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Politics Trump keeps promising a coronavirus relief package will be passed after the election — but Democrats say they are still far apart on a stimulus deal

21:25  29 october  2020
21:25  29 october  2020 Source:   businessinsider.com

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.

Donald Trump wearing a suit and tie: Speaker Nancy Pelosi and President Donald Trump Tasos Katopodis/Getty Images; Sarah Silbiger/Getty Images © Tasos Katopodis/Getty Images; Sarah Silbiger/Getty Images Speaker Nancy Pelosi and President Donald Trump Tasos Katopodis/Getty Images; Sarah Silbiger/Getty Images
  • Trump and Pelosi are both hoping for an economic relief package after the election.
  • "Right after the election, we'll get it one way or the other," Trump said on a podcast interview.
  • "First and foremost the American people need help. They need real help," Pelosi said at a weekly press conference.
  • But there still appear to be significant differences remaining between the White House and Democrats on numerous issues.
  • Visit Business Insider's homepage for more stories.

President Donald Trump is doubling down on his promise to pass a coronavirus relief package after the election, but Democrats say many differences remain before a stimulus deal is reached.

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.

During a podcast interview with reality TV host Jon Taffer, Trump said an economic aid package would be passed after Election Day on November 3.

"Once we get past the election, we're going to get it. It may be bipartisan, it may not have to be," Trump said. "Right after the election, we'll get it one way or the other."

Trump also said at a Pennsylvania rally on Tuesday: "After the election, we'll get the best stimulus package you've ever seen."

Meanwhile, House Speaker Nancy Pelosi told reporters at her weekly press conference she hoped a relief package would pass after the election as well. She predicted Democratic nominee Joe Biden would defeat Trump to win the presidency.

"I want a bill for two reasons. First and foremost the American people need help. They need real help," Pelosi said. And second of all, we have plenty of work to do in a Joe Biden administration ... so we want to have as clean a slate as possible going into January."

What an EIP card is and why you could get one instead of a stimulus check

  What an EIP card is and why you could get one instead of a stimulus check We tell you what it's for, how to use it and how to find out if you're getting one, assuming a second stimulus check happens.These are all questions you may have and we'll answer them here. An Economic Impact Payment card was sent as a stimulus payment to about 4 million Americans rather than a physical check or direct deposit. If a second round is approved by Congress, it's likely that the IRS will make several million payments to eligible Americans using the same method -- keep reading to find out if you'll receive your check in this form of payment.

Read more: A $2.5 billion investment chief highlights the stock-market sectors poised to benefit the most if stimulus is passed after the election — and says Trump ending negotiations doesn't threaten the economic recovery

But there still appear to be significant differences between White House and top Democratic congressional leaders. Pelosi sent a letter to Treasury Secretary Steven Mnuchin on Thursday outlining six areas of disagreement on virus testing, childcare, unemployment benefits, state aid, and tax credits among others. It was first reported in Politico Playbook.

"Your responses are critical for our negotiations to continue," Pelosi wrote to Mnuchin.

"The American people are suffering, and they want us to come to an agreement to save lives, livelihoods and the life of our American Democracy as soon as possible," Pelosi said in the letter. "In light of these challenges, I respectfully await your attention to these urgent matters."

Donald Trump made many promises in 2016 and early in his term. Which has he kept and what is he still working on?

  Donald Trump made many promises in 2016 and early in his term. Which has he kept and what is he still working on? Trump has kept a number of pledges, including tax cuts and conservative judges. But not on others such as bringing back coal and replacing Obamacare."Unlike so many who came before me, I keep my promises," Trump said during his State of the Union speech this year.

The unresolved differences echo another letter Pelosi sent to the treasury secretary over two weeks ago, suggesting there's been little progress on the shape of a stimulus package. The pair are negotiating on one costing nearly $2 trillion that would include federal unemployment benefits, $1,200 direct payments, and small business aid among other provisions.

The relief talks have been chaotic over the past month with the president's changing positions on the need for a stimulus package.

Stocks have fallen sharply with the Dow Jones industrial average dropping over 1,600 points since Monday. Virus cases and hospitalizations are surging in most states, and investors are grappling with the realization no stimulus package is arriving anytime soon. The index was on track to recoup some of those losses on Thursday.

Pelosi suggested on Wednesday the recent stock slide could force Trump to strike a deal more quickly. But White House National Economic Council director Larry Kudlow told Fox News that wasn't the case. He provided a very downbeat assessment on further relief in the short term.

The Daily 202: Despite GDP growth, polls suggest Trump’s advantage on economic stewardship is narrowing

  The Daily 202: Despite GDP growth, polls suggest Trump’s advantage on economic stewardship is narrowing Three-quarters of a million Americans filed jobless claims last week. President Trump’s failure to negotiate a coronavirus relief deal with Congress before the election, record-breaking surges in new covid-19 infections, a tanking stock market, declining consumer confidence in battleground states and ominous layoff announcements appear to have taken at least a marginal toll on what has been his biggest polling advantage amid the pandemic: perceived competency at managing the economy.

"Our team now believes the speaker has no intent of compromising on key issues," Kudlow said on Thursday. "She is stringing us along and we think there is basically no hope."

Many economists are calling for additional federal spending to prop up the economy as it displays signs of weakening. Job growth slowed in September compared to previous months, and permanent layoffs are rising. Nearly 1.1 million people filed for unemployment last week, the Labor Department reported.

The latest GDP report released Thursday showed the US economy expanded 7.4% during the third quarter of the year, a record stretch of growth. But the economy is still smaller compared to late 2019 before the pandemic caused a massive wave of job losses and small business failures.

Read the original article on Business Insider

The Daily 202: With GOP at crossroads, Trump team employs fear tactics in bid to keep Republican lawmakers in line .
Biden takes a lead in Pennsylvania and Georgia, but both races remain too close to call. Joe Biden overtook President Trump in the vote count from Pennsylvania around 9 a.m. Eastern as ballots continue to be counted from in and around Philadelphia. The race remains too close to call, but the Keystone State’s 20 electoral votes would put the Democratic nominee over the top. Earlier Friday morning, Biden also took a very narrow lead in Georgia as areas around Atlanta and Savannah reported results. A few thousand overseas, military and provisional ballots will determine whether the former vice president becomes the first Democrat to carry the Peach State since 1992.

usr: 1
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