But Senate Majority Leader Mitch McConnell (R-Ky.) threw cold water on the possibility that a breakthrough could earn support from his members, who remain resistant to a package costing more than $1 trillion. McConnell said the sides remain “very, very far apart.”
Pelosi on Wednesday agreed to postpone voting on a $2.2 trillion bill to continue talks with Mnuchin in hopes of a last-minute breakthrough. Mnuchin countered with a $1.62 trillion proposal, “offering more state and local assistance than GOP negotiators have to date in a sign of potential progress toward a deal,” Roll Call’s Lindsey McPherson reports.
Per McPherson, “A person briefed on Mnuchin’s plan said it included $250 billion for state and local governments, which is $186 billion less than Democrats want in their latest $2.2 trillion package, but $100 billion more than the White House offered in talks that broke down over the summer.” The Treasury secretary offered to extend federal unemployment benefits at $400 a week through the end of the year. And Mnuchin says a deal would include another round of $1,200 stimulus checks:
As the window for action begins to close in Washington, conditions for low- and middle-income earners continue deteriorating.
Indeed, the K-shaped recovery appears to be in full effect.
More financially secure people are enjoying the benefits of an ongoing recovery.
The stock market just closed out its second-straight quarter of major gains. In the last three months, “the S&P 500 and Dow Jones Industrial Average gained 8.5% and 7.6%, respectively,” the Wall Street Journal’s Gunjan Banerji writes. “The advances built on even bigger gains in the previous period, capping the best two-quarter performance since 2009. Both indexes are up more than 26% since the end of March.”
And homeowners are benefiting from a red-hot housing market, as those