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Stimulus Check Update and Stimulus Package Update September 17, 2020

Stimulus Check Update

Stimulus Check Update and Stimulus Package Update September 17, 2020

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Quick Overview

  • Stimulus package negotiations are making progress again.
  • Nancy Pelosi, one of the Leaders of the Democrats, and The White House Negotiating Team, have not spoken in two weeks.
  • Yesterday, they got back together and resumed stimulus package negotiations.
  • We’ll go into the details of where we currently stand on the second stimulus check, unemployment benefits, PPP, and more.
  • The unemployment data was released this morning and there was slight improvement week-over-week.
  • There were 860,000 new Americans applying for unemployment benefits last week.
  • Covid-19 cases in the United States are remaining steady at 36,000 new daily cases.
  • One of President Trump’s top health officials, the CDC Director, Robert Redfield, responded to a question and said the Covid-19 vaccine will be available in the United States on a wide scale by the middle of 2021.
  • Redfield said that we can expect to get back to our regular lives in the middle of 2021.
  • President Trump followed up and said that Redfield’s information was incorrect and the timeline will be much faster.
  • President Trump said Redfield was confused and misunderstood the question.

Stimulus Bill Updates

With what I’m about to tell you. If you are a Democrat, if you could please comment below on whether you think this stimulus package offer is acceptable or not, please let me know your opinion. I say this because the Democrats are in the position to accept the offer and greenlight this or they can reject this offer and keep fighting for more. So please let me know your thoughts.

Here is the offer and the current situation. The most recent stimulus package proposal on the table is $1.5 trillion dollars. This is the most current version and the best proposal so far because it is far more expensive than the past two offers at $500 billion dollars and $1 trillion dollars. This is also a product of collaboration from the Republicans and Democrats working together.

This $1.5 trillion dollar stimulus package includes a second stimulus check, the extension of unemployment benefits, a second round of PPP, money for schools, money for healthcare, state and local government funding, and more.

Speaker of the House, Nancy Pelosi, says that she still wants the stimulus package to still be $2.2 trillion dollars. She is saying that she doesn’t want to move down to $1.5 trillion dollars. However, after the $1.5 trillion dollar proposal was unveiled, President Trump tweeted that he wants the Republicans to increase the stimulus package budget to be higher than $1.5 trillion dollars.

President Trump said

“we should have an agreement. People should be helped and they should be helped as rapidly as possible. And I think it’s going to happen”.

After President Trump’s call to action for the Republicans to increase their budget, this reignited the stimulus package negotiations between the White House Negotiating Team and Nancy Pelosi, leader of the Democrats in the House of Representatives. During yesterday’s stimulus package negotiations, Nancy Pelosi told Treasury Secretary Steven Mnuchin that President Trump insists on spending more, so the Republicans should increase their budget to $2.2 trillion dollars.

Leader of the Democrats in the Senate, Chuck Schumer, says that he was very encouraged by President Trump’s statements and that President Trump’s new position on more spending validates the Democrat’s approach to go after the full $2.2 trillion dollars. Therefore, stimulus package negotiations have resumed and the stalemate has now finally been broken.

The White House negotiating team said yesterday that they now more optimistic they’ve been in the past 72 hours than they have been in the last 72 days.

One of the encouraging aspects about this stimulus package proposal are the automatic trigger clauses. This stimulus package offer is $1.5 trillion dollars, however, it has automatic triggers for an extra $500 billion to make it a $2 trillion dollar stimulus package if certain health and economic conditions have not improved by early 2021. One of the automatic triggers is a third stimulus check.

So the current offer is $1.5 trillion dollars that can automatically trigger to be $2 trillion dollars, but Nancy Pelosi is standing firm at $2.2 trillion dollars.

That is where we currently stand. If you are a Democrat, please let me know if this offer is acceptable. And again, this stimulus bill was a creation of both parties working together.

Economic News

The Unemployment Report was released this morning. There were 860,000 new applications for unemployment last week. This means that there were 860,000 Americans filing for unemployment benefits for their first time last week. This figure is an improvement from 916,000 people the week prior.

Some of the larger companies warning of large layoffs in the near future include Marriott, the major airlines, and Under Armour. Amazon says that they are planning on hiring more than 100,000 employees.

Covid-19 News

  • The United States is remaining steady at 36,782 new cases and 977 fatalities on Wednesday, this is according to the John Hopkins University.
  • The Covid-19 situation in Europe is very bad right now.
  • There is an alarming rise in cases and some countries are experiencing record high case counts.
  • The World Health Organization says that “weekly cases have now exceeded those reported when the pandemic first peaked in Europe in March.”
  • In the United States, the CDC says that Americans should see a return back to “regular life” by late second quarter or third quarter of 2021. However, President Trump insists on a much quicker timeline.

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