Show an ad over header. AMP

I am the FIRST

House prepares to pass revised COVID relief bill as White House talks hit roadblock

The House appeared likely to move ahead Thursday with Democrats' revised $2.2 trillion coronavirus relief bill as 11th-hour negotiations with the White House continued.

Why it matters: The legislation, a slimmed down version of the House's initial $3.4 trillion HEROES Act, is part of a last-ditch effort to strike a stimulus deal with Senate Republicans and the White House before the election. Many lawmakers admit they think the bill has little chance of becoming law, but Speaker Nancy Pelosi has described it as a "proffer" for negotiations.

The latest: After meeting for more than 90 minutes on Capitol Hill on Wednesday, Pelosi and Treasury Secretary Steven Mnuchin shared a phone call at 1 p.m. Thursday and plan to speak again later this afternoon. Wednesday's meeting was the first in-person meeting between the two since August, when negotiations stalled.

  • Pelosi is pushing Democrats’ slimmed down version of the HEROES Act, with a new price tag of $2.2 trillion (details here), down from the initial $3.4 trillion. The White House is in the midst of preparing a counter offer of $1.6 trillion, with a $20 billion extension in aid for the airline industry, which is facing massive round of layoffs.
  • However, many Senate Republicans think even the White House’s offer is too high, and insist they won’t agree to a price tag over $1 trillion. Democrats say they won’t go lower than $2 trillion.

Between the lines: Both sides want a deal.

  • Pelosi is facing immense pressure from moderate Democrats, who insist they need something tangible to bring back to their constituents ahead of Election Day.
  • The White House, whose best play for re-electing Trump is a strong economy, wants to inject stimulus into the economy before Nov. 3. Mass layoffs by Disney and the airline industry only add to their desire to reach a deal.

But both Pelosi and the White House cast doubt on the process Thursday, acknowledging that the two sides still have a long way to go on key priorities, like state and local aid and food-stamp benefits.

  • “We come from two different places," Pelosi said at a press conference, arguing that Democrats and Republicans have a difference "not just of dollars, but of values."
  • "Nancy Pelosi is not being serious. If she is becomes serious than we can have a discussion,” White House Press Secretary Kayleigh McEnany said Thursday. “We raised our offer to $1.6 trillion … it’s a good offer but it’s one Nancy Pelosi is not interested in."

Senate Majority Leader Mitch McConnell is perhaps the most skeptical that an agreement will be reached before the election. McConnell told reporters Thursday that he wishes the White House well in their efforts, but noted that they’ve been down this road before to no avail.

  • A Senate GOP aide told Axios the feeling within the Republican conference is that they’re confident there will going to be another package at some point, but highly doubt it’ll happen before November.

regular 4 post ff

infinite scroll 4 pff

Why the startup world needs to ditch "unicorns" for "dragons"

When Aileen Lee originally coined the term "unicorn" in late 2013, she was describing the 39 "U.S.-based software companies started since 2003 and valued at over $1 billion by public or private market investors."

Flashback: It got redefined in early 2015 by yours truly and Erin Griffith, in a cover story for Fortune, as any privately-held startup valued at $1 billion or more. At the time, we counted 80 of them.

Keep reading... Show less

Scoop: Facebook's new moves to lower News Feed's political volume

Facebook plans to announce that it will de-emphasize political posts and current events content in the News Feed based on negative user feedback, Axios has learned. It also plans to expand tests to limit the amount of political content that people see in their News Feeds to more countries outside of the U.S.

Why it matters: The changes could reduce traffic to some news publishers, particularly companies that post a lot of political content.

Keep reading... Show less



Get Goodhumans in your inbox

Most Read

More Stories