Secretary of the Treasury Steven MnuchinSteven Terner Mnuchin Hillicon Valley: DOJ Proposes Technology Liability Shield Reform to Congress | Treasury sanctions individuals and groups linked to Russia’s malicious influence activities House Republican introduces bill setting standards for self-driving cars Treasury: Deferral of Trump’s payroll tax will not hurt to the Treasury of Social Security sanctions individuals, groups connected with Russia’s malicious influence activities PLUS said on Thursday that he and the President Nancy PelosiNancy PelosiHoyer: House should vote on COVID-19 aid – with or without bipartisan agreement Ruth Bader Ginsburg rests in Supreme Court rest McCarthy threatens to fire Pelosi if she goes ahead with impeachment MORE (D-Calif.) Have agreed to restart negotiations on a blocked coronavirus tracking bill.
“I have probably spoken to President Pelosi 15 or 20 times in the last few days on CR,” Mnuchin told the Senate Banking Committee during a hearing with Federal Reserve Chairman Jerome Powell, referring to a resolution continues to expand government funding, “And we have agreed to continue discussing the CARES Act.”
Pelosi also said Thursday that she expected negotiations with the White House to resume shortly, told reporters on Capitol Hill, “We hope to be at the table with them soon.”
Mnuchin and Pelosi’s comments come amid a month-long partisan standoff over the follow-up to the CARES Act, the $ 2.2 trillion coronavirus relief bill signed by President TrumpDonald John Trump Biden on Trump’s refusal to engage in a peaceful transfer of power: “ What country are we in? Romney: ‘Unthinkable and unacceptable’ not to engage in peaceful transition of power Two Louisville cops gunned down amid Breonna Taylor grand jury protests MORE in March.
While there is broad bipartisan support for some elements of a stimulus bill, Democrats and Republicans remain deeply divided over the size and scope of another package. Rising partisan tensions caused by the impending November elections and the battle for the vacancy on the Supreme Court left by the death of justice Ruth bader ginsburgRuth Bader Ginsburg Harris faces pivotal moment with Supreme Court for Growth battle club to spend millions on ads for Supreme Court nominee Trump, FEC points to McConnell campaign over alleged accounting errors MORE also made an unlikely breakthrough before election day.
Democrats have insisted the federal government must approve billions of dollars in additional aid to renew a halt in improved unemployment benefits, bolster state and local government budgets, send another round of direct relief payments households in difficulty and extend protection in terms of housing and eviction.
Republicans, however, are reluctant to increase the national debt and prefer a targeted package meant to help schools and nurseries reopen and get Americans back to work as quickly as possible.
Mnuchin, one of Trump’s two main stimulus negotiators, urged Democrats to return to the table for a bill built around areas of broad bipartisan agreement, such as the overhaul of the protection agenda. small business paychecks and relief payments.
“Let’s get through the things we agree on quickly, and we can always come back and do more,” Mnuchin said. “It’s less a question of what the absolute number is.”
But Senate Democrats have insisted the GOP’s offers so far have failed to meet the minimum needed to support a recovering but fragile economy.
“The Senate came up with a paltry $ 500 billion plan. Economists across the country wanted three, four and five times that amount. You and the president said you wanted something bigger, ”Sen said. Sherrod brownSherrod Campbell BrownHarris faces pivotal moment in Supreme Court battle Remote working poses tax problems for states. Senate Democrats release report alleging Trump administration undermined fair housing policies READ MORE (Ohio), the rank Democrat on the Banking Committee and one of the most progressive members of the Senate.
“Why can’t you get Senate Republicans to accept a number greater than the $ 500 billion package?” he continued, referring to a measure proposed by the GOP blocked by Senate Democrats earlier this month.
Democrats and Republicans will have to overcome a nearly $ 1 trillion gap between their proposals to pass a bipartisan package before election day, and parties have made limited progress over the summer to reduce that difference.
Pelosi agreed to consider a measure costing around $ 2.2 trillion, about $ 1 trillion less than the sweeping aid package passed by the House in May, but Republicans have refused to consider a bill that costs more than $ 1.1 trillion.
With the window to strike a deal, Powell warned senators that failure to follow through on the success of the CARES Act could lead to deep economic devastation.
“If people start to use the resources they have, they risk losing their homes or having to move out of the place they are renting, maybe going back to live with their families, and those things are not. necessarily good at controlling the spread of the virus, ”Powell said.
“The CARES Act has really done a lot of good by putting money in people’s hands and keeping them in their homes and keeping them in their expenses, keeping them in one piece. In the future, it may take more.
Updated at 12:54