McConnell rules out passing House bill on $2K relief payments

Senate Majority Leader Mitch McConnell on Wednesday closed off chances that the Senate would pass anytime soon a House bill that would give most Americans $2,000 stimulus payments.

Senate Majority Leader Mitch McConnell on Wednesday closed off chances that the Senate would pass anytime soon a House bill that would give most Americans $2,000 stimulus payments.

The Kentucky Republican said the House legislation, approved in a bipartisan vote Monday, “has no realistic path” to quick passage in the Senate and that it falls short of the demands of President Donald Trump. He again blocked an attempt by Democratic leader Chuck Schumer to adopt the House bill to increase the payments to $2,000 from the $600 by unanimous consent.

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Christine Pratt is a senior analyst at Aite Group specializing in lending and credit risk and spanning Aite Group’s Retail and Wholesale Banking segments. She brings to Aite Group a strong research and consulting background as well as hands-on experience developed working within financial institutions.Ms. Pratt has been widely quoted in national media and industry publications such as Wall Street Journal, Forbes, American Banker, Bank Technology News, Bank Systems & Technology, and Credit Union News. She has presented at major industry events (CBA, MBA) and client conferences for top technology providers.Before joining Aite Group, Ms. Pratt served as president and CEO of Pratt Associates, a firm dedicated to providing marketing and competitive intelligence, including research advisory and consulting services, to the financial services and healthcare industries. Prior to this she was a research director within Financial Insights’ Consumer Banking and Credit practice, and senior research analyst with TowerGroup’s Consumer Credit practice. In these capacities she authored research and advised senior management of financial services clients on system selection and best practices in business processing.Ms. Pratt adds strong domain expertise to her list of industry experience, including COO duties for both the consumer lending and mortgage subsidiaries of a large regional lender, and CAO duties for two investment advisory firms. Ms. Pratt managed multiple core banking systems conversions for RBS Citizens Bank, a top 10 U.S. bank, and was a senior vice president at BayBanks, where she had oversight of all credit operations (including credit cards, mortgages, and auto finance) and managed a staff of more than 500. At Shawmut Bank, Pratt drove the centralization of corporate customer call centers and managed all corporate services operations. Additionally, as a senior manager for a New York-based consulting firm, she supported Top 10 financial institutions and Internet startups.Ms. Pratt holds a B.A. in both English Literature and Mathematics from Boston University.

The Senate instead will work on combining the stimulus payments with measures on election integrity and rolling back social media liability protections, he said. That responds to all three issues Trump has said he wants, but a bill combining them likely will alienate enough senators in both parties to leave prospects for bigger stimulus payments dead in the Senate.

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Senate Majority Leader Mitch McConnell, a Republican from Kentucky, center, wears a protective mask while walking through the U.S. Capitol in Washington, D.C.
Ting Shen/Bloomberg

“The Senate is not going to be bullied into rushing out more borrowed money into the hands of the Democrats’ rich friends who don’t need the help,” McConnell said. The House bill would raise the income cutoff to receive a payment.

The clash over the payments also is entangling another piece of year-end business in the Senate — a vote to override Trump’s veto of a crucial $740.5 billion defense policy bill. Senators Bernie Sanders and Ed Markey said they will continue to delay the defense legislation vote unless McConnell relents and allows a vote on a standalone bill on the bigger stimulus checks.

“We are saying to Mitch McConnell, to allow the United States Senate to do what it’s supposed to do, and that is the vote,” Sanders told reporters. “The House passed the bill, it’s over here right now. Do you want to vote against it? Then vote against it.”

Pennsylvania Republican Senator Pat Toomey later blocked an attempt by Sanders to call up the House bill for a roll call vote.