Happy Tuesday and welcome back to On The Money.
I’m Naomi Jagoda, filling in for Sylvan Lane this week, and here’s your nightly guide to everything affecting your bills, bank account and bottom line.
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Note to readers: The last edition of On The Money for 2020 will be Dec. 23. We will resume on Jan. 4.
THE BIG DEAL: Relief bill’s passage sets off scramble to declare victory, assign blame
The passage of a $900 billion coronavirus relief package after more than seven months of negotiations and recriminations has President Trump and congressional leaders racing to declare victory and blame political opponents for the long delay.
Senate Majority Leader Mitch McConnell (R-Ky.) and Senate Minority Leader Charles Schumer (D-N.Y.) are both touting the bill as a win, despite neither getting their top priorities in the final measure, and pointing the finger at the other side for not striking a deal earlier.
How lawmakers and Trump are talking about the bill:
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McConnell highlighted that the bill is similar to a proposal Senate Republicans and the White House offered in July.
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Schumer highlighted that the bill doesn’t include the liability protections sought by McConnell.
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Moderate Democrats and Republicans argued that their proposal sparked a breakthrough in the negotiations.
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Trump is taking credit for the direct payments, but Speaker Nancy Pelosi (D-Calif.) said that Democrats are responsible for that portion of the bill.
The Hill’s Alexander Bolton has more on the messaging efforts here.
Also, check out Jordain Carney’s story about the passage of the bill.
LEADING THE DAY: Democrats say more COVID-19 relief needed after current measure becomes law
Democrats are arguing that more coronavirus relief legislation will need to be enacted early in the incoming Biden administration, even as they tout the $900 billion package that lawmakers unveiled Monday.
Democrats are highlighting provisions in the agreement that they fought for, including extended unemployment benefits, a second round of direct payments and rental assistance. But they wanted the package to be bigger and say the relief in the $900 billion measure is insufficient.
I have more here on Democrats’ calls for additional relief legislation.
Biden economic adviser expects ‘very challenged’ economy early next year
President-elect Joe Biden’s incoming director of the National Economic Council warned Tuesday that the U.S. economy will likely remain “very challenged” in early 2021.
“I think we need to be prepared that the economy early next year is going to continue to be very challenged,” Brian Deese told MSNBC’s Stephanie Ruhle. “And we’re going to need to act quickly and decisively to address the health challenge and address our economic challenges, which are inextricably intertwined.”
When asked what Biden would be able to accomplish unilaterally on the economic front, Deese responded by saying the administration’s top priority would be tackling the coronavirus pandemic, referencing Biden’s stated commitment to have most schools reopen with 100 days of taking office.
The Hill’s Zack Budryk has more here on Deese’s comments.
GOOD TO KNOW:
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Sen. Ron Wyden (D-Ore.) said on Monday that a cyberattack at the Department of Treasury reported by media outlets last week “appears to be significant.”
- The White House is considering changes to the budgeting process that requires agencies to spell out their policy goals and show progress in achieving them, an unusual move given the imminent change in administration.