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

Economy Oct 10, 2020 03:40PM ET
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© 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.

"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.

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

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Comments (17)
Michael Mroz
Michael Mroz Oct 11, 2020 10:18AM ET
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"Nancy the Ripper" won't pass anything Trump agrees with until it breaks the American economy and contains all her Social agenda pork.
sandgame san
sandgame san Oct 11, 2020 8:43AM ET
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Sooner or later stimilus will pass
Silence Dogood
Silence Dogood Oct 10, 2020 8:27PM ET
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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.
John El
John El Oct 10, 2020 8:27PM ET
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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.
Tai Banh
Tai Banh Oct 10, 2020 8:12PM ET
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Same as MC
Tai Banh
Tai Banh Oct 10, 2020 8:11PM ET
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She is really bad too
Tai Banh
Tai Banh Oct 10, 2020 8:10PM ET
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They are playing games
Jeff Bauman
Jeff Bauman Oct 10, 2020 5:21PM ET
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Most of the stimulus is priced in at this point... anything less still be risk off
sandgame san
sandgame san Oct 10, 2020 5:21PM ET
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2 percent of it priced in last week. 98 percent will be coming
Otto Gonzalez
Otto Gonzalez Oct 10, 2020 5:20PM ET
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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..
Hodor Baratheon
Hodor Baratheon Oct 10, 2020 5:20PM ET
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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
Jeff Bauman
Jeff Bauman Oct 10, 2020 5:15PM ET
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Russell falls 1st and hard...rest follow
Bassam Ikbarieh
Bassam Ikbarieh Oct 10, 2020 3:58PM ET
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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?
 
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