White House economic adviser Larry Kudlow said on CNN’s “State of the Union” Sunday that President Trump may propose a coronavirus stimulus package with an even larger price tag than the $2.2 trillion legislation that House Speaker Nancy Pelosi has offered.
Why it matters: It’s highly unlikely that a bill in the neighborhood of $2 trillion, let alone more than that, would win the support of Senate Republicans. Senate Majority Leader Mitch McConnell said Friday that a stimulus deal is “unlikely” before the election.
The state of play: After calling off the negotiations via tweet last week, Trump has now raised his offer to $1.8 trillion, spooked by the market reaction to his move and desperate to inject stimulus into the economy before the election.
Pelosi said the proposal was “one step forward, two steps back,” accusing the administration of failing to include public health measures in the package that
WASHINGTON — Senate Republicans and House Speaker Nancy Pelosi, D-Calif., raised objections Saturday to a new $1.8 trillion economic-relief proposal from the Trump administration, dimming prospects for a coronavirus relief deal before the election.
On a conference call Saturday morning with Treasury Secretary Steven Mnuchin and White House Chief of Staff Mark Meadows, several GOP senators denounced the proposal, saying the price tag was too big, questioning the overall direction and criticizing individual proposals, according to people who participated in the call or were briefed on its contents. They spoke on the condition of anonymity to detail the private discussion.
Sen. John Barrasso, R-Wyo., called a proposed expansion of Affordable Care Act tax credits to the unemployed “an enormous betrayal” of the GOP’s long-standing opposition to the health law.
“I don’t get it,” said Sen. Rick Scott, R-Fla., of the giant spending proposal that incorporates a number of Democratic priorities
Party leaders unveiled their national protocols to ensure “equitable” distribution that wouldn’t happen until the Food and Drug Administration assures the vaccine’s safety.
They call for a national strategy for both testing and local decisions, such as when schools and businesses can reopen.
“This should all be done on a national level,” House Energy and Commerce Committee Chairman Frank Pallone, a New Jersey Democrat, said at a press conference Thursday, adding that the states “don’t know what do do” about school operations.
The Centers for Disease Control and Prevention gave states an Oct. 16 deadline to provide plans for how they will distribute a coronavirus vaccine when it becomes available. Democrats want that nationalized, too.
Stocks fell Tuesday after President Donald Trump said he opposed House Democrats’ $2.2 trillion virus relief proposal, effectively stamping out hopes that another round of fiscal stimulus to aid the virus-stricken economy would come before the election.
[Click here to read what’s moving markets heading into Wednesday, October 7]
“We made a very generous offer of $1.6 Trillion Dollars and, as usual, she is not negotiating in good faith,” Trump wrote in a Twitter post Tuesday afternoon. “I am rejecting their.. … request, and looking to the future of our Country. I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business.”
Stocks, which had traded mixed earlier in the day, fell sharply, with the Dow dropping more than 250 points, or about 0.9%. The Nasdaq underperformed, dropping 1%.
WASHINGTON — Congress should grant federal antitrust enforcers more resources to take on Silicon Valley’s giants, a key House Judiciary Republican says in a report circulated Monday — while warning against yet-to-be-unveiled Democratic proposals that would make it easier to take steps such as breaking up companies.
The draft report, obtained by POLITICO, offers the first concrete glimpse into the findings and recommendations that Judiciary’s Democratic-led House antitrust subcommittee is set to offer as part of its 16-monthlong investigation into the state of competition online. That probe has zeroed into the business practices of Amazon, Google, Facebook and Apple.
The minority report: Rep. Ken Buck of Colorado, a Republican on the House antitrust subcommittee, wrote in the draft that while he agrees with the committee’s Democratic majority that “antitrust enforcement
The remarks signal areas of both significant agreement and disagreement between congressional Democrats and Republicans on how to ratchet up scrutiny of the world’s biggest tech companies.
According to the memo, the final report will offer “a menu of potential changes” to existing law aimed at addressing bipartisan concerns that the tech giants have unfairly squelched or scooped up competitors to detriment of their users. The recommendations will include a ban on certain types of mergers, such as on “future acquisitions of potential rivals and start-ups” by major platforms. But Republicans are unlikely to back Democrats’ more aggressive reforms, according to the memo.
Buck said he opposes not-yet-unveiled Democratic proposals aimed at “eliminating arbitration clauses and further opening companies up to class action lawsuits.” And he said he rejects antitrust subcommittee Chair David Cicilline’s (D-R.I.) idea of advancing legislation to force structural breakups of major online platforms like Amazon.