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Stimulus Check and Package Update for October 14, 2020

Stimulus Check Update

Stimulus Check and Package Update for October 14, 2020

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Brian-

Quick Overview

  • First, let me give you an update on the second stimulus check and the stimulus package.
  • The Senate returns back to work on October 19th, which is this coming Monday, and they will try to pass standalone bills.
  • Nancy Pelosi was interviewed by Wolf Blitzer and Blitzer was grilling Pelosi on why she refuses to pass the stimulus package. This was surprising because this was on CNN, which leans Democrat, and it was a very hostile interview against Nancy Pelosi, who is the leader of the Democrats. We’ll go over her responses on why she won’t accept the $1.8 trillion dollar stimulus package. Nancy Pelosi wrote a letter to her fellow Democrats explaining why she’s not accepting the $1.8 trillion dollar stimulus bill.
  • I’ll bring you up to speed about Obamacare and its potential dismantling by the Supreme Court on November 10th.
  • The first case of an American catching Covid-19 twice has now been confirmed. It was a 25 year-old man in Nevada.
  • In the United States, reported 52,406 new cases and 802 fatalities on Tuesday, this is according to the Johns Hopkins University.
  • If you extended your tax returns, please don’t forget that they are due tomorrow.

Senate News

The Senate is currently out of town this week but they return back to work on Monday. Next week, the Senate will vote on smaller stimulus bills that address specific issues, known as standalone bills.

The first standalone bill will target small businesses and the self-employed with PPP money. PPP is the Paycheck Protection Program, which helps small businesses and the self-employed.

Senate Majority Leader Mitch McConnell says that he wants to pass these standalone bills now while they negotiate the larger stimulus bill.

It is expected that the Senators will vote on multiple stand-alone bills and that unemployment benefits would be the next priority. The reason why the Senators are starting off with a standalone bill for the PPP is because the PPP receives overwhelming support from both the Republicans and the Democrats.

The last PPP standalone bill in May passed in the House of Representatives on a vote of 417 to 1. So if a standalone bill on the PPP can’t pass, then it is very unlikely that other standalone bills will pass.

Nancy Pelosi, Speaker of the House of Representatives, and leader of the Democrats, wrote a formal letter to her fellow Democrats. In the letter, it says that millions of Americans are without jobs and families are struggling to make rent and put food on the table. The letter says that the $1.8 trillion dollar offer by the Republican party falls significantly short of what this pandemic and deep recession demand. Pelosi’s letter says that the Republican’s $1.8 trillion dollar offer is inadequate because:

  • State and local governments need $346 billion dollars and the Republicans are only offering $300 billion dollars.
  • For money going towards Covid testing, Pelosi wants $75 billion dollars and the Republicans are offering $45 billion.
  • Pelosi wants more workplace safety standards, more money for the Post Office, and more money for the Census.
  • Pelosi concludes her letter by stating that this is not an exhaustive list of the many outstanding concerns.

Nancy Pelosi was also being interviewed on CNN by Wolf Blitzer. Blitzer said to Pelosi that many Democrats are frustrated that she is refusing to pass the stimulus package. Blitzer said that Andrew Yang, the supporter of universal basic income, is in favor of the $1.8 trillion dollar stimulus package. Blitzer told Pelosi that Ro Khanna, a Democratic Congressman from California, is in favor of the $1.8 trillion dollar stimulus package.

Khanna said

“Democrats can’t wait for the perfect deal. We have a moral obligation to get folks relief now”.

And then Blitzer directly confronted Pelosi and asked her why she’s refusing to accept the $1.8 trillion dollar offer. Over the 13-minute interview, Pelosi said that she’s not accepting the offer because:

  1. The Republicans are not giving enough tax credits to individuals, specifically the child-tax credit and the earned income tax credit.
  2. Pelosi says that there are tax credits that will benefit the wealthy.
  3. Because she disagrees with certain details on how some of the money will be spent on particular programs.

Nancy Pelosi told her Democratic Caucus that

“we really need to have an agreement, but we cannot have an agreement by just folding. I don’t think our leverage has ever been greater than it is now”.

Political News

In Political News, the Supreme Court Nomination and the Obamacare situation is heating up. Let me bring you up to speed so you know exactly what’s going on.

The Affordable Care Act, also known as Obamacare, was passed into law on March 21, 2010. It required people to have health coverage, otherwise you would receive a penalty on your tax return.

Previously, Obamacare was ruled to be constitutional because it fell under the government’s power of taxation because it was enforced with a tax penalty if you didn’t have health coverage. In 2017, that all changed when Congress set the penalty to be $0 dollars if you didn’t have health coverage, starting on January 1st, 2019. Ultimately, the penalty was reduced to zero, so it was basically no longer a requirement for you to have health coverage.

After that change in the tax penalty, Texas filed a lawsuit against the United States of America saying that The Affordable Care Act was unconstitutional. The argument was that if there’s no tax penalty, then there’s no requirement to have health coverage, and if there’s no requirement to have health coverage, then the whole Affordable Care Act is invalid.

The court ruled against The Affordable Care Act. After that ruling, it was sent to the Court of Appeals and they also agreed that the entire Affordable Care Act should be overturned.And finally, this case is now being sent to the Supreme Court on November 10th. Whether pieces of Obamacare will survive is yet unknown.

With President Trump’s Supreme Court Nomination of Judge Amy Barrett, the Affordable Care Act is forecasted to be ruled unconstitutional by a vote of 5 to 4. I hope that helps you understand the situation.

Covid-19 News

A Nevada man has been reinfected with Covid. This is the first American to catch Covid-19 twice.The patient tested positive on April 18th.He tested negative in May.And then he tested positive again for a second time on June 5th.

The reason why we’re reporting this in October is because they wanted to be sure that this was truly a case of re-infection and the results were analyzed by scientists. The doctors originally believed that it could have been a case where the original infection went dormant and then bounced back. But the results confirmed that the genetic sequencing of Covid from the second infection was significantly different than the first infection.

On the second infection, the symptoms were more severe and the patient required hospitalization.

Please note that the time in between reinfection was less than 2 months.

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