Will There Be Another Stimulus? Republicans Breaking From Trump On Possible Deal

Senate Majority Leader Mitch McConnell, R-Ky., on Thursday refused to bring a possible $1.8 trillion or more COVID-19 stimulus agreement between the Trump administration and House Democrats to the Senate floor. McConnell said some Senate Republicans would not support that deal, due to the price tag.

“I don’t think so. That’s where the administration is willing to go. My members think half a trillion dollars, highly targeted, is the best way to go," McConnell said about the potential $1.8 trillion or more relief deal. The Senate majority leader will bring a $500 billion bill to the floor for a vote next week, which would offer another round of Paycheck Protection Program loans for small businesses.

The Trump administration offered a $1.8 trillion deal this week, which would offer another round of stimulus checks and aid for airlines and other industries. House Speaker Nancy Pelosi, D-Calif., would like a $2.2 trillion deal, which would include extra money for state and local governments.

During an interview Thursday with Fox Business, Trump said he would be willing to go above the $1.8 trillion price tag set by his administration.

“I would say more. I would go higher. Go big or go home, I said it yesterday,” Trump told host Stuart Varney.

Trump also attacked Treasury Secretary Steven Mnuchin for not having struck a COVID-19 relief deal with the Democrats. “So far, he hasn’t come home with the bacon,” Trump said, referring to Mnuchin.

Pelosi has felt pressure from some House Democrats to strike a deal with the administration before the election. It’s unlikely that Congress would pass stimulus legislation during the lame-duck period, meaning more relief would not be available until February, after the new Congress is sworn in.

Federal Reserve Chairman Jerome Powell has called for more stimulus, saying the lack of federal response could jeopardize the nation’s economic recovery. Jobless claims for the last week reached 898,000 -- higher than the Wall Street estimate of 830,000.