Pelosi Says It's Tuesday or Bust if White House Wants a Pre-Election Stimulus Package: Report

The House Speaker said if a deal isn't reached by Tuesday evening, a package won't be likely before Nov. 3.

Oct 18, 2020 at 9:26 p.m. UTC
Updated Sep 14, 2021 at 10:11 a.m. UTC

Rep. Nancy Pelosi, speaker of the Democrat-majority U.S. House of Representatives, told the White House on Sunday it has until Tuesday to reach a deal on a pandemic stimulus package or it would be unlikely to be passed before the presidential election, the Wall Street Journal reported.

  • If no deal is reached by Tuesday evening, even if negotiations continue and are eventually successful, it's unlikely to produce a package before the Nov. 3 election, the WSJ said, quoting an aide to the Senate Democrat.
  • House Democrats are seeking a $2.2 trillion relief package. While President Donald Trump has said he's prepared to go beyond his $1.8 trillion proposal, Senate Republicans, who are in the majority, are in favor of a much more modest package and may not support him.
  • If a package isn't passed by the election, it might be well into February before one happens, the WSJ said, quoting Rep. Tom Reed (R-N.Y.).
  • Why this matters to crypto: Bitcoin (BTC) prices have been buoyed this year as investors bet that trillions of dollars of government and central bank spending around the world in response to the coronavirus-induced economic slowdown will inevitably result in inflation, and therefore be positive for the cryptocurrency.
  • As such, if a stimulus deal is reached, BTC may rise further.


DISCLOSURE

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.