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Stimulus talks escalate as Mnuchin, Pelosi continue negotiations

Yahoo Finance's Jessica Smith breaks down the latest news in ongoing stimulus talks.

Video Transcript

ADAM SHAPIRO: And investors don't seem to be too concerned just yet about what's happening with Google Alphabet. But they're also paying attention to the stimulus negotiations, which have a Nancy Pelosi-imposed deadline of today. Jessica Smith joins us now from Washington, DC with the latest, and the president saying he'd go even bigger than Pelosi?

JESSICA SMITH: Yeah, the president has said that before. But as we've been saying for the past few months, Senate Republicans probably will not do that. Now we're waiting to see what is going to happen when Speaker Pelosi and Treasury Secretary Mnuchin talk later today. Pelosi's office said after their conversation yesterday, they we're narrowing some of the differences. Speaker Pelosi also directed her committee chairs to start working with their Republican counterparts to reconcile some of the differences that remain. We are coming up on that deadline that Speaker Pelosi put in place.

We should hear by the end of the day today whether or not there would be an agreement before the election. But again, we have to see if the Senate will get on board. Separately, the Senate is taking action of its own today. The Senate is set to take up a bill for the Paycheck Protection Program. It would allow for a second round of that program that expired back in August. And then tomorrow, the Senate will vote on a skinny relief bill with about a $500 billion price tag. Yesterday, the Democratic leader and the Republican leader went back and forth on the Senate floor, blaming each other for the lack of progress so far. Let's watch.

MITCH MCCONNELL: We could have passed hundreds of billions of dollars in relief more than a month ago, but our Democratic colleagues voted in lockstep to filibuster the relief and kill the bill. Unless Democrats got every single non-COVID-related wish list item they were after, American families would get nothing.

CHUCK SCHUMER: In the immortal words of Yogi Berra, it's deja vu all over again. Leader McConnell tried the same stunt last month. It failed. And instead of trying to work with Democrats or increase the size of the relief package to meet the needs, the desperate needs of the American people, Leader McConnell is back with the same sorry excuse for a bill.

JESSICA SMITH: Adam and Julie, we do not expect the skinny bill to move forward in the Senate. So all eyes will be on Pelosi and Mnuchin today.