While Congress has still not been able to agree on another stimulus package, Treasury Secretary Steven Mnuchin has said that he is "hopeful" that the Democrats and Republicans can agree to one before the November election. In fact, he has plans to counter Speaker of the House Nancy Pelosi's $2.2 trillion stimulus proposal with one that is closer to $1.5 trillion, as Forbes noted. So, will the two sides be able to compromise on this package?
Mnuchin's offer would reportedly closely resemble one that the House Problem Solvers caucus pushed forward in September. It would include $450 per week in enhanced unemployment benefits that would cover an eight-week transition period, more Paycheck Protection Program small business loan funding, another round of $1,200 stimulus checks, and other provisions. (It should be noted that this package was one that Pelosi previously rejected.) Mnuchin noted that he was "hopeful" that they could agree on another package. "I say we're going to give it one more serious try to get this done and I think we're hopeful that we can get something done," he said during the Delivering Alpha conference presented by CNBC and Institutional Investor. "I think there is a reasonable compromise here."
There were reportedly plans to vote on another package as early as Wednesday. Pelosi even shared that Mnuchin agreed to resume negotiations and that there would be a vote going forward soon. "Today, [Mnuchin] and I had an extensive conversation and we found areas where we are seeking further clarification. Our conversation will continue," Pelosi wrote. The speaker added that the House would still vote on this new proposal "in order to formalize our offer to Republicans in the negotiations to address the health and economic catastrophe in our country." Although, shortly after she issued this message, various sources reported that the vote would be delayed until at least Thursday.
Mnuchin and Pelosi's hopeful tones regarding stimulus negotiations is a major change from earlier in the month when they reportedly discussed the topic. Following a phone conversation that they had in early September, Pelosi told reporters that their discussion did not prove to be a successful one. At the time, she said, "Sadly, this phone call made clear that Democrats and the White House continue to have serious differences understanding the gravity of the situation that America's working families are facing."