Following last week’s abrupt tweet by President Trump to stop stimulus negotiations, the President now plans to offer an increased deal of $1.8 trillion to the Democrats in an attempt to strike a deal before November 3.
Even though this marks an increase from the previously offered $1.6 trillion by the Trump administration, it is still $400 billion less than what the Democrats demanded. House Democrats passed a $2.2 trillion bill at the beginning of the month.
In a tweet by Trump on Friday afternoon, he urged the negotiators saying, “Covid Relief Negotiations are moving along. Go Big!”.
Shortly after the tweet, Trump’s economic advisor Larry Kudlow, director of the National Economic Council, also said that the President had agreed to revise the package before another planned talk between Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi.
However, later while talking to radio host Rush Limbaugh, Trump added more uncertainty to the already confused discussions regarding the deal. He said, “I would like to see a bigger stimulus package frankly than either the Democrats or Republicans are offering, I’m going the exact opposite now. I’d like to see the money going to people.”
Senate Majority Leader Mitch McConnell said earlier Friday that it is unlikely that the package would be approved in the next three weeks. He said, “I’d like to see us rise above that like we did back in March and April, but I think that’s unlikely in the next three weeks,”.
Even though the two parties have been going on about the relief deal for months, a deal has still not been finalized. While Pelosi has been insistent on getting at least $436 billion in relief, Trump has not sent them more than the $150 billion he sent earlier this year.
On the other hand, Democrats demand increased federal unemployment insurance of $600 per week, Mnuchin only agreed to offer $400 per week.
As the number of the coronavirus patients keep on climbing, with 56,000 new cases on Thursday alone, millions of Americans still remain unemployed with no supplemental unemployment insurance. Moreover, businesses, specifically the airlines, have been laying off thousands of workers.
Federal Reserve Chair Jerome Powell also encouraged Congress to pass the fiscal stimulus deal, saying that otherwise there would be a weak recovery and there was only a limited risk of “overdoing” relief.
It is necessary for the Republicans and Democrats to resolve their issues in order to reach a deal.
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