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McConnell: We'll 'probably' have to pass more stimulus

Senate Republican Leader Mitch McConnell told reporters on Tuesday that Congress will 'probably' have to pass more stimulus, depending on how the reopening process goes for the states. Yahoo Finance's Jessica Smith joins The First Trade to break down the details.

Video Transcript

ALEXIS CHRISTOFOROUS: The Senate is on break this week, but another relief bill may be on the agenda when they get back. Senate Republican leader Mitch McConnell told reporters yesterday that Congress will, quote, "probably have to pass more stimulus" depending on how the reopening process goes for the states.

Jessica Smith is with us this morning from her home in DC. Hey, Jess. Good to see you. So what do we know about this plan? What is in it?

JESSICA SMITH: Well, Majority Leader McConnell says that he wants to see liability protections for business. He has been very adamant about that, saying that is one of his top priorities. It's a must if there is another stimulus package going forward.

He also said yesterday if there is aid for state and local governments, he wants that to be directly related to COVID-19. That's something Democratic lawmakers have been pushing for, more money for state and local governments. And Republicans have been resistant to that, but again yesterday saying that it needs to be specifically tailored to lost revenue or expenses from COVID-19.

Now over the past few weeks while Democratic lawmakers have been pushing for more relief, we saw the House passed that $3 trillion relief bill. Republicans have been saying that they wanted to wait and see how implementing the other bills went first, but in recent days they've seemed more open to the idea of another relief bill. Majority Leader Mitch McConnell said we'll see in the next couple of weeks what happens if there is another bill, but he says it is likely that another will be needed. Alexis.

ALEXIS CHRISTOFOROUS: So basically there is no chance that that $3 trillion bill that passed the House even makes it to the floor of the Senate?

JESSICA SMITH: No, that's dead on arrival in the Senate. Majority Leader McConnell has been very firm about that, saying the Senate is not going to consider that. And he said yesterday that this bill, if there is another bill, would be much more narrow. The Senate is not going to take up another $3 trillion measure.

ALEXIS CHRISTOFOROUS: All right, Jessica Smith, thanks for that. Good to see you.

JESSICA SMITH: You too.

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