negotiations

  Will a COVID-19 stimulus deal be struck by Tuesday? What we know about relief negotiations Democrats and Republicans are struggling to cut a deal as they face a Tuesday deadline set by House Speaker Nancy Pelosi.Both sides are struggling to cut a deal just weeks before the election, with Democrats and Republicans hundreds of billions of dollars apart in their proposals and unable to resolve major policy differences on COVID-19 testing, child tax credit provisions, and funding for state and local governments.

A multi-trillion-dollar deal would have pumped stimulus into the economy at a time when the unemployment and business growth outlook is Her House Democrats last week passed a .2tr stimulus bill, though that measure had no chance of advancing in the Republican-controlled Senate.

And time is all but up to cement a compromise before Nov. WASHINGTON — Optimism faded on Friday for a pre-election breakthrough on a stimulus measure to stabilize a shaky pandemic-era recovery, as negotiations between leading congressional Democrats and the White House limped

As of Sunday, both sides (Pelosi and White House chief of staff Mark Meadows) were accusing the other of “moving the goal posts” in the negotiations, which isn’t a good sign either. And as Hammill’s reaction shows, there’s still considerable concern about getting a deal, if there is one, through the Republican-controlled Senate in a timely manner.

At this point, it’s very likely that the best that can be expected is a deal announced before Election Day with congressional approval and a Trump signature happening soon afterward. That way, perhaps the Senate problem can be brushed off until mañana. But when you think it through, it’s unlikely that anyone other than Donald J. Trump is eager for a preelection announcement of a stimulus package that may or may not actually be enacted. Because Pelosi knows that, she is likely continuing to play a waiting game in hopes that Mnuchin’s boss will panic and cave to her on the major outstanding points. And so she will continue to be “hopeful” about a deal even as she trashes the administration’s specific response. Whoever actually deserves the lion’s share of blame for disappointing all those people waiting to receive a second $1,200 stimulus check, it’s going to be Trump who will mostly quickly and sharply feel the pain. For one thing, a combination of the surge in COVID-19 cases and the anxiety over the absence of a stimulus deal is damaging Trump’s precious stock-market achievements. And without that, his reelection talking points are pretty meager.

Why Wall Street is banking on a blue wave .
Many investors are betting on a Democratic sweep. But some other scenarios could create an unsettling environment for markets.But much of Wall Street is already betting on a Biden win — with a much different take on what the results will mean.

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