Timeline for release of GOP relief proposal is in flux, White House negotiators say
Treasury Secretary Steven Mnuchin called the discussions between White House negotiators and Senate Majority Leader Mitch McConnell “very productive,” but acknowledged that while there is a “fundamental agreement,” both sides still need to review and finalize text – which can be a time consuming process.
“Whether this gets introduced today or not, we’re still looking at the timing,” Mnuchin said. Senate Republicans had planned to introduce the multi-part proposal on Thursday.
White House Chief of Staff Mark Meadows acknowledged the time crunch negotiators currently face, given the upcoming weekend and the expected funeral of Rep. John Lewis next week.
“We’re working expeditiously and it’s why we’ll probably be back up here this afternoon,” Meadows said.
The real deadline negotiators are focused on, Mnuchin reiterated, is the expiration of the federal enhancement of unemployment insurance at the end of next week.
On unemployment insurance, Mnuchin reiterated that the GOP plan would seek to replace the $600 enhancement with the equivalent of “approximately 70%” of wage replacement.
Other key details of the stimulus proposal: Negotiators are still working through the mechanical details of how to implement that given the issues many states have with their individual systems. The benefit extension would be through the end of the year.
Mnuchin said on direct payments, “We’re talking about the same provision as last time. Our proposal is the exact same provision as last time.” Senate Republicans have proposed targeting the stimulus checks toward lower-income individuals. In the $2.2 trillion CARES Act, checks of up to $1,200 for individuals and $2,400 for families based on adjusted gross income, and $500 for each child.
On the Paycheck Protection Program, Mnuchin said the proposal would allow for businesses to apply for a second forgivable loan through the program if they have under 300 employees and can demonstrate revenue losses of 50 percent or more.
As to the long path ahead for negotiations with Democrats, Mnuchin pointed to past deadline deals made with House Speaker Nancy Pelosi.
“We can work quickly when there’s areas of agreement,” Mnuchin said.
Meadows also cited the looming unemployment cliff: “Those deadlines on Capitol Hill always work magic in the 11th hour.”
