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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 McConnellTop aide: Biden expected to visit Georgia in push to boost Ossoff, Warnock Democrats brush off calls for Biden to play hardball on Cabinet picks Richmond says GOP 'reluctant to stand up and tell the emperor he wears no clothes' MORE (R-Ky.) says he expects Congress to move another coronavirus relief package “right at the beginning” of 2021, breaking from Speaker Nancy PelosiNancy PelosiUS economy hurtles toward 'COVID cliff' with programs set to expire Democrats gear up for last oversight showdown with Trump Divided citizenry and government — a call to action for common ground 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 John TrumpBiden to nominate Linda Thomas-Greenfield for UN ambassador: reports Scranton dedicates 'Joe Biden Way' to honor president-elect Kasich: Republicans 'either in complete lockstep' or 'afraid' of Trump 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-CortezOcasio-Cortez defends Harry Styles wearing dress on Vogue cover: 'It looks wonderful' Democrats' squabbling vindicates Biden non-campaign GOP congresswoman-elect wants to form Republican 'Squad' called 'The Force' MORE (N.Y.) and Rashida TlaibRashida Harbi TlaibDemocrats brush off calls for Biden to play hardball on Cabinet picks GOP congresswoman-elect wants to form Republican 'Squad' called 'The Force' OVERNIGHT ENERGY: Biden eyes new leadership at troubled public lands agency | House progressives tout their growing numbers in the chamber at climate rally | Trump administration pushes for rollback of Arctic offshore drilling regulations 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