White House Floats $1.8 Trillion Stimulus Offer in Last-Ditch Effort: Live Updates

Credit…Pete Marovich for The New York Times

The White House, seeking to revive stimulus talks that President Trump called off just days ago, planned on Friday to put forward its largest offer for economic relief yet, as some Republicans worried about being blamed by voters for failing to deliver needed aid ahead of the election.

The new proposal, for Treasury Secretary Steven Mnuchin to present to congressional Democrats, would increase the White House’s plan for coronavirus stimulus to $1.8 trillion.

The president “would like to do a deal,” Larry Kudlow, director of the National Economic Council, said on the Fox Business Network on Friday, in the latest head-snapping turn in the on-again-off-again negotiations. The overall price tag of the offer was confirmed by two people familiar with the discussions, who spoke on condition of anonymity to disclose details of the talks.

Fanning the sense of optimism, Mr. Trump wrote on Twitter: “Covid Relief Negotiations are moving along. Go Big!”

The prospects of a compromise remained remote, however, given the opposition of many Republicans to another large infusion of federal virus aid. Speaking to reporters in Kentucky, Senator Mitch McConnell, the majority leader, cast doubt on the chances of a deal, saying political divisions remained too deep less than a month before Election Day.

“The situation is kind of murky and I think the murkiness is a result of the proximity to the election and everybody kind of trying to elbow for political advantage,” Mr. McConnell said. “I’d like to see us rise above that like we did back in March and April, but I think that’s unlikely in the next three weeks.”

Yet the White House was working to resuscitate negotiations that Mr. Trump himself cut off in a series of indignant tweets on Tuesday, amid deep concern among some vulnerable Republicans that his abrupt abandonment of the talks would hurt them politically.

Mr. Kudlow said that the president met with Mr. Mnuchin and Mark Meadows, White House chief of staff, on Friday and that the Treasury secretary would speak with Speaker Nancy Pelosi of California later Friday afternoon.

Without an agreement, the collateral damage across the country has continued to mount in the absence of federal funding, with more than 800,000 Americans filing new applications for state benefits, before adjusting for seasonal variations.

Even if Ms. Pelosi were to accept the administration’s latest proposal, which is lower than the $2.2 trillion package she pushed through the House this month, Senate Republicans remain divided over the scope of another coronavirus relief package.

Most of them opposed the original $1 trillion offer Mr. McConnell presented in July, after days of haggling with the White House, in part because they were concerned about adding to the national debt. Mr. McConnell has since scaled back the offer considerably, proposing a $350 billion “skinny” plan that Democrats blocked, calling it inadequate.

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POLITICO Playbook PM: White House floats a Trump speech as the outbreak spreads

THE TRUMP ADMINISTRATION is considering having President DONALD TRUMP address the nation. He returned from the White House on Monday night after a weekend at Walter Reed. NYT’s Maggie Haberman had this as well

ALYSSA FARAH — the White House comms director — suggested to White House reporters that we will “hear from” TRUMP “at some point today.”

— FARAH on FOX NEWS this morning, about whether TRUMP will attend the next debate: “He’s looking forward to it. He is ready and I think he’s going to go in with an even new mindset on the coronavirus. He’s firsthand lost friends to this, he’s grieved with Americans, but now he himself is coming as a survivor and I think you’re going to hear that in his debate.”

— ON WORKING AT THE W.H. NOW: “We feel comfortable working here, those of us who are still here. We are taking precautions in the West Wing.”

THE PRESIDENT’S DOCTOR, SEAN CONLEY, said TRUMP reported no symptoms today, and had a “restful first night at home.” His oxygen saturation is between 95% and 97%, CONLEY said. Conley’s memo

FORMER A.G. ERIC HOLDER to us during a Playbook virtual event this morning, via CAITLIN OPRYSKO: “Former Attorney General Eric Holder accused one of his Trump-era successors, William Barr, of ‘going beyond politicizing’ the Justice Department, saying that the current attorney general had instead ‘weaponized’ the department in an unprecedented way.

“‘The way he has talked about everything from voting to social issues, he has clearly put the Justice Department on the side of this president,’ Holder told POLITICO Playbook authors Anna Palmer and Jake Sherman in an interview Tuesday. Holder, who served as the first attorney general in the Obama administration, also pointed to Barr’s intervention in cases involving Trump’s allies, and called the attorney general an ‘integral part of the president’s reelection effort.’

“‘People gotta understand this is inconsistent with the way attorneys general and the department have acted in the past — and that means Republican as well as Democratic Justice Departments,’ he argued.”

— HOLDER quipped that he would run for Senate if D.C. became a state.

HOUSE MAJORITY WHIP JIM CLYBURN, who also joined us for the Playbook event, talked about his former aide JAIME HARRISON’S chances in South Carolina: “Things are breaking in his favor.” More from Caitlin Oprysko

HOUSE DEMOCRATS have a caucus conference call at 2 p.m. today, and we anticipate Speaker NANCY PELOSI will give an update on the status of her talks with Treasury Secretary STEVEN MNUCHIN.

Good Tuesday afternoon.

SCOOP, via NAHAL TOOSI: The State Department has decided to grant Indonesian Defense Minister PRABOWO SUBIANTO a visa to enter the U.S., according to a person familiar with the department’s actions. Subianto is expected to visit sometime later this month. He had long been

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ByteDance floats US IPO for TikTok in effort to win White House approval

TikTok


  • One avenue ByteDance is exploring to satisfy President Trump’s concerns about TikTok is a US IPO, CNBC’s David Faber reported on Thursday, citing sources.
  • ByteDance spinning off TikTok with a US listing could satisfy President Trump’s objection of the Beijing-based tech company retaining a majority stake in TikTok.
  • Walmart and Oracle would likely own minority stakes in a spunoff TikTok, according to Faber.
  • Visit the Business Insider homepage for more stories.

ByteDance is exploring plans to spinoff its global TikTok operations in the form of an IPO on a US stock exchange, CNBC’s David Faber reported on Thursday.

The move could satisfy President Trump’s ownership concerns regarding ByteDance and TikTok. Trump said on Wednesday that he doesn’t like the idea of Beijing-based ByteDance retaining a majority stake in TikTok. 

Oracle would own a minority stake in TikTok of less than 20%, while Walmart is also expected to take a stake in the popular social media company, according to Faber. The potential size of Walmart’s stake is still unknown.

There would likely be a new US board of directors for TikTok’s American operations, with Walmart CEO Doug McMillion expected to have a seat on the board, CNBC reported.

Read more: Jefferies handpicks the 17 best stocks spanning multiple sectors to buy now – and details why each company’s future looks ‘particularly attractive,’ even in a downturn

A potential TikTok IPO would likely mark the largest technology IPO in recent years, with the company being most recently valued at an estimated $50 billion in private funding rounds, according to Reuters.

In recent days, Trump has been meeting with cabinet members and advisers like Secretary of Treasury Steve Mnuchin and Jared Kushner on whether or not to approve a proposed TikTok deal with Oracle, according to CNBC.

Friday’s announcement that the Trump administration would block app downloads of TikTok and WeChat starting this Sunday suggest approval of a TikTok deal with Oracle is still up in the air. 

Read more: A Wall Street firm shares its 5 best ideas for investors who need alternatives to expensive tech stocks – including trades poised to turnaround after getting pummeled by the pandemic

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