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Stimulus Check and Package Update for October 1, 2020

Stimulus Check Update

Stimulus Check and Package Update for October 1, 2020

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Brian-

Quick Overview

  • Regarding the second stimulus check and the stimulus package, the Republicans have counteroffered the Democrats $2.2 trillion dollar offer with a $1.62 trillion dollar offer.
  • Nancy Pelosi, leader of the Democrats, is fired up about the current state of the negotiations and she told her fellow Democrats that she hasn’t slept in two nights.
  • The House of Representatives delayed voting on the stimulus package last night because they wanted to clarify certain details about the stimulus package.
  • The politicians have successfully passed the government funding bill last night in both the House and the Senate and it has now been signed into law by President Trump.
  • The next Presidential Debate will be on October 15th in Miami. The commission that is overseeing the Presidential Debate wants to cut off the microphones if someone tries to interrupt the person that is speaking.
  • The weekly unemployment report was released this morning. The amount of new people filing for unemployment last week was 837,000 people. This is a slight decrease from the prior week by 36,000 people.
  • Covid-19 daily cases are holding steady at 42,000 cases in the United States and cases are surging in Europe.

Stimulus Package News

Nancy Pelosi is the leader of the Democrats in the House of Representatives. Steven Mnuchin, is the Treasury Secretary, and represents the Negotiating Team for the stimulus package. The Democrats gave their $2.2 trillion dollar stimulus package offer. *The Republicans counter offered with $1.62 trillion dollars\*.

Here are the major differences in the Democrats stimulus package and the Republican’s counteroffer:

  • The Republicans want to extend unemployment benefits for $400 a week. The Democrats want to do $600 a week.
  • For state and local government funding, the Republicans want to give $186 billion less than the Democrats.
  • The Democrats want to give $436 billion, the Republicans countered with $250 billion.
  • For education funding, the Republicans are offering $150 billion dollars, the Democrats want $225 billion.
  • And the Republicans want to give $5 billion less to the Post Office than the Democrats.

The counteroffer includes a second stimulus check and a second round of PPP.

Other highlights of the Republican counteroffer include:

  • $28 billion for student loan assistance
  • $60 billion dollars for renter assistance and mortgage relief
  • $25 billion dollars for child care assistance
  • $3 billion for the VA
  • $20 billion dollars for farmer
  • $28 billion for the airlines
  • The amount of money for the restaurant industry has not been agreed upon.

Nancy Pelosi told her fellow Democrats that she has not slept in two nights and the Democrats are saying that Pelosi is frustrated and fired up about the current state of the stimulus package negotiations. Nancy Pelosi wants to get this stimulus package voted on as soon as possible.

Pelosi said:

“Secretary Mnuchin and I had an extensive conversation and we found areas where we are seeking further clarification. Our conversations will continue. We will be proceeding with our vote on the updated HEROES Act in order to formalize our offer to the Republicans in the negotiations to address the health and economic catastrophe in our country”.

The stimulus package needs to pass in the House of Representatives and in the Senate. This stimulus package, The HEROES Act 2.0, originated in the House of Representatives, which is controlled by the Democrats.

Last night, the House was going to vote on the stimulus package, then the vote got cancelled in order to clarify certain details. The House is planning to vote on it today. If the stimulus package passes in the House of Representatives, it will go to the Senate, which is controlled by the Republicans. If the stimulus package progresses to the Senate, it is expected to meet resistance because the Senate Republicans are saying that the stimulus package is too expensive.

Mitch McConnell, leader of the Republicans in the Senate, said that the Republicans and the Democrats are

“very, very far apart”

and the Democrats need to reduce the cost down from their $2.2 trillion dollars.

Nancy Pelosi said

“The American People are worth the $2.2 trillion dollars”.

Therefore, the stimulus package negotiations are still ongoing.

I do want to mention that The House of Representatives is scheduled to break for vacation tomorrow. If you remember, Nancy Pelosi said that the politicians will not go on vacation until a deal has been reached. The politicians are scheduled to go back home in order to campaign.

Congressman Hoyer, another leader of the Democrats who is the House Majority Leader, said that the politicians will be called back in order to vote on the stimulus package. Hoyer told the politicians to keep their schedules flexible.

To summarize where we stand today, the politicians are still negotiating, and the House of Representatives is planning on voting on the stimulus package today in order to move it forward into the Senate.

Political News

In Political News, the politicians have passed the government funding bill in the House of Representatives and in the Senate. Last night, the Senate passed the bill on a vote of 84 to 10. The government will be funded until December 11th.

This was just a temporary funding bill to hold the government over until after the elections.

Economic News

In economic news, the unemployment report was released this morning and 837,000 new people filed for unemployment last week. This was a slight improvement from the prior week. However, many more companies have announced large scale layoffs.

American Airlines and United Airlines plan to lay off 32,000 jobs if the airlines don’t receive a bailout soon. The large banks are laying off employees as well, which include HSBC, Goldman Sachs, and Wells Fargo. Walt Disney says that they’re going to lay off 28,000 theme park workers who were furloughed. New York City is furloughing 9,000 government employees.

Covid-19 News

  • In Europe, cases are surging and countries are seeing all-time high case counts.
  • Some countries are reporting more cases than they were in March and scientists are questioning whether the second wave will be bigger than the first.
  • In the United States, we reported 42,812 new cases and 946 fatalities on Wednesday, this is according to the Johns Hopkins University.

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