Senate Close To A Deal On Massive coronavirus Stimulus Package; House Speaker Nancy Pelosi Speaks With CNN As Negotiators Near Stimulus Deal.
KING: Close but not quite there. That's the word on Capitol Hill right now on what could be more than $2 trillion stimulus package begins in the Senate. The goal was to help Americans and businesses dealing with the devastating financial fallout from the coronavirus pandemic but there are concerns that some of the most vulnerable businesses are at risk or being left behind by Congress during this pandemic. That's how my guest describes the estimated 57 million people who make up the gig economy. People he says won't get relief from the stimulus at least as now being debated on Capitol Hill. Josh Silverman is the CEO of ETSY. Welcome Josh, to the program. Your concerns are urgent because all Americans are wondering will this help me. In a letter you urged Senator Mitch McConnell and the Speaker Nancy Pelosi to make sure that any stimulus office protections for your sector of the economy, who are we talking about here?</s>JOSH SILVERMAN, CEO, ETSY: So we are talking about 57 million independent workers, these are taxpaying Americans that are not part of our bigger business they're business of one. So think about a wedding planner or fitness instructor or the 2.7 million creative entrepreneurs who sell on ETSY. And being a business of one is really than being a business of 10 or 20. If they're left when get sick, they don't have a colleague that they can pull in for help. If revenue declines because of sales or declining, they don't have a steady pay cheque to count on; it comes dollar for dollar out of their pocket. So they're really different and really growing part of the economy. We need to make sure that they are protected and included in these provisions.</s>KING: And from what you know of the current proposal and their negotiations behind closed doors. So we don't know the current details especially when you get into the weeds and semi colons which become very important here as to who gets covered and what's available to them? But based on what you do know how does the current proposal fall short when it comes to addressing those people?</s>SILVERMAN: We think there are three particular areas where we want to make sure that independent workers are protected. And in the short term we think direct assistance is very important. These workers are going to feel the brunt often harder than others and so there are specific types of direct assistance that they're going to need today. The second is debt deferment. So they don't qualify for even small business loans. They tend to fund their business on credit cards and mortgages. We think it is really important that they get deferment of payment for their credit card and mortgages. And third we think that the social safety net needs to be expanded to cover this really important part of the work force particularly unemployment insurance. The vast majority of these workers do not qualify for unemployment insurance as constructed today.</s>SILVERMAN: We also should expand the earned income tax credit, the safety net that has been most successful and has bipartisan support to protect people who are most vulnerable in poverty. So those are the three areas we think for short and medium and long-term we want to make sure to get included.</s>KING: And do we know Josh at the moment, how they are doing? It's probably an unfair question because you're talking about millions of people who do very different things and a lot of them as you said one or two person businesses there. But you know when the airlines shutdown. You can quantify how many employees they have in the impact. When the auto factory shutdown you can quantify that and talk to the unions about what the members were doing? How do you keep track of these individuals who are spread out all of the country to get a sense that may be some are actually thriving with orders in this environment but I suspect a lot are doing quite the opposite.</s>SILVERMAN: Yes, it is hard to know exactly and things are changing day-to-day. We suspect that vast majority are getting hit pretty hard. Look, if you are a wedding planner, there are not a lot of people doing weddings right now. If you are any kind of retail establishment, that's going to be very challenging. But all of us are feeling economic distress right now. People are tightening their purse strings. So it is pretty fair to say that the vast majority of these independent workers are going to feel very meaningful impact. They just have a lot less support than people who work for companies.</s>KING: Josh Silverman is the CEO of ETSY a great online retailer sales site. Josh I want to appreciate you coming in today. Keep in touch as this plays out so we can keep in touch with your workers as well out there. I want to bring in our Chief Political Correspondent Dana Bash who has a very special guest who is central to this question. What will Congress do when it comes to the stimulus plan, Dana?</s>DANA BASH, CNN CHIEF POLITICAL CORRESPONDENT: That's right, John. I am actually waiting to get word that the House Speaker is ready to go. When I do, I will go to her. We are doing everything a little bit different these days. I am going to wait for the control room to let me know that everything is okay.</s>KING: All right and as we do--</s>BASH: You know what John, John I am going to toss it back to you and hopefully we will get this set and as soon as we do we'll back.</s>KING: OK. We're working out some tech - as we go do I can just tell you that on the floor today the Senate Majority Leader Mitch McConnell saying who is at the five-deadline and Chuck Schumer advance that to the two yard line. Dana Bash I'm going to go back to you and see if you can get into the end zone with the Speaker of the House.</s>BASH: Well, that's going to be up to her and to the Republicans on Capitol Hill. Madam Speaker, thank you so much for taking the time during these crucial times. My first question for you is this, over in the Senate where you are right now, your colleague, Senator Schumer just came out of the meeting with White House officials saying that he feels that they can overcome the few issues that you all have left in the next few hours, is that your understanding and how do you feel of where this $2 trillion package is headed in the Senate?</s>REP. NANCY PELOSI (D-CA): Well, let's just agree that if Senator McConnell says we're in the five-yard line and Senator Schumer says we are on the two-yard line that we are in the red zone and hopefully we can get it over the finish line. I do think that much progress has been made and I salute Chuck Schumer and Senate Democrats and again the intellectual resource our House Democrats have been in provisions that we have put forth working with the Senate Democrats and then in some cases of appropriations with the Senate Republicans as well. So the fact that they now have assistance for states and local government was a big concern for us. That's my understanding is now in the bill. The unemployment insurance was almost right from the start agreed that we would have it but the scope of that was enlarged and we are very pleased with where it is. I'm exquisitely better but nonetheless good enough for now. Issues that relate to help for small businesses which are essential to job creators the wealth creators in America that was very important for us so they could at least survive until hopefully we have a cure which is what we must find that list goes on and on our appropriations that we've come to most of the agreement on are very positive that are in the legislation. There are few things--</s>BASH: What is outstanding, what is remaining that you want changed?</s>PELOSI: Well, I am not going to negotiate it on TV. I want to have a unanimous consent. I want us to be able to go forward and it is not a bill I would have written in terms of something that related to family and medical leave that relate to workers' protection that ruling and worker's protection, that could be done administratively, we can find other ways. Not enough money for elections etcetera, at this time. Everything we are suggesting just relates to COVID-19. It is not about making for the future. I accept fighting COVID-19 is for the future but I mean it is not changing policy except as it applies here. So again many of the provisions in there have been greatly improved because of negotiation.