Welcome to Sneak Peek, our weekly lookahead from both ends of Pennsylvania Avenue, plus our best scoops.
Situational awareness: More than 10 people have died in a shooting in Nova Scotia, per the Washington Post.
Tonight's newsletter is 1,821 words, a 7-minute read.
Even if you believe every optimistic scenario about how the coming months could unfold, America is still looking at a hole in our finances and society that could take generations to dig out of, Jim VandeHei and Mike Allen report.
Why it matters: President Trump and his top officials keep telling viewers that the economy will come roaring back within months of getting the virus under control. But the long-term price of the pandemic is just barely beginning to emerge.
Consider these projections, just three months into the crisis — with untold months of twists and pain ahead:
Business borrowing also is setting records: Companies including ExxonMobil and Walgreens, "which binged on debt over the past decade, now are exhausting their credit lines and tapping bondholders for even more cash," the WashPost points out.
On top of all that is the human cost:
The bottom line: When the health crisis ends, the effort to rebuild America will just be beginning.
Illustration: Aïda Amer/Axios
Lawmakers on both sides of Pennsylvania Avenue could reach a deal by the end of the night on a new coronavirus spending package that will deliver billions more of emergency funding for small businesses, hospitals and testing.
Driving the news: The bill is expected to include at least $300 billion more for the Paycheck Protection Program (PPP) that dried up this week, up from Republicans' original ask of $250 billion.
Democrats still want another $150 billion for state and local governments, but during a conference call with President Trump and Treasury Secretary Steven Mnuchin this afternoon, Senate Majority Leader Mitch McConnell told Senate Republicans that that money would not be in the package, per a Senate Republican leadership aide.
Mnuchin says he thinks the final bill could be signed into law on Wednesday.
Behind the scenes: Mnuchin and his staff have been in intense negotiations with aides to Senate Minority Leader Chuck Schumer and House Speaker Nancy Pelosi all weekend, and those talks will continue late into the night, according to three sources involved in the negotiations.
Now that the interim coronavirus funding bill is approaching the finish line, a heated debate over a much bigger phase 4 rescue package has picked back up, according to conversations with multiple House and Senate aides.
What they're saying: The interim bill "is only gonna cover a very short list of discrete things, so there's more work," a House Democratic aide told Axios.
But Trump administration officials think a broader stimulus deal is weeks, if not months, away — and some say these types of programs might not be needed by then if state economies are opened up again.
The bottom line: The earliest a phase 4 bill could be passed is May 4, when the House and Senate are slated to return to the Hill.
Former Vice President Joe Biden is joined on stage by Sen. Amy Klobuchar during a campaign event on March 2 in Dallas, Texas. Photo: Ron Jenkins/Getty Images
Sen. Amy Klobuchar is the next guest on Joe Biden's podcast "Here's the Deal," which was previewed by Axios before it comes out tomorrow.
Why it matters: You can't have conversations with Democratic operatives and strategists without hearing Klobuchar's name come up as a potential vice presidential pick for Biden — who's already publicly committed to selecting a woman.
The big picture: Klobuchar is still making time to campaign for Biden while she's working on vote-by-mail legislation to help protect the November election from a global pandemic that's keeping Americans at home.
What to watch: A source familiar told Axios that Klobuchar will be hosting two to three virtual fundraisers for Biden over the next couple of weeks.
Photo: Johannes Eisele/AFP via Getty Images
Senate Minority Leader Chuck Schumer and Rep. Alexandria Ocasio-Cortez speak at a press conference in Queens, one of the cities hit hardest by the coronavirus.
President Trump continues to market test ways to rattle and ridicule Joe Biden as he did with schoolyard taunts for Marco Rubio ("little," "sweaty"), Jeb Bush ("low energy") and Hillary Clinton ("corrupt").
The latest: As Jonathan Swan reported in Sneak Peek last week, GOP polling found that Biden's past comments on China are ripe for political exploitation.
An outside Trump adviser told Mike Allen the hit on Biden as China-friendly and a career politician "tie together in a beautiful bow," since the political establishment favored engagement with China throughout Biden's time in Washington.
The hypocrisy will not slow this one down:
The other side: Biden national press secretary TJ Ducklo responded: "Joe Biden warned him not to take Beijing's word. Now, the death toll is north of 30,000 and over 22 million Americans are out of work, and there's still no coherent national response."
Volunteers set up signs featuring the faces of nurses and other front-line health care workers in front of the U.S. Capitol. Some signs call for more personal protective equipment. Photo: Evelyn Hockstein/The Washington Post via Getty Images
The House is on recess until at least May 4, however, members are expected to be called back to Washington this week for a recorded vote on the interim stimulus bill, House Majority Leader Steny Hoyer (D-Md.) said Sunday night.
The Senate is also on an extended recess through May 4, and hopes to pass the interim funding bill in a pro forma session. But some worry a senator may object to the bill, which would require members to return to the Hill for a formal vote.
The White House did not provide a copy of President Trump’s schedule, but the daily coronavirus task force briefings are expected to continue, per a White House official.
From today's "Meet the Press with Chuck Todd" ...