Coronavirus stimulus: A relief bill is less likely as election approaches, says GOP senator

As the U.S. Senate gets ready to vote on a trimmed-down stimulus bill that’s destined to fail, there are growing concerns lawmakers and the White House won’t be able to strike a deal on a relief bill before the election.

“Every day we get closer to the election, there’s less likelihood that something’s going to happen,” said Sen. Mike Braun (R-IN) in an interview with Yahoo Finance.

Sen. Ted Cruz (R-TX) said in a CNBC interview that Congress was unlikely to pass a relief bill before the Nov. 3 election.

Treasury Secretary Steven Mnuchin told reporters he didn’t know if there would be a relief bill this year, when asked about the prospects of a deal on Wednesday morning.

“I don’t know. We’ll see. I hope there is. It’s important to a lot of people out there,” said Mnuchin.

Braun told Yahoo Finance he’s hopeful the Republicans’ so-called skinny bill will get about 51 votes, but he doesn’t expect it to get any Democratic support. Democrats have blasted the bill, saying it doesn’t do nearly enough.

“At least it’s something — rather than a wish list that’s got so much in there, that I think almost every American knows we can’t afford," said Braun.

House Democrats passed the HEROES Act back in May, with its more than $3 trillion price tag. Republican leadership proposed the $1 trillion HEALS Act at the end of July, but Majority Leader Mitch McConnell failed to build support for the bill within his own party.

House Speaker Nancy Pelosi (D-CA) has suggested she’d be willing to get behind a $2.2 trillion bill, though Republicans have largely scoffed at the idea. The Republicans’ latest bill is expected to cost about $500 billion and repurposes some money from the CARES Act.

While the bill is meant to satisfy conservative members of the Republican party, Democrats argue it’s a step backwards in negotiations.

This week both parties have accused each other of playing politics with COVID-19 relief. On the Senate floor Wednesday, McConnell said “Democrats just point fingers, call names, and keep blocking American families from getting any more help before the November election.”

Senate Minority Leader Chuck Schumer (D-NY) bashed the GOP bill saying, “Leader McConnell isn’t searching for bipartisan progress—he seems to be looking for political cover.”

Braun told Yahoo Finance the latest bill puts pressure on the Democratic party in future negotiations.

“We’re willing to vote for something,” said Braun. “They’re going to run the risk politically that they’re the ones not willing to come to the table – because we’re going to vote for something.”

When asked what would happen if Congress does not pass a relief bill, Braun made the case that the economy would eventually make a comeback. He pointed to the strength of the pre-pandemic economy and argued the U.S. now has a better understanding of how to fight COVID-19.

“We all now know that it’s not going to take us down and we’ve gotten a lot smarter in how to live side by side with it,” said Braun. “That bodes well for not piling on trillions and trillions in debt.”

Jessica Smith is a reporter for Yahoo Finance based in Washington, D.C. Follow her on Twitter at @JessicaASmith8.

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