Free Trial

MNI POLICY: US Democrats Fiscal Push Hinges On Mnuchin Offer


Democratic and Republican stimulus talks that showed signs of progress this week are likely to hinge on Treasury Secretary Steven Mnuchin's counteroffer, expected on Wednesday morning.

After a 50-minute conversation on Tuesday, Pelosi and Mnuchin will speak again Wednesday, even as the House Committee on Rules is scheduled to meet at 9am EDT to begin preparation for a vote on a Democratic fiscal package.

House Majority Leader Steny Hoyer, speaking to reporters after the Democratic leadership huddled in Speaker Nancy Pelosi's office late Tuesday, said "hopefully a substantive response" comes from Mnuchin "before noon" Wednesday otherwise Democrats will move ahead sooner with a vote in the House.

"If we got some agreement tomorrow or tonight, we'll see," Hoyer said. "But we're certainly planning on going ahead with our proposal."

Mnuchin is expected to offer the White House's counteroffer near USD1.5 trillion Wednesday morning, according to Republicans and Democrats familiar with the negotiations. Democrats unveiled Monday a slimmed-down USD2.2 trillion bill.

Analysts in Washington have increasingly suggested that if Pelosi puts the new Democratic bill on the floor of the House for a vote in its current form, it's a sign talks with Mnuchin have collapsed.

MNI Washington Bureau | +1 202-371-2121 |
MNI Washington Bureau | +1 202-371-2121 |

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.