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Added on the 02/12/2020 11:11:52 - Copyright : Wochit
US stocks dipped slightly on Wednesday as investors weighed the latest stimulus talk developments. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin failed to reach a deal before the deadline. According to Business Insider, the two are now working to finalize a proposal before the weekend. Senate Democrats rejected Republicans' $500 billion "skinny bill," leaving both parties stuck in a deadlock. Disagreements over a relief bill are still significant between the Republicans and Democrats. The White House recently offered a $1.9 trillion bill, coming in well below Democrats' $2.2 trillion package.
US lawmakers are back to square one with respect to the passage of the most recent $900 billion pandemic stimulus package. CNN reports the House of Representatives on Thursday failed to secure an increase of direct payments to Americans from $600 to $2,000. The attempt was a response to one of President Donald Trump's surprise demands he made in a tweeted video late on Tuesday. House Democrats tried to quickly pass the bill by a unanimous consent request Thursday morning, but Republicans rejected the move. GOP lawmakers are now in a difficult spot where they will be forced to decide whether or not they will defy the President.
At long last, a new coronavirus stimulus package is finally set to be passed by the US Congress. The last one expired at the end of July. Business Insider reports the long-awaited package will reportedly contain $600 stimulus checks and an extra $300 in weekly unemployment benefits. While the House has passed multiple bills that would have offered more to Americans, the GOP-controlled Senate has balked until now. However, the deal hasn't been well-received in the Twitterverse, and has produced references to class warfare and revolution. 'Let them eat cake' trended on Twitter in response to the apparently inadequate $600 stimulus check. It's a famous utterance attributed to Marie Antoinette, representing the out-of-touch monied, ruling class overthrown in the French Revolution.
President Donald Trump has changed his thinking, and now says he wants a big stimulus bill passed before the general election on November 3rd. Fed Chair Jay Powell also wants to see one passed and has warned that without one, the US economy's recovery will surely falter. But the Republican-led Senate hasn't passed a new coronavirus relief bill since April 21st, and shows little signs of doing so before the election. According to Business Insider, the GOP is far more concerned with getting the Supreme Court tilted to the right by having Amy Coney Barrett confirmed. For more than five months, Congress has held up a comprehensive stimulus package for tens of millions of Americans and left them in limbo. Senate Majority Leader Mitch McConnell wants a so-called 'skinny' bill, while House Speaker Nancy Pelosi is holding out for far more for the American worker.
Fed Chair Jay Powell warned on Tuesday that the US economy would suffer if another stimulus package isn't passed, which remains stalled in Congress. House Democrats passed a $2.2 trillion stimulus plan earlier this month, but Sen. Majority Leader Mitch McConnell (R-Ky.) called the amount 'outlandish.' Too little support would lead to a weak recovery, creating unnecessary hardship for households and businesses. Jay Powell Chair, US Federal Reserve But according to Business Insider, White House economic advisor Larry Kudlow said Sunday that he doesn't agree with that assessment. We are in a strong rebound. Businesses are reopening. We are learning to deal with the virus in a targeted, safe, prevented way. White House Economic Adviser Larry Kudlow Interview, CNN's 'State of the Union'
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