Speaker of the House Nancy Pelosi and Secretary of the Treasury Steven Mnuchin spoke again today about stimulus and unfortunately did not reach an agreement. So now the House will proceed today with a vote on its own two-point-two-trillion-dollar updated HEROES Act.
Pelosi said, “Today, Secretary Mnuchin and I had an extensive conversation and we found areas where we are seeking further clarification. Our conversations will continue. We will be proceeding with our vote tonight on the updated HEROES Act in order to formalize our proffer to Republicans in the negotiations to address the health and economic catastrophe in our country.”
Pelosi didn’t say that negotiations are over, but my read is that Pelosi did not want to go very far below two-point-two trillion and that Mnuchin likely was not willing to go up that high.
Given the price tag of the Democrats’ updated HEROES Act that we’ve known for a few days now, this was probably not something that we didn’t see coming.
So as we’ve kind of been thinking for a while now, odds just look slimmer and slimmer for more congressional stimulus at least before the election.
Pelosi said she wanted a deal before the House goes home, we’ll have to see if that realizes.
The House is scheduled go home at the end of this week, and it’s a distinct possibility that this updated HEROES Act will be a last hurrah of sorts, a messaging bill that House Dems can go home with before the November 3 elections and point to as something they did.
Senate Majority Leader Mitch McConnell gave his own take on stimulus negotiations earlier today, saying, “We are very, very far apart.”
In terms of more stimulus, I continue to believe — and this is far from a guarantee — that perhaps Donald Trump, especially after a debate performance last night that most people agree did not really do him any favors, will attempt to pull all the punches and send out stimulus payments himself.