Nancy Pelosi didn’t even call the White House’s $ 1.6 trillion plan ‘half thirsty’

  • House Speaker Nancy Pelosi on Thursday defied the White House’s 1.6 trillion spending plan, saying it was not even “half thirsty”.
  • “What they are offering is Pav’s heel,” Pelosi said in an interview with Bloomberg TV.
  • The huge price tag of the White House plan may be a gamble, given that many Senate Republicans oppose spending large sums of federal money that could swallow the national debt.
  • For more stories visit the Business Insider homepage.

House Speaker Nancy Pelosi said in the White House’s $ 1.6 trillion stimulus package on Thursday that it was not enough to address the twin economic and public health crises arising from the epidemic.

Pelosi said in an interview with Bloomberg TV, “It’s not half a loaf. What are they offering?” The path of least resistance. ”

California Democrats brought a new area of ​​contention between the Democrats and the Trump administration: the child tax credit, which reduces taxes on children 17 and younger. House Democrats are seeking to give people with children the option of receiving a nominal monthly federal payment regardless of their income.

Pelosi told Bloomberg that the White House outgrew all funds for credit, claiming 40 million households each year.

Earlier in the day, he said he was cautious about signing a major spending deal with the White House. This week Democrats launched a $ 2.2 trillion spending plan that includes $ 600 weekly federal unemployment benefits, another wave of $ 1,200 incentive checks and assistance to states and small businesses.

“We hope we can reach agreement, because the needs of the American people are very high,” Pelosi told reporters on Capitol Hill. “But there is a belief that it takes money to do this.”

White House press secretary, Kayle McNee, confirmed on Thursday that the administration proposed $ 1.6 trillion in coronovirus relief talks with Democrats. She called it “a good offer” with more spending than what Republicans had unveiled.

But Macnee said Pelosi was “not getting serious” with his insistence on strong spending. Treasury Secretary Steven Menuchin and Pelosi have been in direct talks for five days.

Read more: RBC says that Sustainable-Stock Funds are retrenching the shares of these 20 companies – and most of them have beaten the market.

White House plans could be a tough sell for Republicans

The huge price tag of the White House plan could be a gamble, given that many Senate Republicans oppose spending large sums of federal money that could swallow the national debt.

But the pressure on MPs for an agreement has increased before the election was postponed for the next week. Millions of Americans are out of work and struggling to afford food and rent. And many economists have urged Congress to authorize additional spending to sustain people and businesses.

Both the Democratic-led House and the GOP-controlled Senate have to approve the Equal Relief Law and send it to President Donald Trump’s desk to become law.

Key elements of the White House plan include:

  • $ 300 billion For another round of direct payments to taxpayers.
  • $ 300 billion Benefit for $ 400 weekly federal unemployment from January 1.
  • $ 250 billion For assistance to state and local governments.
  • 175 billion dollars In health spending, coronavirus testing and contact tracing.
  • $ 160 billion For small-business assistance through a paycheck protection program.
  • $ 150 billion Reopening schools for education and support.
  • $ 100 billion For restaurants in frightening financial straits.

Democrats and the Trump administration agree to provide incentive checks in another relief package, as well as funding to help small businesses and schools.

Nevertheless, major differences remain. The administration is seeking to implement a federal unemployment benefit that is less than the $ 200 per week that Democrats want. And it would provide less in federal aid to cash-aided states.

Most of the Senate leaders, Mitch McConnell, worked in the Democratic plan on Wednesday, indicating it as an outlier. “We are very different, far away on a deal,” McConnell told reporters on Capitol Hill.

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