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White House economic adviser Larry Kudlow said on CNN's "State of the Union" Sunday that President Trump may propose a coronavirus stimulus package with an even larger price tag than the $2.2 trillion legislation that House Speaker Nancy Pelosi has offered.

Why it matters: It's highly unlikely that a bill in the neighborhood of $2 trillion, let alone more than that, would win the support of Senate Republicans. Senate Majority Leader Mitch McConnell said Friday that a stimulus deal is "unlikely" before the election.

The state of play: After calling off the negotiations via tweet last week, Trump has now raised his offer to $1.8 trillion, spooked by the market reaction to his move and desperate to inject stimulus into the economy before the election.

  • Pelosi said the proposal was “one step forward, two steps back," accusing the administration of failing to include public health measures in the package that would help "crush the virus."

What they're saying: "Secretary Mnuchin is up to $1.8 trillion. So the bid and the offer is narrowing somewhat between the two sides," Kudlow said.

  • "President Trump actually has always said — I've heard him say it in the Oval — as far as the key elements are concerned, the checks, the unemployment assistance, the small business assistance, we gotta help airlines out — he would go further. He's always said that."
  • "He knows that we need as much power for economic recovery as possible. It's not just recovery in three weeks. It's recovery to the end of the year and beyond in a possible second term. So I think Secretary Mnuchin is a very good negotiator and will be carrying the president's message."

Go deeper: Trump tells House GOP leader he wants a "big deal" on COVID relief

Go deeper

Top Republicans want Trump done — forevermore

President Trump faces reporters as he walks toward Marine One yesterday. Photo: Drew Angerer/Getty Images

Top Republicans want to bury President Trump, for good. But they are divided whether to do it with one quick kill via impeachment, or let him slowly fade away.

  • A House impeachment vote, which would make Trump the first president to be impeached twice, is expected in mid-afternoon.

The big picture: Sources tell Axios Senate Majority Leader Mitch McConnell would be more likely than not to vote to convict Trump — a green light for other Republican senators to follow.

Updated Jan 15, 2021 - Politics & Policy

Biden on his nearly $2 trillion plan: "We cannot afford inaction”

Joe Biden before speaking Thursday. Photo: Jim Watson/AFP via Getty Images

President-elect Biden called for a $1.9 trillion COVID-19 relief plan this evening, including money to combat the spread of the virus, vaccinate millions of Americans and provide direct relief to individuals in the form of an additional $1,400 in cash payments.

Why it matters: Biden’s “American Rescue Plan” is his opening bid to Congress on the first of two massive proposals requiring approval in the House and Senate. He'll return in February, in his first address to Congress, to ask for additional infrastructure spending, as Axios reported and Biden confirmed Thursday night.

Felix Salmon, author of Capital
Jan 15, 2021 - Politics & Policy

Biden's COVID package also progressive wish list

President-elect Joe Biden. Photo: Alex Wong/Getty Images

A crisis is a terrible thing to waste — and President-elect Joe Biden, emboldened by Democratic Senate victories in Georgia, signaled in his speech Thursday night he has no intention of wasting this one.

Why it matters: The president-elect rolled out a $1.9 trillion package headlined for its coronavirus relief but including billions in spending for cybersecurity, transit, wages, health care and other progressive programs.