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Pelosi Rejects, Senate GOP Bridles at White House's $1.8T Stimulus Offer: Reports
The speaker, though saying the boosted offer comes up short in several areas, didn't shut the door on a deal.
Democratic House Speaker Nancy Pelosi rejected the White House's recently boosted $1.8 trillion stimulus offer, saying it doesn't provide enough in the way of coronavirus testing, worker safety and child care, the Financial Times reported.
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- Meanwhile, the Wall Street Journal quoted people familiar with a Saturday call between the president's chief of staff and Senate Republicans as saying several of the GOP members said they were opposed to another large stimulus package.
- The Senate Republicans instead are backing a measure along the lines of one they proposed in September that was less than half the size of the president's most recent proposal and would cut spending in other areas as a partial offset, the WSJ reported.
- The president's boosted offer, made Friday, gave a lift to bitcoin (BTC) and equities alike.
- Even with opposition to the offer on both sides of the aisle, BTC is holding onto today's gains, up 2.70% to $11,361 at press time.
- According to the FT, the House speaker didn't rule out chances for a deal, saying "I remain hopeful that yesterday's developments will move us closer to an agreement on a relief package that addresses the health and economic crisis facing America's families."
UPDATE: 21:25 UTCAdds that Senate Republicans are also opposed to the president's proposal.
Kevin Reynolds
Kevin Reynolds was the editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
