Pelosi now willing to accept smaller stimulus bill 'in light of a new president'

House Speaker Nancy Pelosi said Thursday that the next coronavirus stimulus package is only a "first step" because Joe Biden is now president-elect.

Pelosi said that House Democrats have wanted a relief bill larger than the $908 billion framework recently laid out by a bipartisan group of lawmakers but the presidential election resulted in a change in dynamic.

"It is a smaller bill than we think is needed for our country, but in light of a completely changed dynamic, in less than 1,000 hours, Joe Biden will be inaugurated president of the United States and we have a vaccine which hopefully will be approved by the committee today to go forward," she said. "That change in dynamic enables our president to be to say this is a first step but that much more needs to be done."

The California Democrat noted that "in light of a new president," passing a smaller stimulus package now "gives us time to inaugurate a new president and have discussions about how we truly meet the needs of the American people." 

Pelosi emphasized that she supports helping small businesses during the pandemic.

"We all know that we need more money for small business and we all support that," she said.

The GOP-led Senate tried to pass a stimulus bill smaller than the House-passed HEROES Act in October. The Senate GOP’s bill included Paycheck Protection Program funding for small businesses but Senate Democrats blocked the measure.