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Senate Majority Leader Mitch McConnell. Photo: Stefani Reynolds/Getty Images

Senate Majority Leader Mitch McConnell (R-Ky.) has urged White House negotiators not to cut a deal with Democrats on new coronavirus stimulus before the election.

Driving the news: McConnell informed Senate Republicans of the move at a closed-door lunch on Tuesday, two people familiar with his remarks tell Axios. McConnell's remarks were first reported by the Washington Post.

Why it matters: Any agreement between House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin, the White House's top stimulus negotiator, would likely be shot down by Senate Republicans — which could put GOP incumbents in tight races in an even more precarious spot just days away from Nov. 3.

What we're hearing: McConnell told his conference that he signaled to the White House that Pelosi isn't willing to give enough and isn't negotiating in good faith, the two sources said.

  • He also voiced concerns about any distraction to the Senate's plans to confirm Amy Coney Barrett to the Supreme Court, which he plans to hold a vote on next Monday.

Yes, but: Hours after the Senate GOP lunch, Pelosi and Mnuchin — who dialed in from Israel — spoke again and are moving "closer to an agreement," Pelosi's deputy chief of staff Drew Hammill said.

  • "[B]oth sides are serious about finding a compromise," Hammill added. "The two principals will continue their discussions tomorrow afternoon upon the Secretary's return."

Between the lines: President Trump wants "a big deal" before Nov. 3, and he's indicated his willingness to spend several trillion dollars as he seeks re-election.

  • But that idea faces strong opposition from Republicans wary of another massive pandemic relief package.
  • Mnuchin is widely seen by many GOP lawmakers as someone who is too willing to compromise with Democrats and give in to Pelosi's demands.

What's next: GOP senators want to save face by voting on a smaller, more targeted $500 billion relief bill this week. But the move is largely about optics, and Democrats have said it's too small to garner their support.

Go deeper: McConnell says stimulus "unlikely" before election despite Trump's desperation

Go deeper

Biden his time

Joe Biden and Kamala Harris in Wilmington, Delaware, today. Photo: Jim Watson/AFP/Getty Images

In brief remarks this afternoon, Joe Biden urged Americans "to stay calm" because the "process is working. The count is being completed, and we'll know very soon."

The state of play... The red mirage in action: President Trump's 625,000 vote lead in Pennsylvania Wednesday morning has shrunk to less than 100,000, and its secretary of state says "we definitely could" know the winner by as soon as tonight.

Fed chair says economy will see "stronger recovery" with stimulus package

Powell at a congressional hearing in September. Photo: Stefani Reynolds/Bloomberg via Getty Images

Federal Reserve chair Jerome Powell said on Thursday the pandemic-hit economy will recover at a slower pace absent additional stimulus from Congress.

Why it matters: With Congress still gridlocked over another stimulus package — and pending results of the presidential election that put the timing of another package more in limbo — the Fed is facing questions about what more it can do to prevent the economy from backsliding as coronavirus cases surge.

41 mins ago - Podcasts

Inside the battle for Arizona

Arizona remains one of the presidential election's most unsettled states, with Joe Biden clinging to a slight lead.

Axios Re:Cap digs into why Biden underperformed Democratic Senate candidate Mark Kelly and the so-called "Sharpiegate," with local reporter Hank Stephenson and University of Arizona professor Kate Kenski.

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