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Stimulus Check and Package Update for October 12, 2020

Stimulus Check Update

Stimulus Check and Package Update for October 12, 2020

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Brian-

Quick Overview

  • When it comes to the second stimulus check and the stimulus package, the Republicans and Democrats are closer than they’ve ever been to striking a deal, but they still have a lot of issues to work out.
  • I’ll tell you about the most recent developments of the second stimulus check and the stimulus package and I’ll save you the time and let you know what’s going on.
  • The second Presidential Debate that was scheduled for this Thursday is cancelled. President Trump said that he didn’t want to participate in a “glorified conference call”.
  • The Senate has started the confirmation and approval process for Judge Amy Barrett to the Supreme Court. The hearings will last for four days.
  • Nancy Pelosi threatened to invoke the 25th Amendment in order to forcibly remove President Trump from Office last Friday. But the House Majority Leader, which is Democratic Congressman Hoyer, has not scheduled a vote, so it was most likely just a bluff by Nancy Pelosi.
  • Covid-19 is maintaining steady in the United States and Europe continues to struggle with the second outbreak.

Stimulus Check Update

Let’s begin with the second stimulus check and the stimulus package update. Let me bring you up to speed and then I’ll give you the new developments. Here is where we left off… Both the Republicans and Democrats claim that they want to give us another stimulus package. The Democrats want to spend more money on the stimulus package than the Republicans. The Democrats are saying that we should spend $2.2 trillion dollars and the Republicans are saying that $1.8 trillion is good enough. That’s a difference of $400 billion dollars or 18%.

The Republicans don’t want to increase their budget because they don’t want America to take on more debt than is necessary because they say that it will hurt America in the long run.

The Democrats are saying that the extra $400 billion is justified because we’re in the middle of a pandemic.

Both parties agree to a second stimulus check, more unemployment benefits, a second round of PPP, helping out renters, helping out people with mortgages, giving money to schools, hospitals, food programs, etc.

A good question is… if they both agree on these programs, then why don’t they just pass those items that they agree on now and then continue negotiating on the things that they don’t agree on and try to work out those issues separately.

To answer that question, the Leader of the Democrats, Nancy Pelosi, disagrees with a piecemeal approach.Nancy Pelosi is taking an all-or-nothing approach. That is not my opinion. That is fact. That is a fact that Nancy Pelosi explicitly says repeatedly. With this take-it-or-leave-it approach, the Republicans and Democrats need to negotiate until they agree on everything, otherwise, we get nothing.

For the record, many Democratic politicians disagree with this all-or-nothing approach and they have signed statements and letters going on the record saying that they disagree with their own leader.The latest one was from the Blue Dog Coalition.

That is where we currently stand. The Democrats want to spend $2.2 trillion and the Republicans want to spend $1.8 trillion. Both parties continue to negotiate.

New Stimulus Developments

First, the White House Negotiating Team wants to repurpose the leftover money from the last stimulus package.Believe it or not, there are billions of dollars of unspent money from the last stimulus package, the CARES Act, that the politicians are not releasing.

Treasury Secretary Steven Mnuchin and Chief of Staff Mark Meadows wrote a letter on Sunday, pleading to the House and the Senate to allow the unspent money to be utilized to help Americans.We are still waiting on the House and the Senate to address this issue of the unspent money from the previous stimulus package.

Regarding the current stimulus package negotiations, many people are asking whether the Republicans will even support a $1.8 trillion dollar stimulus package.To address this question, President Trump’s White House Economic Advisor, Larry Kudlow, said on CNN that the Senate Republicans are indeed onboard with supporting $1.8 trillion dollars.

President Trump now says that he personally wants to support a an even bigger stimulus package that is greater than the Democrat’s $2.2 trillion dollars. However, it is very unlikely that the Republicans would support President Trump with anything greater than $2 trillion dollars.

The $400 billion dollar difference between the Republicans and Democrats is hard to compromise because certain issues in dispute go beyond the dollar value, it’s about party policies. For example, the Democrats want more money to expand the Affordable Care Act, especially by giving subsidies to people that have lost their jobs. However, the Republicans are trying to repeal and terminate the Affordable Care Act. Republicans are saying that if any Republican supports the expansion of the Affordable Care Act, it would be a betrayal to the Republican Party.

Another issue that goes beyond money is testing and contact tracing. Nancy Pelosi, leader of the Democrats, wrote a letter on Sunday to the Democratic politicians saying how President Trump is not taking this health and economic crisis seriously. Pelosi said that America needs $75 billion for testing, tracing, and treatment to crush the virus and that the Republicans are only offering $45 billion. Pelosi says that the HEROES Act sufficiently addresses America’s needs to fight against Covid and that President Trump’s response to the pandemic has been miserable and a deadly failure. But besides the difference in dollar-value, Pelosi is arguing that the White House offer does not offer a plan on how to utilize those funds in order to fight against Covid.

Ultimately, yes, they are getting closer on the total amount to spend, but now the politicians are clashing over the finer details in the stimulus package.

Covid-19 News

  • Europe is struggling with the second wave.
  • There has been a 700% increase in Covid-19 patients in England.
  • Hospitals in Belgium have started cancelling non-essential surgeries.
  • Cases are surging in Germany.
  • France is adding more cities to their maximum alert watch list as cases continue to increase.
  • In the United States, we reported 44,614 new cases and 398 fatalities on Sunday, this is according to the Johns Hopkins University.

Political News

The Senate has set aside 4 days to confirm and approve Judge Amy Barrett as a Supreme Court Justice.Today is the first day of the proceedings and Judge Barrett will be introduced, sworn in, and deliver her own statement.Tuesday and Wednesday are reserved for questioning by the Senators. On Thursday, outside panelists will participate in the committee meeting.

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