Global Economics

Chief of Staff at the White House Believes Stimulus Deal to Be Delayed

Mark Meadows, White House Chief of Staff, stated on Sunday that he doesn’t believe a new stimulus deal will be reached any time soon. Currently, the bill is stuck in negotiations between Republicans and Democrats who have yet to reach a consensus on specific aspects of it.

Meadows states that he believes the meetings that took place this past Saturday were moving in the right direction, but also believes that there will not “be a solution in the very near term.” This statement follows House Speaker Nancy Pelosi stating that the meetings were productive and Senate Minority Leader Chuck Schumer saying that a resolution wasn’t close to being reached just yet.

Issues that are holding up resolutions on the new rescue bill include the $600 per week extension for unemployment benefits and a democratic push to send $1 trillion in aid to local state governments to support unemployment insurance and other cash payments. Republican lawmakers are pushing for the $600 per week unemployment supplement to be reduced to $200 per week.

Currently, there are millions of Americans out of work as a result of the ongoing coronavirus pandemic. As various protections have expired and been used, and with the last stimulus payment being sent out nearly four months ago, many Americans are facing increasing financial difficulties and incensed desperation. This report also comes as the New York Times reports over 4.6 million total COVID-19 cases and 155,333 deaths today, and medical experts warn we are now entering a new and more extreme second wave of the virus.

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Trader Buzz). I have no business relationship with any company whose stock is mentioned in this article.


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