WASHINGTON — Three days after President Donald Trump said he was killing talks on a coronavirus relief bill, the White House is reportedly prepared to up its offer to $1.8 trillion. 

What You Need To Know

  • The White House is reportedly prepared to up its offer to $1.8 trillion

  • Treasury Secretary Steve Mnuchin and House Speaker Nancy Pelosi say they're hopeful a deal can be reached

  • President Donald Trump said Tuesday he was calling off talks before backtracking hours later

  • Senate Majority Leader Mitch McConnell expressed skepticism Friday that a deal could be struck

A person familiar with the negotiations told The Washington Post on Friday that Trump has signed off on the counteroffer to House Speaker Nancy Pelosi. It’s not clear what other concessions the White House might have made. Its previous proposal was for $1.6 trillion. 

“Covid Relief Negotiations are moving along,” Trump tweeted Friday. “Go Big!”

 

White House economic adviser Larry Kudlow told Fox Business on Friday that Treasury Secretary Steve Mnuchin would be speaking with Pelosi later in the day “hopefully to put the final touches on this.”

It’s not yet clear if Pelosi will accept the offer. Last week, the Democratic-controlled House passed a $2.2 trillion stimulus bill. Before Friday, Republicans’ top offer was $1.6 trillion.

“The gap is narrowing,” Kudlow told Fox Business. “The bid and the offer, if you will, has narrowed significantly. And, therefore, in Wall Street terms, there may be a trade for some additional assistance for the American recovery from this pandemic contraction.”

Pelosi confirmed to MSNBC that she will speak to Mnuchin on Friday. 

“Because it is so necessary to meet the needs of the American people, I do hope that we will have an agreement soon,” she said.

On Tuesday, Trump tweeted that Pelosi was “not negotiating in good faith" and said he asked Senate Majority Leader Mitch McConnell, R-Ky., to direct all his focus before the election into confirming his U.S. Supreme Court nominee, Amy Coney Barrett.

“I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business," Trump tweeted, prompting stocks to suddenly drop.

Just hours later, Trump struck a different tone, calling on Congress to send him standalone bills to help small businesses and the airline industry as well as $1,200 stimulus checks.

McConnell, meanwhile Friday, told an audience in Kentucky that he doesn't see a deal coming together soon out of a “murky" situation in which the participants in the negotiations are elbowing for political advantage.

“I think the murkiness is a result of the proximity to the election and everybody kind of trying to elbow for political advantage,” he 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.”

Congress approved $3 trillion in spending in March and April to bolster the economy during the pandemic. 

Even if a deal is reached between Pelosi and the White House, it’s not clear if the Republican-led Senate would support it. Senate GOP leaders have sought to limit a second COVID-19 relief package to about $1 trillion.