House Speaker Nancy Pelosi (D-Calif.), near the close of the (now final) deadline to reach a pandemic aid deal, conceded that Americans may have to wait until after the election for relief, reported Bloomberg. While congressional Democrats and the White House have come together on many details, such as testing and tracing, there remain significant differences in key area, particularly aid to state and local governments, which Democrats have painted as protecting workers like firefighters and police, as opposed to Republicans, who say that such aid will just reward states and cities that are poorly run. Meanwhile, Senate Republicans are increasingly resistant to any deal that comes out of the negotiations, given its rising price tag, despite assurances from the White House that the party will fall in line.

The deadlock is happening amid warnings from Federal Reserve Bank officials that the lack of a deal could carry dire economic consequences, according to the Wall Street Journal. Fed Governor Lael Brainard yesterday added to the chorus of central bank officials sounding the alarm, saying that without a stimulus deal, the dynamic of a recession could become further entrenched in the economy.