KEY POINTS

  • Pelosi and Mnuchin say they have made significant progress in their coronavirus relief talks
  • The pair hopes to deliver a second round of direct payments to Americans before Election Day
  • Republicans are repitching their previously rejected $500 billion "skinny" bill Wednesday in the Senate

House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin have made significant progress in narrowing their differences on coronavirus stimulus talks ahead of a Tuesday deadline. 

On Monday, Pelosi and Mnuchin had an hour-long phone call where they worked to resolve areas of disagreement in their relief plan in hopes of striking a deal. The pair also hopes to deliver a fresh round of stimulus checks to Americans just two weeks before the Nov. 3 election. 

According to Drew Hammill, a spokesman for the California Democratic leader, Pelosi will continue negotiations with Mnuchin on Tuesday. She hopes to reach an agreement with the treasury secretary by the end of the day, CNBC reported. 

The Trump administration and Democratic leaders have been scrambling to strike a stimulus deal that has been held up by a handful of issues, including tax credit expansion, child-care provisions, and relief for state and local governments.

They also have been racing to come to an agreement before the Senate GOP begins voting on a $500 billion aid package on Wednesday. Republicans remain skeptical that an acceptable bill can be crafted between Dems and the White House and are repitching their previously rejected "skinny" bill.

While the “skinny” bill includes funding for schools and unemployment benefits, it does not have a second round of $1,200 individual stimulus checks, which would cost the government nearly $290 million, Fortune reported. 

If Pelosi and Mnuchin reach an agreement, the bill would need to pass the Senate and be signed into law by Trump before the IRS could start sending money to millions of Americans. The second round of stimulus checks would be the last chance for the government to send more aid to people before the end of the year.

The second round of stimulus check would likely follow the same guidelines as the first round set out in the CARES Act. However, the second round of payments may be sent to more Americans as qualifications for eligibility are subject to change. 

According to the White House’s $1.8 trillion proposal, families would receive between $500 to $1,000 for each child dependent claimed on taxes, regardless of the age. Older relatives and college students would also qualify for payments.

Democratic House Speaker Nancy Pelosi wants to spend $2.2 trillion on another US stimulus measure, but Republicans say the bill would cost too much Democratic House Speaker Nancy Pelosi wants to spend $2.2 trillion on another US stimulus measure, but Republicans say the bill would be too much Photo: AFP / Nicholas Kamm