Politics COVID stimulus talks resume but deal before yearend looks like a long shot

20:20  01 december  2020
20:20  01 december  2020 Source:   nydailynews.com

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Not reaching a deal before the election could lead to negotiations being tabled until early next year , according to Garrett Watson Check out this video to learn how likely Congress is to pass a stimulus bill before the election and to see what could happen if new checks are not approved prior to the Nov.

The first negotiations since Election Day for a new coronavirus stimulus package are on tap Tuesday but a deal remains a long shot.

Treasury Secretary Steven Mnuchin plans to meet House Speaker Nancy Pelosi about both the effort to avert a government shutdown next week and the long-stalled stimulus package.

Steven Mnuchin wearing sunglasses posing for the camera: (L) Treasury Secretary Steven Mnuchin (R) House Speaker Nancy Pelosi (D-Calif.) © Provided by New York Daily News (L) Treasury Secretary Steven Mnuchin (R) House Speaker Nancy Pelosi (D-Calif.)

(L) Treasury Secretary Steven Mnuchin (R) House Speaker Nancy Pelosi (D-Calif.)

“There’s more work to be done,” Mnuchin said on Capitol Hill. “I’d urge Congress to pass something quickly to make sure we get something done.”

Congress should cancel its Thanksgiving recess and pass another stimulus bill

  Congress should cancel its Thanksgiving recess and pass another stimulus bill 12 million Americans are about to lose unemployment insurance. Congress is on recess.If regular people have to skip their holiday with loved ones, then Congress and the White House should cancel theirs, too, and get to work on crafting and passing legislation to help those people ride out the rest of the crisis.

But others end this month. If Congress adds any stimulus to the general spending bill, they may prioritize pushing back those deadlines. A Centers for Disease Control and Prevention order that went into effect in September temporarily halted evictions through the end of the year .

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Mnuchin said the first priority is to hammer out a spending bill that is needed to keep the government operating passed next Friday.

The White House negotiator also said he would discuss the long-stalled stimulus with Pelosi too.

But don’t count on getting another $1,200 check anytime soon.

Even though all sides agree that more help is needed to boost the sputtering economy, hopes are slim that a deal will be reached before Trump leaves office.

Talks collapsed before Election Day despite Trump’s public insistence that he wanted an even bigger package than the one worth about $2 trillion that Mnuchin and Pelosi were haggling over.

Powerful Senate Majority Leader Mitch McConnell rejected that package out of hand, moving ahead instead with a puny $500 billion measure.

More than 125 economists, including Obama's former top economic advisor, have signed a letter urging Congress to send a second round of $1,200 stimulus checks

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With Trump now a lame duck, McConnell would appear to have more power than ever to block a deal he considers too expensive.

Pelosi, who rejected the White House offer of a deal worth about $2 trillion, is thought to have overplayed her hand after the election. But instead, Democrats lost seats in the House of Representatives and Republicans held onto the Senate for now, giving her little leverage in the talks.

A bipartisan group of Congressional moderates Tuesday put forward a proposal worth about $900 billion. It includes a slimmed-down grab bag of measures popular with both parties and is billed as a stopgap measure to keep the economy moving into the next year.

A separate $1.5 trillion compromise proposal put forward by the bipartisan Problem Solvers Caucus failed to gain traction.

Hopes are higher for the spending bill, which must be passed by Dec. 11. One key stumbling block is Trump’s opposition to a provision backed by both parties in Congress to rename military bases named after Confederate officers.

Some players have suggested tacking on some of the most popular COVID-19 stimulus measures onto that bill. But that approach will likely face withering criticism from Democrats who are pushing for a full package to boost the economy, especially with President-elect Joe Biden taking office in January.

Calls Grow for Pelosi, Schumer to Accept Smaller Initial Stimulus Deal .
Pressure mounts as the stalemate over a further relief package continues, with a bipartisan deal yet to be made despite each side advocating stimulus in some form.Former Chairman of the Council of Economic Advisers Austan Goolsbee, who advised the Obama administration, told CNN that he feels something needs to be done soon in order to prevent a potential double-dip recession.

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