Mnuchin ‘hopeful' White House and Democrats will strike stimulus deal
Yahoo Finance’s Jessica Smith joins Zack Guzman to break down the latest on stimulus negotiations, as Treasury Secretary Steven Mnuchin touts optimism over reaching a deal with the democrats.
Video Transcript
ZACK GUZMAN: Stocks have been up all day today-- the Dow trading near session highs here up by about 2% as we got a big boost out of Washington, DC-- optimism from both sides saying that they are working-- continuing to work on a potential next wave of stimulus here. Speaker of the House Nancy Pelosi saying that she is hopeful on prospects to get a deal done.
And here with the latest with us is Yahoo Finance's-- Yahoo Finance's Jessica Smith. And, Jess, I mean, when we look at it, not a lot of progress has been made, so now that we're hearing the sides are hopeful, it seems like a big change.
JESSICA SMITH: I mean, they've been hopeful for quite a while, but they haven't actually made much progress. So we will see. The good news is that Speaker Pelosi and Treasury Secretary Stephen Mnuchin are actually meeting right now, and I believe this is the first time that they've met in person since early August. So that is some sign of progress that they're actually sitting down and talking.
We also know that White House Chief of Staff Mark Meadows was also on Capitol Hill earlier today. We will see if these talks lead to any progress here. Earlier today in an interview, Treasury Secretary Mnuchin said that he was going to offer something in the $1.5 trillion range. That's still very far apart from the $2.2 trillion that Democrats are offering.
And Democrats are getting ready to move forward with that updated Heroes Act. They are getting ready to vote on that potentially sometime later today if there is no progress between Pelosi and Mnuchin as they try to hammer out some sort of a deal. Lawmakers are set to leave Washington at the end of this week, so the clock is ticking here. I think we will get a better idea of where things stand and if there is going to be another stimulus deal before the election sometime after this meeting between Pelosi and Mnuchin. And so we'll keep you updated on what happens here in the next little bit.
ZACK GUZMAN: All right, Jessica Smith bringing us the latest on negotiation talks there. Appreciate that.
