As coronavirus pandemic continues to hammer the US economy, House Democrats held off on a planned vote Wednesday night on their $2.2 trillion stimulus proposal to allow more time for bipartisan negotiations in a last-ditch effort to reach a deal just weeks before Election Day.

Latest on the negotiations: House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin are still far apart, however, as negotiations continue, according to four sources briefed on the talks.

Despite optimistic words from Pelosi and Mnuchin, sources briefed on the talks said that reaching an agreement with the backing of Senate GOP leaders and the White House remains a tall order.

But for now, the two plan to continue to talking, with House Democrats delaying a vote on their own plan to create room for the two sides to come closer to a deal on Thursday.

The stimulus package: Still, the topline cost of a final package — which had been the defining hurdle throughout weeks of inaction — has narrowed, the people said, with Mnuchin’s proposal running above the $1.5 trillion that the Trump administration had signaled it was open to in the talks.

But it remains short of the current $2.2 trillion House Democratic proposal — and it’s far more than what Senate Republicans are willing to accept given that their conference united around a $500 billion proposal.

More importantly, the people said, the actual details of the various pieces remain far from ironed out, with issues like funds for state and local governments and the shape of liability protections still nowhere near agreement.

Mnuchin told Fox News Wednesday night that President Donald Trump had instructed him and White House chief of staff Mark Meadows to significantly increase the amount of money in a White House proposal, however, he would not say if there’s a magical number that would lead to a deal.

What comes next: Mnuchin said he would most likely speak with Pelosi again Wednesday night but he didn’t think there would be significant progress until Thursday, when the two sides plan to continue the conversation totry and add details to the talks and narrow differences.

“We’re gonna go back and do a little bit more work,” Mnuchin told reporters as he left the Capitol Wednesday. “We’ve made a lot of progress in a lot of areas.”

Time is running out, however, to strike a bipartisan deal before Election Day and pressure is running high, with lawmakers facing questions from constituents in need amid the economic and public health fallout from the pandemic.

Read more: CNN

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.