House Speaker Nancy Pelosi said Tuesday morning that she remains opposed to Republican efforts to adopt a smaller version of her party’s coronavirus stimulus plan despite the looming 2020 election and the economic downturn from the pandemic.
When asked by CNBC’s Jim Cramer if she would be willing to make a “thin” deal now and again with Republicans on outstanding issues, Pelosi fired back that “there is no later with this administration.”
“This is the possibility. And the thin agreement is a Republican bill: It̵
“We can financially use the appropriate amount to meet the needs of the American people,” she added. “And by the way: it’s the stimulus. We’re a consumer economy, and the more we have, whether it’s food stamps or unemployment insurance … it’s the stimulus to the economy.”
The White House did not immediately respond to a request for comment.
The speaker announced the $ 3 trillion the House passed in May, known as the Heroes Act. This legislation would allocate nearly $ 1 trillion in relief to state and local governments, a second round of direct payments of $ 1,200 per tonne. Person and an extension of the $ 600 per week federal unemployment insurance benefits that expired in late July.
Republicans are looking for a compromise, such as Finance Minister Steven Mnuchin, has said they will keep the price tag on the evolving bill around $ 1 trillion thanks to better economic data and out of budgetary concerns.
The cumulative federal budget deficit for the first 11 months of fiscal year 2020 was $ 3 trillion, according to the Congressional Budget Office, a result of intensified government spending to support the economy through the Covid-19 shutdown.
But Pelosi’s insistence on a larger deal could put other Democrats in a tough position with many MPs winning seats from Republicans in 2018 in tough re-election campaigns. These representatives may find their race even more difficult if they return home to the electorate without further pandemic assistance enacted into law.
For their part, Republicans failed to put forward their own “thin” bills last week in the Senate after all Democrats present voted against a procedural measure. This bill, even if it was much smaller than the Heroes Act, would have reintroduced an improved federal unemployment insurance policy at a rate of $ 300 per year. Week, half of the $ 600 weekly payment that expired in late July. Democrats said it did not go far enough.