The White House and Congress are racing to blunt the economic fallout of the Chinese coronavirus outbreak.
President Trump and the Republicans put forth one plan.
But then Nancy Pelosi held a closed door meeting on coronavirus that left Trump seeing red.
President Trump and Congressional Republicans are promoting a controversial $1.6 trillion relief package to save small businesses and cushion to economic fallout from the spread of the Chinese coronavirus.
Conservatives were upset at the large price tag and the fact that the Federal Reserve would finance this rescue package by printing more money out of thin air.
President Trump– claimed that unlike the 2008 financial crisis – which was the result of the Federal Reserve and big banks colluding on a debt fueled bubble – businesses in this case did nothing to cause the problem.
Senate Republicans thought they were on the verge of a deal to pass this divisive bill until Democrats began complaining about portions of the legislation.
Democrats claimed the bill provided for a slush fund that Treasury Secretary Steve Mnuchin could deploy to bail out favored companies.
House Speaker Nancy Pelosi flew to Washington on Sunday to meet with Senate Majority Leader Mitch McConnell, Senate Minority Leader Chuck Schumer and House Minority Leader Kevin McCarthy.
On her way to the meeting, Pelosi threw cold water in the idea that Republicans and Democrats were close to a deal.
“From my standpoint, we’re apart,” Pelosi told the press right before entering Senator Majority Leader McConnell’s office.
Senate Majority Leader Mitch McConnell wanted an agreement in place before the stock market opened on Monday.
Republicans believed that if they did not have an agreement on a relief bill the market would once again crash.
Pelosi seemed unmoved by the American people potentially losing trillions of dollars in wealth,.
“It’s on the Senate side because that’s their deadline for a vote,” Pelosi ranted. “We’ll be introducing our own bill and hopefully it will be compatible.”
Majority Leader McConnell took the Democrats to task in a press briefing claiming that Democrats needed to stop thinking about what was best for their 2020 chances and put country before party.
“It would be best for the country if the House would take it up and pass it just like we did earlier this week when the House passed a bill that I had only marginal participation in because the country was desperate for results. So I hope that’s the way this ends,” McConnell explained.
Negotiations will continue.
And pundits believe Republicans and Democrats will eventually strike a deal on a relief package for American workers and distressed industries.
But Nancy Pelosi threw the process into chaos by parachuting in at the last moment with a wish list of partisan demands that had nothing to do with the issue at hand.
Conservative Revival will keep you up to date on any new developments in the Trump administration’s effort to contain the Chinese coronavirus outbreak.