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On The Money: Pelosi, citing ‘leverage’ over Trump, holds strong to $2.2T in COVID-19 aid | McConnell to force vote on ‘targeted’ relief bill next week

October 13, 2020

Happy Tuesday 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.

a man and a woman wearing a suit and tie: On The Money: Pelosi, citing 'leverage' over Trump, holds strong to $2.2T in COVID-19 aid | McConnell to force vote on 'targeted' relief bill next week | Trump again asks court to shield tax records

© Greg Nash
On The Money: Pelosi, citing ‘leverage’ over Trump, holds strong to $2.2T in COVID-19 aid | McConnell to force vote on ‘targeted’ relief bill next week | Trump again asks court to shield tax records

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THE BIG DEAL-Pelosi, citing ‘leverage’ over Trump, holds strong to $2.2T in COVID-19 aid: Speaker Nancy Pelosi (D-Calif.) on Tuesday shot down entreaties from some Democrats to cut a $1.8 trillion deal

Trump Wants ‘More Money at His Discretion’ in Latest COVID Stimulus Proposal: Pelosi

October 11, 2020

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House Speaker Nancy Pelosi suggested there are still several disagreements between House Democrats and the Trump administration on the latest coronavirus relief package, writing that Donald Trump “wants more money at his discretion to grant or withhold” in a letter to Democratic colleagues Saturday regarding the president’s latest proposal.

a person wearing a suit and tie: Speaker of the House, Nancy Pelosi, Democrat of California, leaves after her weekly press briefing on Capitol Hill in Washington, DC, on October 8.

© Photo by ANDREW CABALLERO-REYNOLDS/AFP/Getty
Speaker of the House, Nancy Pelosi, Democrat of California, leaves after her weekly press briefing on Capitol Hill in Washington, DC, on October 8.

“When the President talks about wanting a bigger relief package, his proposal appears to mean that he wants more money at his discretion to grant or withhold, rather than agreeing on language prescribing how we honor our workers, crush the virus and put money in the pockets of workers,” Pelosi wrote. “At this point, we still have disagreement on many priorities, and Democrats are awaiting language from the Administration on several provisions

Pelosi says no to standalone airline relief bill, as workers and their families say they ‘just need help now’

October 8, 2020

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House Speaker Nancy Pelosi, D-Calif., called off talks for a standalone airline relief bill Thursday, dashing hopes that a narrow measure to support the airline industry could continue after President Donald Trump abruptly shot down overall stimulus talks earlier this week.

“There is no standalone bill without a bigger bill. There’s no bill,” the speaker said during her weekly press conference.

Pelosi and Treasury Secretary Steven Mnuchin have had several daily phone calls this week to discuss the viability of a standalone airline relief bill, but after barring his surrogates from holding any more stimulus negotiations, Trump tweeted that “The House & Senate should IMMEDIATELY Approve 25 Billion Dollars for Airline Payroll Support.”

It was not clear what the gap was between the two sides, but a Democratic measure put up for vote last Friday was opposed by Republicans and failed to pass. Republicans wanted details on how it would

Pelosi and Trump Are at Odds Over Airline Relief: Live Updates

October 8, 2020

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Here’s what you need to know:

Wall Street held on to a small gain Thursday as investors awaited clarity on the status of efforts in Washington to aid ailing industries in the United States.
Stocks have been whipsawed this week in a reflection of shifting sentiment about a potential economic stimulus package. Financial markets were roiled on Tuesday after Mr. Trump said he was abandoning efforts to reach an agreement with Democratic lawmakers, but then rallied on Wednesday over the prospect that a deal to at least support the airline industry was still on the table.
But on Thursday, the picture grew murkier. Before the start of trading, Mr. Trump said on television that negotiations on a broad stimulus package — not just an airline bill — had resumed.
Later, Speaker Nancy Pelosi said she would not agree to an airlines-only relief measure without the promise of more aid for

Pelosi and Mnuchin Discuss Airline Aid as Broad Stimulus Plan Is Shelved

October 8, 2020

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Dozens of mothballed jets parked at the Kansas City International Airport in Kansas City, Mo., in April. Airlines have warned of layoffs without federal intervention. — Credit…Charlie Riedel/Associated Press

Speaker Nancy Pelosi of California and Steven Mnuchin, the Treasury secretary, spoke Wednesday about the prospects of a stand-alone bill for airline relief, as President Trump continued to walk back his own retreat from negotiations on a broader coronavirus relief package and to push for more narrow legislation.

During a conversation in the morning, Mr. Mnuchin asked about the possibility of a stand-alone bill, as a critical payroll program for airline workers lapsed last week and airlines have warned of tens of thousands of more furloughs and layoffs without federal intervention.

Ms. Pelosi noted that Democrats had already thrown their support behind such a measure and reminded Mr. Mnuchin that Republicans had objected to unanimous

Dow falls 375 points as Trump cans stimulus talks in Pelosi showdown

October 7, 2020

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Clearstead Advisers senior managing director Jim Awad, San Blas Securities President Dani Hughes, and BNY Mellon Investments chief strategist Alicia Levine discuss their outlooks for the markets.

Stocks sank after President Trump scrapped stimulus talks while blasting House Speaker Nancy Pelosi’s $2.4 trillion ask which is well above the $1.6 trillion Mnuchin was pushing for.

TRUMP REJECTS DEMS COVID-19 STIMULUS DEAL

The Dow Jones Industrial Average fell nearly 400 points or 1.3%, while the S&P 500 and Nasdaq Composite dropped 1.4% and 1.5%, respectively.

Ticker	Security	Last	Change	Change %
I:DJI	DOW JONES AVERAGES	27772.76	-375.88	-1.34%
I:COMP	NASDAQ COMPOSITE INDEX	11154.603642	-177.88	-1.57%
SP500	S&P 500	3360.95	-47.68	-1.40%

The move curbs an effort by Federal Reserve Chairman Jerome Powell, who reiterated the need for more stimulus earlier today while warning of major risks to the economy without it.

“The recovery will be stronger and move faster if monetary

Mnuchin and Pelosi Revive Hope for Aid Talks

September 26, 2020

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Here’s what you need to know:

Treasury Secretary Steven Mnuchin testifying before the Senate on Thursday. — Credit…Pool photo by Drew Angerer

Treasury Secretary Steven Mnuchin said on Thursday that he and Speaker Nancy Pelosi agreed to resume talks on another economic relief package amid concerns that the recovery will soon sputter without additional fiscal support.

“I’ve probably spoken to Speaker Pelosi 15 or 20 times in the last few days on the CR,” Mnuchin told the Senate Banking Committee, referring to a continuing resolution to extend government funding, “and we’ve agreed to continue to have discussions about the CARES Act.”

The comments, made at a Senate Banking Committee hearing, came as jobless claims rose to 825,000 last week and as stock markets remained volatile.

Yet the ability to reach a deal remains unclear. At the hearing, Mr. Mnuchin was critical of Democrats for making negotiations conditional on an agreement

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