House Speaker Nancy Pelosi introduced late Monday evening a $2.5 trillion legislative counteroffer to the coronavirus stimulus package currently being negotiated in the Senate.
Senators fell short of the 60 votes needed to advance the bill. The first vote failed on Sunday.
Pelosi’s legislation is being billed as a “wish list” with few provisions likely to pass, Ed Mills, policy analyst for Raymond James, said in his Tuesday morning briefing.
“We view the [Pelosi] bill as establishing a Democrat marker,” Mills said. “We continue to believe the more important negotiation is going on in the Senate (where Democratic leader [Chuck] Schumer is constantly in contact with Speaker Pelosi).”
As of Tuesday morning, Mills said, “there have been conflicting, but generally positive signs of progress towards negotiations” in the Senate. “We continue to believe the largest-ever fiscal stimulus package will pass, but the timeline is threatening to slip.”
Mills told ThinkAdvisor that he expects that the House bill “is more of a negotiation tool,” and that “the bill that will move is the bill that the Senate is working on,” though Pelosi’s proposal “adds to some of Schumer’s leverage.”