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Stimulus Check and Package Update for October 7, 2020

Stimulus Check Update

Stimulus Check and Package Update for October 7, 2020

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Quick Overview

  • President Trump reverses his decision to end stimulus talks and wants a stand-alone bill for a second stimulus check. He says he is ready to sign now and is calling out Nancy Pelosi.
  • President Trump also wants to bail out the airlines for $25 billion dollars and he wants to give a second round of PPP money for the self-employed and small business owners for $135 billion dollars.
  • Yesterday, President Trump postponed stimulus negotiations until after the Presidential elections. Some Republican politicians are saying that postponing the stimulus package is a huge mistake. The Democrats are saying that delaying the stimulus package is irresponsible. The Federal Reserve is saying that without further stimulus, the recovery will be much slower and it will create unnecessary hardship.
  • The Vice Presidential Debate is tonight between Vice President Mike Pence and Kamala Harris.
  • This will be their first and only debate and it will begin at 9 PM Eastern which is 6 PM Pacific Time.
  • The latest Gallup poll shows that voter enthusiasm is running higher than it was in 2016 and 2012.
  • Most recent polls have Joe Biden now in the lead by as much as 16 percentage points.
  • We have yet to see how President Trump’s recent stimulus decisions affect him in the polls.
  • Covid-19 cases are increasing in half the states in the US.

Stimulus Check News

Right now, the White House is aiming to create a plan to give a second stimulus check, bailout the airlines, and provide a second round of PPP. White House Chief of Staff, Mark Meadows, and Treasury Secretary Steven Mnuchin are spearheading this, under the orders of President Trump.

Let me bring you up to speed on how we got here. When President Trump was infected with Covid-19 late last week, it reignited the stimulus package negotiations. Republicans and Democrats were being more optimistic than ever. Four days ago, President Trump tweeted about the stimulus package

“work together and get it done!”

Then Senate Majority Leader Mitch McConnell told President Trump that Nancy Pelosi, Leader of the Democrats, was stringing along the Republicans. President Trump then told the negotiating team to stop the stimulus talks until after the elections.

President Trump’s quote was

“I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major stimulus bill.”

Many Republicans, such as Republican Senator Susan Collins, disagree with the President’s decision to push back the stimulus package negotiations.

Collins said

“waiting until after the elections to reach an agreement on the next Covid-19 relief package is a huge mistake.”

However, other Republicans, such as Senate Majority Leader Mitch McConnell, say that they support President Trump’s decision. The Democrats, such as Pelosi, are saying that President Trump’s decision is irresponsible and that he is neglecting the American People that are in need. However, President Trump is placing the blame on Pelosi and calling her out.

President Trump says that he is ready to sign a standalone bill for a second stimulus check for $1,200. President Trump said

“If I am sent a stand-alone bill for stimulus checks for $1,200, they will go out to our great people immediately. I am ready to sign right now. Are you listening Nancy?”

According to the Democrats and Republicans, both parties agree on a second stimulus check for $1,200 and $500 per dependent. However, the Democrats are against stand-alone bills. But the Democrats actually brought forth a stand-alone bill to bail out the airlines just 4 days ago on Friday, which was rejected by the Republicans.

That is very confusing because the Republicans want an airline bailout, but rejected the airline bill… and the Democrats supposedly don’t do stand-alone bills, but they tried to pass the standalone airline bill.

President Trump said last night that he wants $25 billion dollars for the airlines and a second round of PPP for $135 billion dollars. President Trump says these two programs will be fully funded by leftover money from the previous stimulus package, the CARES Act.

The Federal Reserve has given their warning on not passing a stimulus package, which Nancy Pelosi brought up in her letter to her fellow Democrats. Nancy Pelosi wrote that the Republicans

“are rejecting the urgent warnings of Fed Chairman Powell today, that, too little support would lead to a weak recovery, creating unnecessary hardship for households and businesses. By contrast, the risks of overdoing it seem, for now, to be smaller. Even if policy actions ultimately prove to be greater than needed, they will not go to waste”.

Pelosi and the Federal Reserve are saying that if the stimulus package is very big and too much money is spent, then it would not be money wasted and that scenario would be less risky than doing a smaller stimulus package, which would cause a lot of unnecessary hardship and economic damage.

That is currently, the status of the second stimulus check and stimulus package and we’ll see what Treasury Secretary Steven Mnuchin and the White House Chief of Staff Mark Meadows drum up.

Political News

In political news, the Vice Presidential Debate will be held tonight at 9 PM Eastern which is 6 PM Pacific Time in Salt Lake City. This will be the first and only debate between Vice President Mike Pence and Kamala Harris. They will be separated by plexiglass and distanced further apart than originally planned for safety measures.

The second Presidential Debate between President Trump and Joe Biden will be held on October 15th, which is on Thursday next week. President Trump intends to participate at that debate as scheduled.

Voter enthusiasm is reaching record levels, surpassing 2016 and 2012, this is according to the most recent Gallup Poll.

More and more polls are showing Biden’s lead widening to as high as 16 percentage points nationally.

Covid-19 News

  • According to the Johns Hopkins University, Covid-19 continues to rise in the United States.
  • Half the states are reporting increasing daily case counts.
  • We reported 43,562 new cases and 705 fatalities on Tuesday.

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