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On The Money: McConnell says Congress will take up stimulus package at start of 2021 | Lawmakers see better prospects for COVID deal after election

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THE BIG DEAL—McConnell says Congress will take up stimulus package at start of 2021:

Senate Majority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellGOP braces for wild week with momentous vote GOP divided over expected Cheney ouster Sunday shows - White House COVID-19 response coordinator says US is 'turning the corner' MORE (R-Ky.) says he expects Congress to move another coronavirus relief package “right at the beginning” of 2021, breaking from Speaker Nancy PelosiNancy PelosiSanders: Reinstating SALT deduction 'sends a terrible, terrible message' McCarthy says he supports Stefanik for House GOP conference chair Ode to Mother's Day MORE (D-Calif.), who told reporters Thursday she wants to get a deal in the lame-duck session.

  • “We probably need to do another package, certainly more modest than the $3 trillion Nancy Pelosi package. I think that’ll be something we’ll need to do right at the beginning of the year,” McConnell told conservative radio host Hugh Hewitt on Friday.
  • “We could target it particularly at small businesses that are struggling, and hospitals that are now dealing with the second wave of the coronavirus, and of course the challenges for education, both K-12 and college,” the GOP leader said.

The Hill’s Alexander Bolton has more here.

Differing timelines: McConnell offered a slower timeline than other lawmakers, who expect a deal to move after the election but before the end of the year or before the end of President TrumpDonald TrumpSanders: Reinstating SALT deduction 'sends a terrible, terrible message' GOP braces for wild week with momentous vote One quick asylum fix: How Garland can help domestic violence survivors MORE’s first term in January.

With no deal imminent, lawmakers in both parties see a pact as more likely in the lame-duck session.

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“The motivation level on both sides will depend on how the election comes out, but I think either way we’ll do something. The question is how much,” Thune told The Hill.

Senate lawmakers and aides say McConnell (R-Ky.) and Pelosi, both longtime members of the Senate and House appropriations committees, have strong incentive to get a coronavirus relief deal done in the lame-duck session because it will make it easier to put together a full-year annual appropriations package before Christmas. See why here.

 

LEADING THE DAY

Tlaib, Ocasio-Cortez offer bill to create national public banking system: Democratic Reps. Alexandria Ocasio-CortezAlexandria Ocasio-CortezBattle lines drawn over Biden's support for vaccine waivers Overnight Energy: Update on Biden administration conservation goals | GOP sees opportunity to knock Biden amid rising gas prices | Push for nationwide electric vehicle charging stations The Memo: The GOP's war is already over — Trump won MORE (N.Y.) and Rashida TlaibRashida Harbi TlaibSix House Democrats ask Garland to review case of lawyer placed under house arrest over Chevron suit OSHA sends draft emergency temporary standard for COVID-19 to OMB review Imperative that Democrats figure out what went wrong in 2020 MORE (Mich.) on Friday introduced a bill to create a federally chartered and supported public banking system.

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  • Called the Public Banking Act, the bill would develop a system through which the Federal Reserve System and Treasury Department would recognize, offer grants and open credit facilities for nonprofit banks. 
  • These banks would be intended to compete with the commercial banking industry and would be barred from charging fees on checking or savings accounts, requiring minimum balances and levying interest rates of more than 15 percent.

Read a breakdown of the plan here.

 

GOOD TO KNOW