Pelosi sets Tuesday deadline for White House on stimulus talks

House Speaker Nancy Pelosi set a Tuesday deadline to strike a deal on stimulus in hopes to get stimulus relief checks out before Election Day. However, stocks sunk Monday over the dashed hopes for aid as an accord appears grim.

Video Transcript

SEANA SMITH: First, let's get to the latest down in DC, because time is running out for lawmakers to reach a deal ahead of election day. We are just two weeks now from November 3rd. Jess Smith is following the latest for us. Jess.

JESSICA SMITH: Yeah, Seana, we are waiting to hear from Speaker Pelosi or Treasury Secretary Mnuchin. They were scheduled to speak today at 3:00 PM, so we'll be looking for any kind of update from their offices about that conversation.

According to some reports from the Washington Post and Politico, there was a Democratic caucus conference call earlier this afternoon before that conversation between Pelosi and Mnuchin. And leadership did not sound very optimistic on that call.

They reportedly said that there were several issues remaining, including values question. We know from Speaker Pelosi's office that there still are several differences that need to be worked out-- testing, child care, tax credits for families, state and local funding, several other issues that are still out there that still need to be worked out.

Speaker Pelosi has given this a 48-hour deadline. That deadline is up at end of day tomorrow. If there is no agreement at that point, the negotiators will focus on trying to get something done after the election. At that point, we will not get a stimulus deal before the election, according to the speaker's office.

Now the Senate is going to take some steps of their own. The Senate is set to consider a bill tomorrow to give more money to the Paycheck Protection Program. And then, on Wednesday, they'll vote on a skinny stimulus bill, similar to what they tried to pass earlier this year. It would have more money for small businesses, schools, vaccines, testings, those liability protections that Republicans have wanted.

But we don't expect that bill to go anywhere either, as Democrats will most likely block that legislation as well. So, again, we're just going to look for updates from this conversation that was supposed to start at 3 o'clock this afternoon.