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

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

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 2024, 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.