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.

By Kevin Reynolds

Oct 10, 2020 at 4:48 p.m. UTC

Updated Sep 14, 2021 at 10:07 a.m. UTC

Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Secure Your Seat

Kevin Reynolds

Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Secure Your Seat

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.

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 UTC Adds that Senate Republicans are also opposed to the president's proposal.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Kevin Reynolds

Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.

Kevin Reynolds