Mnuchin Presents Counterproposal for Coronavirus Relief in Meeting with Pelosi

Treasury Secretary Steven Mnuchin met with House Speaker Nancy Pelosi on Wednesday to present the White House's counterproposal on the Democrats' coronavirus relief package.

Mnuchin and Pelosi met for about an hour and a half, and then Mnuchin met with Senate Majority Leader Mitch McConnell, reported CBS News.

The House passed a $3.4 trillion coronavirus relief package back in may, and Republicans gave a counterproposal that cost $500 billion.

Democrats did not agree with the counterproposal, arguing it was not enough.

Pelosi said her "extensive conversation" with Mnuchin helped them find out "areas where we are seeking further clarification." She also assured the talks will continue.

She said they will proceed with a vote on Wednesday to formalize their offer to Republicans.

Pelosi unveiled a revamped $2.2 trillion relief earlier this week. It was a revised version of the HEROES Act.

It will include a round of direct payments and $600 weekly unemployment benefit. The bill also includes provisions on education and federal aid to state and local government.

Later on, the vote was postponed for until Thursday, said a senior Democratic aide. They moved the date to provide more time for a deal to come together.

McConnell Weighs in on Coronavirus Relief

Also on Wednesday, McConnell said the Democrats' proposal was "too high" and "outlandish." He also said the relief bill was not attempt to bring the stimulus talks back on track.

McConnell believed the $2.2 trillion offer was "no more serious than any of their political stunts going back months." He said both sides were "very far apart," as he tore into the revamped HEROES Act.

As he observed little movement from the relief bill, McConnell said they had to be more serious on the matter or "American families will continue to hurt."

Mnuchin Says Progress was Made

After meeting with McConnell, Mnuchin faced reporters and answered some questions on the talks. He said the stimulus package "made a lot of progress in a lot of areas."

Mnuchin agreed that there was still a lot of work left to do for negotiators so they're "going to see where we end up."

He also assured that talks will still go back and negotiators will "do a little bit more work."

He said he was helpful a deal could be reached, as he talked to CNBC earlier Wednesday. "I say we're going to give it one more serious try to get this done and I think we're hopeful that we can get something done," he said.

Mnuchin's Counterproposal

Mnuchin said his proposal will look like the framework given by bipartisan House Problem Solvers Caucus. They put forward the proposal earlier this month.

It carried a price tag of about $2 trillion.

Several House leaders, counting Pelosi, were against the proposal. They argued that it "falls short of what is needed to save lives and boost the economy."

The caucus' proposal had a fresh round of $1,200 direct payments and $450 benefit on top of unemployment insurance. It also gave more funding for the Paycheck Protection Program.

Over the summer, both parties have failed to strike a deal on a relief bill.

Pelosi and Senate Minority Leader Chuck Schumer said they can lower their offer by $1 trillion. But the Republicans had to raise theirs by $1 trillion.

This meant they were only willing to support a bill that will cost around $2 trillion.

It is not yet clear if the House Democrats would be willing to consider Mnuchin's pitch that costs under $2 trillion.

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