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On The Money: McConnell shores up GOP support for coronavirus package | Biden unveils plan to penalize companies that offshore jobs | Trump faces fewer chances to bolster economic argument

On The Money: McConnell shores up GOP support for coronavirus package | Biden unveils plan to penalize companies that offshore jobs | Trump faces fewer chances to bolster economic argument
© Greg Nash

Happy Wednesday and welcome back to On The Money. I’m Sylvan Lane, and here’s your nightly guide to everything affecting your bills, bank account and bottom line.

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Write us with tips, suggestions and news: slane@thehill.com, njagoda@thehill.com and nelis@thehill.com. Follow us on Twitter: @SylvanLane, @NJagoda and @NivElis.

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THE BIG DEAL—McConnell shores up GOP support for coronavirus package: Senate Republicans appear to be largely unifying behind a scaled-down coronavirus relief package, with several GOP senators on Wednesday saying they will vote for a smaller proposal.

  • The legislation includes a $300 per week federal unemployment benefit, another round of Paycheck Protection Program (PPP) funds, more money for testing and schools as well as liability protections against coronavirus-related lawsuits.
  • GOP leaders want at least 51 of their 53-member caucus to vote for the coronavirus bill.
  • That would be a symbolic victory that would allow them to project unity since the bill will not get the 60 votes needed to ultimately pass the Senate.

"I’m optimistic we’ll have a good vote on our side," Senate Majority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellMcConnell says 'no concerns' after questions about health Overnight Health Care: Trump says he hopes Supreme Court strikes down ObamaCare | FDA approves remdesivir as COVID-19 treatment | Dems threaten to subpoena HHS over allegations of political interference at CDC The Hill's Campaign Report: Trump, Biden face off for last time on the debate stage MORE (R-Ky.) told reporters after a closed-door lunch, while declining to say if he had locked down at least 51 Republican votes.

The Hill’s Jordain Carney has more here.

LEADING THE DAY

Biden unveils plan to penalize companies that offshore jobs ahead of Michigan visit: Democratic presidential nominee Joe BidenJoe BidenMore than 300 military family members endorse Biden Five takeaways from the final Trump-Biden debate Biden: 'I would transition from the oil industry' MORE unveiled a plan to punish companies that send jobs overseas ahead of his visit to Michigan on Wednesday.

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The former vice president vowed to develop a “Made in America” tax policy that will penalize corporations that move jobs overseas and provide a tax credit to those who keep manufacturing in the U.S.

  • A Biden administration would punish companies that offshore manufacturing and service jobs, specifically to sell the goods and services back to the U.S. 
  • Companies would pay a 30.8 percent tax rate on profits made through this practice.
  • Biden would also institute a 10 percent tax credit for companies that revitalize closed or closing facilities, revamp any facility to improve competitiveness and employment in the manufacturing industry, reshore job-creating production, expand U.S. facilities to increase employment or improve manufacturing payroll.

The Hill’s Justine Coleman breaks it down here.

Trump faces fewer chances to bolster economic argument: President TrumpDonald John TrumpMore than 300 military family members endorse Biden Five takeaways from the final Trump-Biden debate Biden: 'I would transition from the oil industry' MORE is facing a closing window to sell Americans on the economic recovery from the COVID-19 pandemic.

With just one more monthly jobs report set to be released before Election Day, the president has less than eight weeks to convince swing voters that he can usher the U.S. back to the strong economy it enjoyed before the coronavirus recession.

  • The labor force has gained back about half of the more than 20 million jobs lost after the onset of the pandemic. 
  • The unemployment rate is now down to 8.4 percent in August after skyrocketing to 14.7 percent in April.

Even so, economists warn that the deep economic damage wrought by the pandemic and slowing pace of the recovery could overshadow solid national data among critical voters, particularly if there isn’t any more financial relief coming from Washington.

I explain why here.

White House says reducing record debt will be 'big second-term priority' for Trump: The White House on Wednesday said that reducing the nation's record debt will be a second-term priority for President Trump.

Asked about Congressional Budget Office projections that the annual deficit will reach $3.3 trillion by the end of the fiscal year this month, White House press secretary Kayleigh McEnany said Wednesday "the debt is a big second-term priority" for President Trump.

"We believe unprecedented growth will go a long way in solving the problem but it is certainly a second-term priority,” she said, echoing promises Trump made in 2016 and in the early days of his presidency.

The background:

  • On the 2016 campaign trail, Trump promised to wipe out the nation's debt altogether over the course of his presidency.
  • The primary tool for doing that, he said, would be to juice the economy, producing unprecedented, consistent annual growth rates upwards of 3, 4, 5, even 6 percent to bring revenues up and dwarf the debt, which is frequently measured in comparison to the size of the economy.
  • But the unprecedented growth failed to materialize, never reaching 3 percent over the course of a full calendar year.

The Hill’s Niv Elis has more here.

GOOD TO KNOW

  • Senate Majority Leader Mitch McConnell (R-Ky.) said Wednesday he would support a "clean" bill that would fund the government into December.
  • U.S. stocks closed with significant gains early Wednesday following three days of dramatic drops that put the Nasdaq into a correction with a loss of more than 10 percent.
  • The U.S. should establish a price on carbon and push financial institutions to be better prepared for the economic instability likely to be caused by climate change, according to a new report from the U.S. Commodity Futures Trading Commission (CFTC).

ODDS AND ENDS

  • Walmart announced on Wednesday it is launching a pilot project to test the delivery of some products from its stores using automated drones as it looks to expand on its distribution services. 
  • More than a dozen companies announced plans to add at least one Black director to their boards within the next year to better reflect the diversity of the customers they serve, The Associated Press reported Wednesday.