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.

Read more about...

CoinFlashPelosi
Disclosure
The leader in blockchain news, 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.