Happy Tuesday and welcome back to On The Money. I’m Sylvan Lane, and here’s your nightly guide to everything affecting your bills, bank account and bottom line.



a man and a woman wearing a suit and tie: On The Money: Pelosi, citing 'leverage' over Trump, holds strong to $2.2T in COVID-19 aid | McConnell to force vote on 'targeted' relief bill next week | Trump again asks court to shield tax records


© Greg Nash
On The Money: Pelosi, citing ‘leverage’ over Trump, holds strong to $2.2T in COVID-19 aid | McConnell to force vote on ‘targeted’ relief bill next week | Trump again asks court to shield tax records

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THE BIG DEAL-Pelosi, citing ‘leverage’ over Trump, holds strong to $2.2T in COVID-19 aid: Speaker Nancy Pelosi (D-Calif.) on Tuesday shot down entreaties from some Democrats to cut a $1.8 trillion deal with the White House on coronavirus relief, arguing that President Trump’s pleas for Congress to “go big” have given her leverage to hold out for more aid.

“I appreciate the, shall we say, a couple people saying, ‘Take it, take it, take it,'” Pelosi said in a phone conference with Democrats, according to source on the call. “Take it? Take it? Even the president is saying, ‘Go big or go home.'”

  • Pelosi and Treasury Secretary Steven Mnuchin have been in near-daily talks in search of an elusive stimulus agreement, even as the prospect of a deal before the Nov. 3 elections has faded.
  • Mnuchin last week had offered a $1.8 trillion package, up from an earlier proposal of $1.6 trillion, prompting a growing number of House Democrats to urge the Speaker to come down from her $2.2 trillion proposal.
  • That figure was already a reduction from the Democrats’ $3.4

House Speaker Nancy Pelosi, D-Calif., called off talks for a standalone airline relief bill Thursday, dashing hopes that a narrow measure to support the airline industry could continue after President Donald Trump abruptly shot down overall stimulus talks earlier this week.

“There is no standalone bill without a bigger bill. There’s no bill,” the speaker said during her weekly press conference.

Pelosi and Treasury Secretary Steven Mnuchin have had several daily phone calls this week to discuss the viability of a standalone airline relief bill, but after barring his surrogates from holding any more stimulus negotiations, Trump tweeted that “The House & Senate should IMMEDIATELY Approve 25 Billion Dollars for Airline Payroll Support.”

It was not clear what the gap was between the two sides, but a Democratic measure put up for vote last Friday was opposed by Republicans and failed to pass. Republicans wanted details on how it would be paid for, a GOP aide said, pointing to a version of the bill introduced by Republicans that included an appropriation from Treasury and tapping unused CARES Act funds, while the Democratic measure didn’t include spending offsets.

Legacy carriers began furloughing tens of thousands of airline employees last Thursday when a key deadline expired. After taking $25 billion in Payroll Support Program funding authorized under the CARES act, the airlines weren’t allowed to furlough any employees until Oct 1, which assumed that the U.S. would have the coronavirus under control. However, travel demand remains at historic lows and airlines continue to burn through millions of dollars each day.

Airline executives have been lobbying for months for additional funding, saying that without the extra relief they will have no choice but to continue furloughs and cutbacks.

“We can’t continue to wait. If forced to, of course, we will indeed discontinue service

Wildfire victims who lose their home and possessions will be able to recoup money for their expenses faster, thanks to legislation that makes property insurance benefits easier to collect.

Gov. Gavin Newsom signed Senate Bill 872 into law Thursday, providing a suite of insurance protections and streamlined claims processing to better respond to the recovery challenges residents face right after a disaster.

The law won’t take effect until next year. It got Newsom’s endorsement as Sonoma and Napa counties and numerous California communities confront property losses during two months of widespread fires that have burned 4 million acres statewide this year.

Sen. Bill Dodd, D-Napa, who co-authored the legislation, viewed it as part of the growing movement to address home insurance hurdles for disaster survivors after consecutive years of destructive wildfires in the North Bay, he said.

“None of these bills are a silver bullet, but all of them put together in a patchwork quilt of legislation are moving the needle and, I think, meeting the moment to really help consumers,” Dodd said.

The law requires insurance companies to pay up to four months of living expenses in advance, opposed to just one month now.

However, victims of this year’s blazes will go without that and other new regulations, including a provision that requires insurers to submit an advance payment of at least 25% for the value of lost possessions without having to file an inventory form.

The California Department of Insurance has received numerous complaints from residents who have struggled identifying every item that was lost in a fire, Commissioner Ricardo Lara said Friday in a prepared statement.

Lara urged insurance companies to help wildfire survivors and provide up to 100% of their personal property coverage limits without a detailed, itemized form, which has been a common request.

“Wildfire

Happy Friday and welcome back to On The Money. I’m Sylvan Lane, and here’s your nightly guide to everything affecting your bills, bank account and bottom line.



a person standing in front of a blue bench: On The Money: Economy adds 661K jobs in final report before Election Day | House approves $2.2T COVID-19 relief bill as White House talks stall | Stand-alone bill to provide relief for airlines blocked on House floor


© Getty Images
On The Money: Economy adds 661K jobs in final report before Election Day | House approves $2.2T COVID-19 relief bill as White House talks stall | Stand-alone bill to provide relief for airlines blocked on House floor

See something I missed? Let me know at [email protected] or tweet me @SylvanLane. And if you like your newsletter, you can subscribe to it here: http://bit.ly/1NxxW2N.

Write us with tips, suggestions and news: [email protected], [email protected] and [email protected]. Follow us on Twitter: @SylvanLane, @NJagoda and @NivElis.

THE BIG DEAL-Economy adds 661K jobs in final jobs report before Election Day: The U.S. gained 661,000 jobs in September, the Labor Department reported Friday in the final jobs report before Election Day.

The unemployment rate fell to 7.9 percent in September as the U.S. posted its fifth consecutive month of job gains after the onset of the coronavirus pandemic triggered the deepest and quickest economic contraction since the Great Depression.

The report, however, came in well below the projections of economists and contained several red flags about the strength of the recovery from the coronavirus recession.

  • September marked the fourth consecutive month of declining job gains after additions of 4.7 million in June, 1.7 million in July and 1.5 million in August, according to revised figures released Friday.
  • Economists had expected the U.S. to gain roughly 800,000 jobs in September to push the unemployment rate down to roughly 8.2 percent from 8.4 percent in August.
  • While the jobless rate fell below that level, the labor force participation rate – the percentage of potential workers seeking jobs – fell