On The Money: McConnell says Congress will take up stimulus package at start of 2021 | Lawmakers see better prospects for COVID deal after election
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.
See something I missed? Let me know at firstname.lastname@example.org or tweet me @SylvanLane. And if you like your newsletter, you can subscribe to it here: http://bit.ly/1NxxW2N.
THE BIG DEAL—McConnell says Congress will take up stimulus package at start of 2021:
Senate Majority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellMnuchin says he learned of Pelosi’s letter to him about stimulus talks ‘in the press’ On The Money: Trump makes a late pitch on the economy | US economy records record GDP gains after historic COVID-19 drop | Pelosi eyes big COVID-19 deal in lame duck Lawmakers say infrastructure efforts are falling victim to deepening partisan divide MORE (R-Ky.) says he expects Congress to move another coronavirus relief package “right at the beginning” of 2021, breaking from Speaker Nancy PelosiNancy PelosiMnuchin says he learned of Pelosi’s letter to him about stimulus talks ‘in the press’ On The Money: Trump makes a late pitch on the economy | US economy records record GDP gains after historic COVID-19 drop | Pelosi eyes big COVID-19 deal in lame duck Pelosi challenger calls delay on COVID-19 relief bill the ‘privilege of politics’ MORE (D-Calif.), who told reporters Thursday she wants to get a deal in the lame-duck session.
- “We probably need to do another package, certainly more modest than the $3 trillion Nancy Pelosi package. I think that’ll be something we’ll need to do right at the beginning of the year,” McConnell told conservative radio host Hugh Hewitt on Friday.
- “We could target it particularly at small businesses that are struggling, and hospitals that are now dealing with the second wave of the coronavirus, and of course the challenges for education, both K-12 and college,” the GOP leader said.
The Hill’s Alexander Bolton has more here.
Differing timelines: McConnell offered a slower timeline than other lawmakers, who expect a deal to move after the election but before the end of the year or before the end of President TrumpDonald John TrumpBiden campaign slams Facebook after thousands of ads blocked by platform’s pre-election blackout Mnuchin says he learned of Pelosi’s letter to him about stimulus talks ‘in the press’ Harris to travel to Texas Friday after polls show tie between Trump, Biden MORE’s first term in January.
With no deal imminent, lawmakers in both parties see a pact as more likely in the lame-duck session.
“The motivation level on both sides will depend on how the election comes out, but I think either way we’ll do something. The question is how much,” Thune told The Hill.
Senate lawmakers and aides say McConnell (R-Ky.) and Pelosi, both longtime members of the Senate and House appropriations committees, have strong incentive to get a coronavirus relief deal done in the lame-duck session because it will make it easier to put together a full-year annual appropriations package before Christmas. See why here.
LEADING THE DAY
Tlaib, Ocasio-Cortez offer bill to create national public banking system: Democratic Reps. Alexandria Ocasio-CortezAlexandria Ocasio-Cortez’Drink water and don’t be racist’: Ocasio-Cortez gives Republicans upset over Vanity Fair outfit ‘pointers’ on how to look better OVERNIGHT ENERGY: Trump strips protections for Tongass forest, opening it to logging | Interior ‘propaganda’ video and tweets may violate ethics laws, experts say | Democrats see Green New Deal yielding gains despite GOP attacks Ocasio-Cortez says she doesn’t plan on ‘staying in the House forever’ MORE (N.Y.) and Rashida TlaibRashida Harbi TlaibProgressive lawmakers call for United Nations probe into DHS ‘human rights abuses’ Ocasio-Cortez hits Trump for ‘disrespect’ over calling her AOC during debates Ocasio-Cortez draws hundreds of thousands of viewers on Twitch livestream MORE (Mich.) on Friday introduced a bill to create a federally chartered and supported public banking system.
- Called the Public Banking Act, the bill would develop a system through which the Federal Reserve System and Treasury Department would recognize, offer grants and open credit facilities for nonprofit banks.
- These banks would be intended to compete with the commercial banking industry and would be barred from charging fees on checking or savings accounts, requiring minimum balances and levying interest rates of more than 15 percent.
Read a breakdown of the plan here.
GOOD TO KNOW