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Pelosi pressures Republicans, sets deadline for stimulus deal

Yahoo Finance's Jessica Smith weighs in on the latest in negotiations over the latest stimulus package.

Video Transcript

JESSICA SMITH: Steven Mnuchin and House Speaker Pelosi are set to speak again today. They spoke over the weekend. And you mentioned the problem that they ran into, Adam. Last week, Mnuchin said that he was going to accept the Democratic plan for testing with a few minor changes. But Speaker Pelosi says those changes weren't so minor.

She says Mnuchin wants to cut 55% of their plan, their language on testing, tracing, and treatment. She says that he wants to change the word shall to may, requirement to recommendation, and strategic plan to strategy. She went on to say these changes make the funding a slush fund for the administration. Which may grant or withhold, rather than a prescribed funded plan to crush the virus.

So in addition to that dispute, there are also disagreements on childcare, tax credits for families, state and local funding, and a provision on the census, according to Speaker Pelosi. Still she says she is optimistic they can get a deal done before the election. That has to be by end of day tomorrow, according to her office.

I should note she has been hopeful and optimistic over the past few months. And we still have not seen an agreement. Meanwhile over in the Senate, Majority Leader Mitch McConnell says the Senate will consider tomorrow, a standalone bill on additional Paycheck Protection Program funds.

And then on Wednesday, a skinny stimulus bill, which will be about a $500 billion package. We do not expect that to go forward. Democratic lawmakers have not wanted to go about this in a piecemeal approach. So we do expect them to block that.

Regardless, if Pelosi and Mnuchin are coming to an agreement, McConnell says that the Senate will consider it. I would note that doesn't necessarily mean vote. Consider and vote aren't necessarily the same things. We'll see. But Republican senators are still opposed to that $2 trillion plan, so that's going to be a tough sell either way.

JULIE HYMAN: Indeed. Thank you, Jess. Appreciate it.