CNBC's Eamon Javers reports on the progress of the stimulus talks. With CNBC's Melissa Lee and the Fast Money traders, Guy Adami, Tim Seymour, Karen Finerman and Steve Grasso. For access to live and exclusive video from CNBC subscribe to CNBC PRO: The prospects for a broad coronavirus relief package appeared grim Friday after a bitter meeting between Democratic leaders and Trump administration officials yielded little progress.
Negotiators will huddle again at 1:30 p.m. ET on Friday to try to strike a deal to lift a U.S. economy and health-care system struggling under the weight of a once-in-a-lifetime pandemic.
On Friday, House Speaker Nancy Pelosi said that during a Thursday night meeting she offered to cut her desired aid price tag by $1 trillion if Republicans increased the size of their plan by $1 trillion. The Trump administration declined, she said.
Pelosi added that she could cut back spending by making some programs expire earlier than originally proposed. House Democrats passed a roughly $3 trillion relief package in May, and Republicans last week proposed a bill that costs about $1 trillion.
Neither House nor Senate Democrats would accept legislation that puts “south of $2 trillion” into the pandemic response, Senate Minority Leader Chuck Schumer said Friday.
After the more than three-hour meeting Thursday night, Pelosi, Schumer, Treasury Secretary Steven Mnuchin and White House chief of staff Mark Meadows painted a dismal picture of aid talks that have accomplished little over a week and a half.
“We have always said that the Republicans and the president do not understand the gravity of the situation and every time that we have met, it has been reinforced,” Pelosi, a California Democrat, told reporters Thursday.
Democrats and Republicans appear to have come closer to an accord on issues including direct payments of up to $1,200 to Americans and extending a moratorium on evictions from federally backed housing. They have failed to bridge a gulf on how to continue enhanced federal unemployment benefits, help schools reopen safely during the pandemic, and aid state and local governments facing budget shortfalls during the outbreak.
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