U.S. Treasury Sec. Mnuchin: Democrats now ‘willing to compromise’ on COVID-19 stimulus package

U.S. Treasury Secretary Steven Mnuchin said Monday that he believes Democrats are “willing to compromise” on a fourth COVID-19 stimulus package, saying that if there is a “fair deal,” the Trump administration will “do it this week.” During an interview on CNBC Monday morning, Mnuchin said he wouldn’t comment on the “specifics of logistics of negotiations” because he does “not think that’s helpful.”

U.S. Treasury Sec. Mnuchin: Democrats now 'willing to compromise' on COVID-19 stimulus package. Image: U.S. President Donald Trump, United States Secretary of the Treasury Steven Mnuchin, and Senior Advisor to the President Ivanka Trump toured Apple's Austin, Texas Mac Pro factory with Apple CEO Tim Cook in November 2019
U.S. President Donald Trump, United States Secretary of the Treasury Steven Mnuchin, and Senior Advisor to the President Ivanka Trump toured Apple’s Austin, Texas Mac Pro factory with Apple CEO Tim Cook in November 2019
“There is a deal to do if Democrats are reasonable and want to compromise,” Mnuchin said. “And if the attitude is, we’d rather give you nothing than agree on things, then we’re not gonna get a deal… But I heard [Nancy] Pelosi over the weekend… They’re willing to compromise, so if we can get a fair deal, we’ll do it this week, but the president needed to take action.” He added: “He’s not gonna sit around. Meadows and I reported back to him that we’re going nowhere, and that’s why he took action.”

Brooke Singman for FOXBusiness:

Mnuchin was referring to his negotiations with White House Chief of Staff Mark Meadows on Capitol Hill in recent weeks with congressional leadership, including House Speaker Pelosi, D-Calif., and Senate Minority Leader Chuck Schumer, D-N.Y.

The talks had reached a stalemate over the weekend, prompting President Trump to take executive action over the weekend to provide financial relief to Americans amid the coronavirus pandemic.

The executive actions included $400 per week in supplemental unemployment aid… The $400 payment to unemployed Americans came as Republicans on Capitol Hill argued that the initial unemployment insurance program disincentivized Americans to get back to work, with many collecting more money unemployed than employed.

The president also signed executive actions that would encourage federal efforts to help renters and homeowners avoid eviction or foreclosure for failing to make their monthly payments; defer the payroll tax from Sept. 1 to Dec. 31, 2020, for employees making $100,000 or less a year; and suspend federal student loan payments and set interest rates to 0% through Dec. 31, 2020 — the current student loan relief program was set to expire on Sept. 30.

MacDailyNews Take: Hopefully, the next COVID-19 stimulus package will now happen soon and be targeted to help those who are really hurting from extended COVID-19 shutdowns.

33 Comments

  1. Gee, I wonder what brought Chuck and Nancy back to the table?

    🤣

    Belittled once again by President Trump, say goodbye to your latest PORKULOUS disaster, Democrats!

    President Trump is using existing statutory authority to postpone the payroll tax (anyone that wants to argue the coronavirus isn’t an emergency will lose that argument) and he’s using the power Congress handed the treasury to distribute relief funds to finance the continued unemployment benefits.

    Something the media won’t tell you is that a huge amount of the original relief bill has not been spent yet. Trump is simply directing the treasury and states to apply that unspent, already-appropriated money to that cause.

    What’s so gloriously funny is that the same people losing their minds today (Chuck, Nancy, etc.) over Trump’s executive orders absolutely loved this stuff when Obama was doing it.

    1. The unemployment “extension” is largely meaningless. It will not be available to anyone who was receiving less than $100, basically all the self-employed and tip workers. It will not be available unless a worker’s state government throws in 25% of the benefits and all the administrative costs, which most states are unable to do. It relies on a $44 billion transfer from disaster relief funds just before the peak of hurricane season. Even if the states contribute and a storm does not happen, the money will last about five weeks.

      The payroll tax deferral is probably lawful for the same reason that DACA was legal. However, the President has no authority to forgive the taxes, as that would be an unauthorized gift of public funds. What we have is what we saw with the Trump tax “cut,” where less was being deducted from paychecks to provide a boost just before an election with the piper demanding payment for reduced deductions after the election. At some point, all those deferred payroll taxes that fund Social Security, Medicare, and the regular unemployment program will come due.

        1. Based on the system’s 2019 revenue and income for 2020 as projected by the Social Security trustees, the four-month deferral will deprive the system of nearly $333 billion in real-time income. Even if the money is ultimately repaid, Social Security will have lost an estimated $9 billion in interest on that revenue, permanently.

          More permanent would be the impact on the system if Trump is reelected and keeps his promise to eliminate the payroll tax. In that case, says Nancy Altman, president of the advocacy group Social Security Works, the Social Security trust fund, which currently holds $2.9 trillion in assets, would be completely depleted within four years. There would be no money to pay benefits and the system would shut down.

          If you think you can then fall back on your private pension, consider the number of members of Congress suggesting that state and local governments should file for bankruptcy to evade their pension obligations. The same could happen to private pensions.

      1. It’s the politics, dummy, not the numbers, and it’s win-win for President Trump.

        This has put the Democrats in a no-win position politically. President Trump has on National TV, taken decisive action clearly to the benefit of those who Democrats believe are their permanent constituency. He has targeted his help towards working people, while incentivizing those who are on the sidelines, to make a stronger effort to go back to work. He has also made it easier on employers to retain employees through this uncertain economic climate. His student loan deferment targets younger Americans.

        As I indicated in an earlier piece , the Democrats don’t have a lot of options here. Any which way they turn, President Trump looks like the good guy, while they look like the strident, shrieking harridans they are.

        By signing these Executive Orders, President Trump has taken some of the urgency for Republicans, off the table. The Democrats can no longer hold working Americans hostage to their wish list of corrupt practices. Now the Democrats face some tough decisions:

        — Do nothing, while continuing negotiations: Advantage, Trump.

        — Sue POTUS directly or through intermediaries. Great optics. Democrats sue to take benefits away from their (allegedly) prime constituents, working people and students (or student loan recipients). President Trump however, can respond by announcing far and wide that the Democrats are attempting to use the court system to harm “the most vulnerable among us.” Advantage, Trump.Mike Ford

  2. The Democrats passed their bill over two months ago and just last week said they would come down $1T if the Republicans would come up $1T. That’s when the WH pulled the plug, walked out so the boss could play some golf and put on a show at his golf resort in front of 100 members. Now that people are waking up to the fact his 4 executive orders aren’t worth the paper they are written on, the WH this morning asked to restart the talks, not the way this story is being told. The WH needs the deal more than the Dems.

    1. Obama suspended (not just postponed with back payment) ACA taxes for seven years. Not a single mainstream media outlet questioned his authority to do so even though it was clearly unconstitutional. There was no emergency going on at the time. It was simply a political decision on his part. Further, Obama re-appropriated funds under DACA to give benefits to those not even statutorily allowed to receive them. Again, no Democrats cared. In fact, they all cheered it on while jeering at Republicans who rightly said that they would regret setting such a precedent.

      Now, the chickens have come home to roost.

      That bad precedent that Democrats set is now being used against them. President Trump took the precedent clearly formed under the Obama administration and applied it more narrowly and in a perfectly legal fashion. If liberals are now so opposed, they should have spoken up at the time. Republicans warned them and they were scoffed at. Now, the Democrats get to live with the results of their shortsightedness.

      President Trump once again brilliantly played the feckless Democrats.

  3. Obama suspended ACA taxes… ?

    Was that done by EO, or through a piece of legislation approved by Congress?

    Because I can find evidence of the latter, but not the former.

    And Constitutionally, “Power of the Purse” is owned by the Legislative Branch, not the Executive Branch.

    To that end, the best that an EO can do is to delay enforcement of the law. In the case of payroll taxes with Trump, opinions are mixed: some say that the grace period cannot be later than 12/31/20, whereas others suggest 4/15/21.

    In either case, it would be due as a lump sum, possibly with payment penalties.

    In both cases, any magnitude of forgiveness (even if just waiving the late payment penalty) requires Congressional Legislation to be approved. The odds of that occurring before 12/31/20 is effectively zero, as the House is Democratically controlled until at least then.

    Bottom line is that the past few weeks has merely been deliberate delays for partisan Republican grandstanding in support of Trump’s reelection prospects, which has increased consumer anxieties which means decreased consumer confidence and a suppression consumer spending, which means that it is going to take even longer for the economy to recover.

      1. As a small business owner, the payroll tax deferral proposal makes no sense whatsoever. All that will happen is create a huge tax bill when the deferral comes due. I can’t invest the money in anything that will offer a decent return in 3 months, and the money isn’t enough to hire back the employees we had to furlough. It actually would add to our accounting costs.

        So the retweet from your Daily Caller partisan idiot who never ran a business in his life does not impress me. We don’t have a problem of liquidity, the problem is lack of federal leadership getting coronavirus tests available everywhere.

        I am not going to vote for a candidate who spends months claiming there is no virus, then months saying everyone should go back to normal activities, and now is looking hard for scapegoats he can blame for his inaction. The virus isn’t going to disappear with summer heat nor tough tweets. We need a new leader.

  4. ONCE AGAIN, Democrats have proven themselves to be nothing but treasonous pieces of shit

    America is not divided by race color, gender or sexual orientation.
    America is divided by wise people and idiots.
    And idiots divide themselves by race color, gender and sexual orientation. Democrats are millions of times more racist than Republicans.

    Who owned slaves? Southern Democrats.
    Who fought to end slavery? Republicans.
    Who freed the slaves? A Republican.

    Who created gun control to keep blacks from owning guns? Democrats.

    Democrats created and fuel Antifa. ANTIFA Profile:

    Violent, unstable personal background
    Clear pattern of sociopathic activity
    Hard left (Communist) political ethos
    Unkempt physical appearance, featuring filthy black clothing, skin piercings, tattoos, foul odor.
    Perpetually non-productive, non-contributing. They don’t work. They parasitically subsist on government “welfare” and thievery.
    Extensive arrest/incarceration record. Hordes of these ANTIFA clones, manufactured by our leftist public “education/indoctrination” system, are “in-action” in all major US metro areas, Western Europe, and the UK. They’re bussed-around by sleazy, leftist politicians who use them to terrorize political opponents.

    They enthusiastically share a vile hatred of “everything West,” and a nihilistic goal of destroying all trappings of Western Civilization, history religion, economy, infrastructure.

    Being absolutely amoral (like the leftist politicians who support them), they are extremely dangerous and have no compunction about committing vandalism, theft, mayhem, murder!

    This is just one of hundreds of ways that Democrats are destroying this country. Nothing is beneath those pieces of shit. Only an idiot would vote for democrats.

    Pelosi, AOC, Omar, Waters, Schumer, Wilson and soooo many others.
    These people are vile, despicable and pathetic will do anything and everything to destroy this country and try to blame Trump for it in order to win elections.

    Collusion was a lie and Democrats knew it.
    Impeachment was a farce and Democrats knew it.
    Testimony against Kavanaugh was all lies and Democrats knew it
    Nothing is beneath those pieces of shit. Only an idiot would vote for democrats.

    EVERY voting anomaly favors Democrats. Coincidence? They lie, cheat and steal. They are frauds. Nothing is beneath those pieces of shit. Only an idiot would vote for democrats.

    Every major city is a cesspool and they are all run by Democrats. Democrats are letting their cities burn and business are allowed to be destroyed. There are no arrests and criminals are being let out of prison, they then persecute cops and prosecute honest Americans trying to protect their families. The openly support violent criminals and hate honest Americans. They are despicable pieces of shit. Only an idiot would vote for democrats.

    Democrats did everything they could to slow and stop aid to Americans during Covid. They continue to do so to destroy the economy so they can blame Trump to try to stop his unstoppable re-election. They don’t care how many Americans they hurt to do it. They are despicable pieces of shit. Only an idiot would vote for democrats.

    Democrats support illegal immigrants because thinking Americans don’t vote Democrat anymore. They steal money from the mouths of Americans to give to illegals.
    After 3.5 years and 40 contenders, Democrats picked a corrupt, racist, dementia patient????? Biden can’t form a single coherent sentence. Only an idiot would vote for him.

    Dems lie when they call Trump a racist, but they support Dementia Joe, who is a proven racist. Here’s just one proof, there are many more: https://www.snopes.com/fact-check/biden-racial-jungle-quote/
    How stupid can you people be?

    American are disgusted by the left’s lies, stupidity, threats and violence. Democrats are despicable pieces of shit. Only an idiot would vote for them.

      1. Or later if some swing states Democrats are still counting dead voters and forged mail in ballots.

        You know, what they have a history of doing compared to your claim about Trump who won the last election fairly while Hildabeast had a meltdown.

            1. Sorry to inform you applecynic that insults from libturds are less than meaningless, but thanks for playing and nominating a dementia patient for an easy Trump win! Stupid fuck

  5. Democrats: The first to compromise; the last to fight for what is right for workers and the unemployed. To wit: Obama absolutely surrendered twice to corporate powers when he refused to fight for M4A while going insane over stumping for the highly corporatized TPP.

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