President Donald Trump has signed an economic stimulus offer of about $ 1.8 trillion that will be presented to the Speaker of the House of Representatives, Nancy Pelosi, according to two people who know the decision. This is the highest figure the government has put on the table so far.
Up to this point, Trump relied primarily on Treasury Secretary Steven Mnuchin and White House Secretary-General Mark Meadows to handle the details of the talks with Pelosi.
The $ 1.8 trillion figure is higher than the $ 1.6 trillion offer from earlier this week. However, it remains below the $ 2.2 trillion in the bill passed last week by House Democrats.
Democrats’ concerns about the economic stimulus
The details of the offer are as important as the figure. The details are not currently known. However, Drew Hammill, Pelosi’s deputy chief of staff, said he and Mnuchin spoke on the phone Friday afternoon. And he explained that the secretary had presented “a proposal that tried to address some of the concerns that Democrats have.”
The Trump administration’s decision underscores the huge stakes at stake regarding relief from the COVID-19 pandemic and its economic consequences. The coronavirus, which is on the rise in some parts of the country, has killed more than 213,000 people in the U.S., And the shutdowns in response to viruses have had major economic consequences.
But it’s unclear whether the new offer from the White House will lead to a breakthrough in talks that have been stalled for months.
Pelosi has repeatedly said that the current legal wording – and how that wording allocates funds – has become the most critical aspect of any deal, particularly pressing for funding for states and cities with significant budget deficits, a point friction key for the Trump administration.
Trump: I’d like to see a bigger stimulus package
Trump’s willingness to “go big,” as he framed it on Twitter this Friday, runs risks within his party. Republicans in both houses have raised concerns about anything over $ 1 trillion. Many are opposed to any additional help.
Senate Majority Leader Mitch McConnell questioned the possibility of any economic stimulus being approved before Election Day.