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Treasury Secretary Steven Mnuchin on Wednesday said he doesn't think a new coronavirus relief deal will be hammered out before the election.

Mnuchin and House Speaker Nancy Pelosi (D-Calif.) have been trying to reach a deal, and as it stands now, the House passed a $2.2 trillion package on Oct. 1 and the White House offered a $1.8 trillion package last Friday. Pelosi rejected this as being inadequate, saying it doesn't do enough to help the average American and includes tax cuts for the wealthy.

The secretary was asked about this during the Milken Institute's Global Conference, specifically whether he thinks Pelosi won't accept the deal because Democrats don't want to give Trump a boost ahead of the election. "I think that definitely is part of the reality," Mnuchin said. "That's definitely an issue. But the president is very focused on when he wins we will need to do more. So that's part of the reason to continue to work on this. The clock will not stop."

Pelosi and Mnuchin both agree that the next stimulus bill should include $1,200 checks for certain taxpayers, but they are not on the same page regarding state and local aid, unemployment insurance, child care credits, and liability protections. Drew Hammill, Pelosi's deputy chief of staff, tweeted that Pelosi and Mnuchin spoke on Wednesday morning and continue to disagree over the White House and how it "lacks an understanding of the need for a national strategic [coronavirus] testing plan," but will talk again on Thursday.