Democrats and Republicans continue to point fingers over the next COVID-19 economic stimulus bill. Some lawmakers say all hope is not lost on the talks over the next coronavirus economic stimulus bill. However, neither side is willing to budge, which leaves the American people without much-needed relief during the coronavirus pandemic.
Democrats continue to point fingers over COVID-19 economic stimulus bill
There was hope that when the Democrat-led House of Representatives met on Saturday to vote on funding for the U.S. Postal Service, talks on the next coronavirus economic stimulus bill would resume. However, that didn't happen, as Democrats rebuffed Republican efforts to meet.
Clint Carlson's hedge fund, Carlson Capital's Double Black Diamond strategy, gained 1.04% net of fees in the month of September. Following this performance, the fund has returned 9.87% net of fees for the year to the end of the month. Q3 2021 hedge fund letters, conferences and more The Double Black Diamond strategy makes up Read More
House Speaker Nancy Pelosi said the next move in the talks over the COVID-19 economic stimulus move will be up to the Trump administration. Unsurprisingly, she blamed President Donald Trump for the impasse. She said the president said he would sign a freestanding bill on the Postal Service but changed his mind after they passed the $25 billion funding bill.
Of note, the White House has agreed to a compromise on funding for the Postal Service, earmarking $10 billion for it in their so-called skinny bill. However, it seems Democrats aren't willing to compromise on the amount.
White House Chief of Staff Mark Meadows pushed the skinny bill, saying that if lawmakers were going to pass something for the Postal Service, they should also do something for small businesses and the unemployed. Democrats seem unmoved by the argument.
All hope is not lost, says McConnell
Senate Majority Leader Mitch McConnell said he hasn't "given up hope" that there will be an agreement on a COVID-19 economic stimulus bill. He also noted that Democrats and Republicans are still at a stalemate on the next coronavirus relief package.
He pointed out that the American people "need additional assistance now, adding that it "can only be done on a bipartisan basis." It should be pointed out that McConnell isn't even directly involved in the negotiations over the next coronavirus economic stimulus bill.
McConnell stepped away from the talks due to the divisiveness within the GOP. Thus, while he hasn't given up hope of a deal on a coronavirus economic stimulus bill, the people who really matter—those at the negotiating table—haven't expressed any hope that there will be a deal.
Economy is hurting without a COVID-19 economic stimulus bill
While talks over the next coronavirus relief package remain stalled, the first signs that the economy is about to fall apart are starting to appear. Former U.S. Treasury economist Ernie Tedeschi told Politico that there is $60 billion less going to families, which means spending will decrease by about that much.
The number of unemployed Americans is increasing as retail and delivery companies, which especially benefited from stimulus-related spending, are cutting back on hiring. Other businesses are also hiring fewer workers as funding for small businesses has run out.