Happy Thursday 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.
THE BIG DEAL-GOP cool to White House’s $1.6T coronavirus price tag: The latest White House coronavirus relief offer with a $1.6 trillion price tag received a cool reception Thursday from congressional Republicans.
The new offer from Treasury Secretary Steven Mnuchin, which exceeds the original $1.1 trillion Senate GOP package and the $1.5 trillion the White House signaled it could support last month, was made as part of renewed talks this week with Democratic leaders.
But Republicans, including influential chairmen and members of leadership, are warning they can’t support it, creating another potential obstacle for negotiators trying to strike a deal on emergency COVID-19 aid after nearly two months of stalemate.
- Asked about the prospect of supporting a $1.6 trillion measure, Senate Finance Committee Chairman Chuck Grassley (R-Iowa) was direct: “No.”
- Rep. Kevin Brady of Texas, the top Republican on the House Ways and Means Committee, also appeared unsure he could back a bill with that dollar amount and criticized the inclusion of a $400 per week federal unemployment benefit.
- “It depends on what’s in it. That’s more than I would want to spend, but I do think it’s important