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Stimulus Check and Package Update for October 3, 2020

Stimulus Check Update

Stimulus Check and Package Update for October 3, 2020


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Quick Overview

  • Regarding the second stimulus check and the stimulus package, there is a lot of optimism in D.C.
  • Stephen Moore, an economic advisor to the White House, says that the Republicans and Democrats are closing in on a compromise and they are narrowing their differences. Stephen Moore said “I think you could get a deal soon, even sooner than 10 days, I’d say right now the odds are a 65% chance there will be a deal in the next two weeks”. Even the Republicans are reporting from Capitol Hill. Nancy Pelosi, leader of the Democrats, says that she anticipates reaching a deal and she says that President Trump getting Covid changes the dynamic of the stimulus package negotiations.
  • We’ll review Nancy Pelosi’s letter to her fellow Democrats that gives a status update on the stimulus package negotiations.
  • President Trump is currently at the Walter Reed Military Hospital as a precautionary measure.
  • Today, on Saturday at 11:40 AM Eastern Time, President Trump’s doctors gave a status update and say that President Trump is doing very well.
  • President Trump previously had a fever but has now been fever-free for the past 24 hours.
  • President Trump is still experiencing coughing and congestion, but the medical team says these symptoms are improving.
  • In the Senate, the Democrats are trying to block the Republican Nomination of the Supreme Court Justice.
  • Covid 19 cases are back on the rise in the United States as we reported 54,441 new cases on Friday, this is according to the Johns Hopkins University.

Stimulus Package Negotiations

The stimulus package negotiations are still ongoing between the Republicans and the Democrats. Late on Friday, Pelosi and Treasury Secretary Steven Mnuchin had a 65 minute meeting. They were working out the differences between the Republicans and Democrats.

Pelosi left the negotiations saying that she anticipates striking a deal. Pelosi says

“I’m optimistic. We always have to find a path, that is our responsibility to do so, and I believe that we will”.

The Republicans are reporting optimism as well. White House Chief of Staff Mark Meadows, who is on the White House Negotiating Team, said that the pace of talks and the possibility of a deal has picked up markedly in recent days.

Even Senate Majority Leader Mitch McConnell, leader of the Republicans in the Senate, said

“the talks have sped up in the last couple days”.

Nancy Pelosi addressed her fellow Democrats on the status of the stimulus package negotiations. Her statement reads

“our negotiations with the Administration continue, and I am hopeful that we can reach an agreement.”

And then Pelosi lists out the current areas that the Democrats and Republicans are working on, which include:

  • The extension of unemployment benefits. The Democrats want to give $600 a week and the Republicans want to do $400 a week. The Democrats want to extend the unemployment benefits until the end of January and the Republicans want to extend it to the end of December.
  • State and local government funding. The Democrats want $436 billion and the Republicans want to do $250 billion.
  • Tax credits for your children. Both parties want to give parents tax credits for each child. The Democrats want to fund this program with $57 billion dollars and the Republicans want to give $25 billion.
  • The Wording on Testing & Tracing. The Republicans and Democrats have agreed on the funding amount for testing and tracing, but they are still fighting over the details on how the funds will be used.

Please note , that the Republicans and Democrats are in complete agreement over the second stimulus check. It will be for $1,200 per person and $500 per dependent.

Nancy Pelosi also said that President Trump testing positive for Covid-19 could speed up an agreement between the Republicans and the Democrats. Pelosi said on MSNBC that this changes the dynamic, because the Republicans see the reality of what the Democrats have been saying all along, that this is a vicious virus.

At this moment, Pelosi says

“we are expecting a response from the White House on these areas and others with more detail. In the meantime, we continue to work on the text to move quickly to facilitate an agreement”.

So the Democrats are waiting on a response from the Republicans.

As you can see, there is a lot of optimism from both the Democrats and the Republicans. We just hope that they can come to an agreement quickly on those areas of discrepancy.

Political News

In political news, the Democrats in the Senate are trying to stop the Republican’s nomination of Judge Amy Barrett as a Supreme Court Justice by stalling.

The Senate Republicans are trying to confirm Judge Barrett before the November 3rd election.

The Democrats are saying that with Barrett, out of the 9 Justices on the Supreme Court, 6 will be conservative and that it will certainly mean the end of Obama’s Affordable Care Act. Therefore, the Democrats are trying to stall and buy time with whatever options they have.

If you remember, the Democrats invoked the two-hour rule last week, which means that after two hours of work, the Senators are required to stop working for the day. The Democrats invoked the two-hour rule again on Wednesday, three days ago.

Senator John Manchin was asked about how he felt about the two-hour rule and he responded by saying

“we don’t do anything around here anyway”.

Covid-19 News

  • In the United States, Covid-19 is increasing sharply.
  • We reported 54,441 new cases and 906 fatalities on Friday, this is according to the Johns Hopkins University.
  • President Trump is currently being monitored at the Walter Reed Military Hospital and we hope for his speedy recovery.
  • President Trump has been experiencing coughing and congestion, but he is fever-free and is not on supplemental oxygen.
  • The medical team says that he is in good spirits and that there is no cause for concern.
  • President Trump said that he feels like he can walk out of the hospital today.

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