What happened: Late last evening, House Minority leader (D) Nancy Pelosi unveiled a new, slimmed-down stimulus package of $2.2T. Their previous package proposal added up to $3.4T.
This new package still may be too much for Republicans: Republicans have held firm they would be willing to agree to a new stimulus package in the range of $500B to $1T. President Trump a few weeks back seemingly upped that total to $1.5T.
The $2.2 trillion revised bill includes new aid money for airlines and restaurants as well as more funding for the Paycheck Protection Program, another round of direct stimulus payments, $600 weekly federal unemployment benefits, and more state and local aid. If Pelosi and Mnuchin cannot reach a separate agreement before Wednesday, the House is expected to vote on the new bill despite a lack of Republican support. Even if the bill doesn’t advance to President Trump’s desk, vulnerable House Democrats will be able to cast their votes for more aid before they return to their districts to campaign ahead of the November election. Democrats also cut in half their asking for local state funding from roughly $900b to $450B.
Time isn’t on American’s side: For months, Democrats and Republicans have not been able to agree to a deal, blaming one another as the reasoning. Congress leaves D.C. next week returning home to campaign for the November elections. A deal would have to be reached this week it seems in order to have time to vote.