Reed said the White House has had a “positive” reaction to the plan. “They want to get a deal done,” he said.
The plan trims earlier Democratic spending proposals by limiting outlays until March. It would also link relief to economic metrics, reducing aid to $1.3 trillion if the pandemic abates or extending it to nearly $2 trillion if it worsens.
The caucus, which is made up of equal numbers of lawmakers from each party, is officially endorsing the proposal, meaning 75% of the membership has signed onto it.
Swing district members have been the most vocal about the need to pass stimulus legislation in the face of objections from GOP deficit hawks on the one hand and, on the other, opposition from progressive Democrats to settling for a smaller bill.
Earlier: Pelosi Hints Democrats Might Pare Stimulus Plan, Seek More Later
Talks between Pelosi, Schumer, Mnuchin and White House Chief of Staff Mark Meadows broke off Aug. 7. Democrats have insisted on a $2.2 trillion stimulus and the White House has sought about $1.1 trillion.
Congress had been slated to recess for the election on Oct. 2, but Democrats announced Tuesday the House would stay in session to vote on any deal even after that date.
--With assistance from Billy House and Laura Litvan.
This article was provided by Bloomberg News.