Coronavirus stimulus deal falls apart—What both sides are saying
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 Published On Aug 7, 2020

CNBC's Ylan Mui reports on the latest news on the stimulus deal. So, there is no deal between the Republican and Democrat lawmakers. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

After coronavirus aid talks between Democratic leaders and the Trump administration came to a halt Friday, President Donald Trump threatened to take executive action if the sides fail to reach a deal.

Negotiators emerged from a 90-minute meeting in the Capitol on Friday appearing to have made minimal progress toward bridging a gulf over spending to combat a once-in-a-lifetime pandemic. Both Democrats and White House officials pointed to fundamental disagreements over how to address the crisis, making it unclear when they could agree on legislation that could pass both chambers of Congress.

Speaking to a ballroom packed with members of his New Jersey country club on Friday evening, Trump said he would “act under [his] authority as president to get Americans the relief they need” if Congress fails to strike an agreement with his administration. He said his pending executive orders would extend lapsed enhanced unemployment benefits through the end of the year at an unspecified level, continue an expired eviction moratorium and indefinitely suspend federal student loan payments. They would also suspend the payroll tax through December.

Because Congress controls federal spending, it is unclear what power Trump has to extend those programs. Trump said he was “not at all” worried about the legality of the moves. Earlier Friday, Treasury Secretary Steven Mnuchin said it would “take us a little bit of time to finalize [the executive orders] and process them.”

Negotiators House Speaker Nancy Pelosi, Senate Minority Leader Chuck Schumer, Mnuchin and White House chief of staff Mark Meadows made minimal progress toward a relief deal over more than a week and a half of talks. It is unclear now when they will restart discussions on legislation.

Leaving Friday’s meeting, Schumer called the huddle “disappointing.” He and Pelosi said the White House again rejected their offer for Democrats to cut the asking price for their legislation by $1 trillion and for the Trump administration to increase its proposed spending by the same amount.

“I’ve told them, ‘Come back when you are ready to give us a higher number,’” Pelosi, a California Democrat, told reporters.

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