House Speaker Nancy Pelosi (D-Calif.) has given the White House a 48-hour deadline to reconcile differences in stimulus negotiations “to demonstrate that the administration is serious about reaching a bipartisan agreement,” a top Pelosi aide tweeted Sunday night.
Driving the news: Pelosi said on ABC’s “This Week” Sunday that the 48-hour deadline only applies to being able to get a deal done before the election. She said she is “optimistic” about the talks, but that a true breakthrough “depends on the administration.”
The state of play: Pelosi and Treasury Secretary Steven Mnuchin spoke for over an hour Saturday night, and the discussions yielded “some encouraging news on testing,” deputy chief of staff Drew Hammill said. But the pair still had differences on a plan for testing and contact tracing and “measures to address the virus’ disproportionate impact on communities of color.”
What they’re saying: “The Speaker and Secretary Mnuchin spoke at 7:40 p.m. by phone tonight for just over an hour. While there was some encouraging news on testing, there remains work to do to ensure there is a comprehensive testing plan that includes contact tracing and additional measures to address the virus’ disproportionate impact on communities of color,” Hammill wrote in a series of tweets.
The other side: Senate Majority Leader Mitch McConnell has said he would not put a potential $1.8 trillion+ deal struck by Democrats and the Trump administration on the Senate floor. Instead, the Senate will vote next week on a Paycheck Protection Program extension and a targeted $500 billion relief package.
What to watch: Pelosi and Mnuchin are set to continue talks on Monday, per the Wall Street Journal.
The Senate will hold two votes next week on a Payroll Protection Program bill and $500 billion coronavirus relief package, Senate Majority Leader Mitch McConnell said on Saturday.
Why it matters: Hopes for a broader stimulus deal before November’s election are fading as House Speaker Nancy Pelosi and Treasury Secretary remain deadlocked in negotiations on a potential package that McConnell has said his caucus has no appetite for.
The U.S. budget deficit hit a record $3.1 trillion in the 2020 fiscal year, according to data released Friday by the Treasury Department.
Why it matters: The deficit — which measures the gap between what the government spends and what it brings in through taxes and other revenue streams — illustrates the massive impact the coronavirus pandemic has had on the economy.
News – Pelosi sets 48-hour deadline for White House on stimulus talks