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Trump prepares roughly $1.8 trillion economic relief offer to Pelosi as White House scraps scaled back approach

Trump prepares roughly $1.8 trillion economic relief offer to Pelosi as White House scraps scaled back approach

One of Trump’s top economic advisers, Larry Kudlow, said on Fox Business Network that Trump had just approved a new package, and that Treasury Secretary Steven Mnuchin would be speaking with Pelosi “hopefully to put the final touches on this.”

“The gap is narrowing. The bid and the offer, if you will, has narrowed significantly,” Kudlow said. “And, therefore, in Wall Street terms, there may be a trade for some additional assistance for the American recovery from this pandemic contraction.”

A person familiar with the situation, who spoke on condition of anonymity to discuss private negotiations, said Trump had signed off on a counter-offer to Pelosi with a pricetag around $1.8 trillion. Aside from the dollar figure, it was not immediately clear what had changed from the White House’s most recent offer of around $1.6 trillion, which Pelosi dismissed as too meager. Democrats have demanded hundreds of billions of dollars in new aid for states and cities, something Trump has long opposed.

The stock market moved slightly higher on reports of the new Trump offer, as some investors were hopeful that a new spending deal could be reached.

It was unclear if Pelosi would accept the new Trump offer. Pelosi had been pushing legislation around $2.2 trillion in the talks with Mnuchin before Trump abruptly pulled the plug on negotiations Tuesday — only to reverse course after the stock market sunk and some in his own party objected.

“Because it is so necessary to meet the needs of the American people I do hope that we will have an agreement soon,” Pelosi said on MSNBC Friday. She confirmed she would be speaking with Mnuchin later in the day.

As the coronavirus pandemic intensified in March and April, Congress approved $3 trillion in new spending to try and arrest some of

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