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Pelosi, Mnuchin extend stimulus deadline as election looms

House Speaker Pelosi and Treasury Secretary Mnuchin pushed back the stimulus deadline in hopes to sign a relief deal prior to the 2020 election. This comes as Senate Democrats blocked the GOP’s $500B COVID-19 relief bill. Yahoo Finance’s Jessica Smith joins The Final Round to break down the details.

Video Transcript

SEANA SMITH: But let's get to the latest down in DC when it does come to those stimulus talks because we've seen so many fits and starts, it seems like, to this process. But today, House Speaker Nancy Pelosi saying that the Democrats and the Trump administration are making some progress on those recent talks. And Jess Smith has the latest for us in DC. Jess.

JESSICA SMITH: Yeah, Treasury Secretary Mnuchin and Speaker Pelosi were supposed to talk this afternoon at 2:30. And as you mentioned, going into that, in an interview earlier today, Speaker Pelosi sounded pretty optimistic, saying that they have made progress, that they were directing committee shares to work out some of the remaining differences.

So it seemed like she was feeling pretty optimistic. She did also say, though, that even if there is an agreement, there's a chance it could slip past the election when it comes to final passage. And she put the blame there on Majority Leader Mitch McConnell, saying he may want to wait until after the election. That does match up with reporting from "The New York Times" and the "Washington Post" saying that McConnell is discouraging the White House from taking a big deal before the election.

But we are, again, hearing from both sides that progress is being made. It seems like state and local funding is still the biggest sticking point. That has really plagued these negotiations for the past few months. We will see probably in the next 24 to 48 hours, at least according to the White House, on whether or not they're able to reach an agreement. Of course, we've heard that before. So we'll see if we actually get any sort of resolution, at least when it comes to Pelosi and Mnuchin.

But then it's going to be a rough road to get this passed in the Senate, if the Senate does take it up anytime soon. We have heard from many Republicans that say the price tag is too high. And even beyond that, they have problems with some of the issues in the bill as well-- the bill that doesn't exist right now. But they do have issues with some of the provisions that could be in that legislation. So we'll see if we get any sign of progress in the next couple of days.

SEANA SMITH: Hey, Jess, I mean, is there any indication just in terms of what the bill, even if it's $1 total-- or what needs to be included in order for-- to get those GOP senators onboard? Because that, of course, is the next big thing here, like you were talking about. Even if Pelosi and Mnuchin [INAUDIBLE] here reaches a deal, and that won't necessarily go anywhere when it comes to the Senate.

JESSICA SMITH: Yeah, and right now, Pelosi and Mnuchin are talking somewhere in the $1.82 trillion range, somewhere in that range. And to see where Republicans are at in the Senate, they just tried to pass a $500 billion bill. So there are huge gaps in what Senate Republicans are going to be willing to stomach here.

We have heard from them before, saying each time there's a 2, that's going to be a problem. I'd say it's really-- less than that would still be a problem. They tried to pass a $1 trillion bill earlier this year. That's what McConnell initially proposed. And Republicans weren't onboard with that. So I really don't know how they're going to overcome that huge gap in funding. President Trump seems to think that once he starts lobbying these senators, that they'll fall in line. But that remains to be seen.