House Speaker Nancy Pelosi said Tuesday morning that she remains opposed to Republican efforts to approve a stripped-down version of her party’s coronavirus stimulus plan despite looming 2020 elections and the economic fallout from the pandemic.
Asked by CNBC’s Jim Cramer if she would be willing to pass a “meager” deal now and reconvene with the Republicans on outstanding issues later, Pelosi replied that “there is no later with this administration.”
“This is the opportunity. And the meager deal is a Republican bill: it̵
“We can fiscally spend the right amount of money to meet the needs of the American people,” he added. “And by the way: it is a stimulus. We are a consumer economy and the more we have, whether it is food stamps or unemployment insurance … this is a stimulus for the economy.”
The White House did not immediately respond to a request for comment.
The speaker touted the $ 3 trillion bill passed by the House in May known as the Heroes Act. That legislation would award nearly $ 1 trillion in aid to state and local governments, a second round of $ 1,200 direct payments to person and a $ 600 per week federal unemployment benefit extension that expired at the end of July.
Compromise-seeking Republicans, such as Treasury Secretary Steven Mnuchin, have said they want to keep the price of the developing bill at around $ 1 trillion thanks to better economic data and out of budgetary worries.
The cumulative federal budget deficit for the first 11 months of fiscal 2020 was $ 3 trillion, according to the Congressional Budget Office, the result of intensified public spending to support the economy through the closure of Covid-19.
But Pelosi’s insistence on a broader deal could put fellow Democrats in a difficult position, with many members of the House winning seats from Republicans in 2018 in tough re-election battles. Those representatives could find their contests even more difficult if they went home to the voters without any further pandemic assistance enacted by law.
For their part, Republicans in the Senate last week failed to present their “meager” bill after all Democrats in attendance voted against a procedural measure. That bill, although far lower than the Heroes Act, would have reset increased federal unemployment insurance to a rate of $ 300 per week, half of the $ 600 weekly payment due at the end of July. The Democrats said it didn’t go far enough.