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Trump's stimulus proposal draws opposition from congressional Democrats and Republicans

Published 10/10/2020, 01:18 PM
Updated 10/10/2020, 03:40 PM
© Reuters. FILE PHOTO: House Speaker Nancy Pelosi introduces legislation to create 25th Amendment commission during news conference on Capitol Hill in Washington

By David Morgan and Jan Wolfe

WASHINGTON (Reuters) - A new $1.8 trillion economic stimulus proposal from the Trump administration drew criticism from congressional Democrats and Republicans on Saturday, diminishing hopes for a coronavirus relief deal before the Nov. 3 election.

In a weekly letter to Democratic colleagues, Pelosi said the Trump administration's proposal lacked a "strategic plan to crush the virus" and gave President Donald Trump too much discretion to decide how funds were allocated.

"At this point, we still have disagreement on many priorities, and Democrats are awaiting language from the Administration on several provisions as the negotiations on the overall funding amount continue," Pelosi's letter said.

On a conference call on Saturday morning with Treasury Secretary Steven Mnuchin and White House chief of staff Mark Meadows, multiple Republican senators criticized the price tag of the Trump administration's proposal, a source familiar with the matter said.

Mnuchin floated the $1.8 trillion proposal in a 30-minute Friday afternoon phone conversation with Pelosi, according to the White House.

The new White House package was higher than an earlier $1.6 trillion Mnuchin offer and closer to the $2.2 trillion the Democratic-controlled House of Representatives passed last week.

White House spokeswoman Alyssa Farah said the administration wanted to keep spending below $2 trillion but was eager to enact a fresh round of direct payments to individuals as well as aid for small businesses and airlines.

Friday marked the third straight day of talks between Pelosi and Mnuchin.

Senate Majority Leader Mitch McConnell, the top Republican in Congress, said on Friday he doubted lawmakers would pass a package before Nov. 3, although he has not directly participated in the talks.

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"The proximity to the election and the differences of opinion over what is needed at this particular juncture are pretty vast," McConnell told a news conference.

There was no immediate comment on Saturday from the Treasury, White House, or McConnell's office.

Latest comments

"Nancy the Ripper" won't pass anything Trump agrees with until it breaks the American economy and contains all her Social agenda pork.
Sooner or later stimilus will pass
Hilarious how Canadian Reuters doesn't name one Republican who "opposes" this plan. Another communist headline from the fascist fake news "company". President Trump and Republican leaders are trying to get relief to all Americans, but senile Pelosi wants to play politics with people's lives because she only cares about unearned power. Dem "leaders" only care about themselves and power.
And the same can be said about the Republicans. It takes two to tango. The problem with politics is Republicans think they're always right and Democrats think they're always right which leads to some ignorant, unproductive conversation.
Same as MC
She is really bad too
They are playing games
Most of the stimulus is priced in at this point... anything less still be risk off
2 percent of it priced in last week. 98 percent will be coming
The do nothing democrats playing games.. just trying to stretch this negotiation.. until after the election.. cuz if it passed now.. Trump would just look like the hero that he already is. .. Americans are needing this and she is just taking her sweet time.. my way or no way Pelosi.. at her best..
the amnesia here is pretty insane. there is clearly a hot potato game being played, one for higher spending on the stimulus, one fort less, but the way you paint it is obviously disingenuous
Russell falls 1st and hard...rest follow
What is the expectation for dollar index and gold on Monday? Is it expected to be less than 92.8 or will return back to 93.8?
I would wait till after the election it is clear Nancy just wants all her pork in the stimulus
Republicans do note even support it.
Next weeks ahead, all stock market will be UP...
I predict, near flat for a few days then everything moves down. I would short any move higher.
deep red next week....investors ll not take drama anymore....lets see
They keep going on with this drama like an hypnosis, so they vain time and they achive more. If stimulus went out a month ago accounting for e.g. 2.5T that would feed the market for one or two weeks. But if they carry on with the drama the market goes higher and higher on hopes, they gain time and finally they release stimulus and will get a final pump. And so on and so forth.
Monday opening down 👎🏻
She is the one who is playing main role around with that.crazy Nancy
what happened to trumps last statement of wanting a bigger package than what the dems wanted
 Trump wants more cash for Americans. Pelosi want more cash for POS Dem states who have ran their states into the ground with failed policies. Pelosi is senile just like Sniffy Biden.
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