In testifying to the U.S. Congress, Steve Mnuchin, the Secretary of the Treasury, said these words: “President Trump and I want a second check.” So, he said that clearly to this congressional committee. He also said that he believes another round of PPP money to actual small businesses is needed, and President Trump supports helping small businesses.
Now, we are starting to see that this could be just businesses with 10 employees or less but either way, he’s saying that both he and President Trump need to help more small businesses. Steve Mnuchin and Jerome Powell both said in Layman’s Terms that the stimulus money that was released due to the CARES act is what kept the economy from collapsing and creating more job loss or slower recovery.
So, they have both come out and said before Congress that it was this stimulus package that helped the U.S economy. However, Mnuchin also said that the travel industry and specifically the hotel industry may need its own targeted package.
Now, Mnuchin said in an interview: “As you know, we put three trillion dollars into the economy when the economy was completely shut down, and we’ve now reopened the economy. Let’s do a more targeted bill now, and if we need to do more in 30 days, we’ll continue to do more but let’s not hold up the American workers and the American businesses that need more support.”
So, basically, what he’s saying is remember last week when he testified he said with the economy reopening, we don’t need a three trillion dollar package we just need around 1.5 trillion.
What he’s essentially saying is let’s get money out to the American people and American businesses right now. And if we need to do more, the numbers will indicate, and we can do more, but we need to address the needs of the people right now.
Chief of staff Mark Meadows at the White House said that if they can’t get a deal done, it might be time to start looking at piece milling deals that are needed for the American people.
For example, piecemeal a deal on PPP money for small businesses, piecemeal a deal to help landlords and those that are behind on their rent payments, piecemeal a deal to get direct stimulus checks out to the people.
He’s hoping that it won’t have to come to this. He doesn’t want to have to piecemeal deal. Nancy Pelosi, the Speaker of the House, said she refuses to do a piecemeal deal, but as of right now, nothing is getting done for the American people, and so this is why he has said if we can’t get a total package done, it might be time to piecemeal little deals and get them through.
The government shutdown has been temporarily prevented due to passing a bill late last night. One of the distractions that we were worried about with getting a relief package regarding stimulus done quickly was that the government would be distracted by this shutdown of the government that was coming in about one week.
Last night, the House of Representatives passed a temporary bill accepted by the majority. The bill passed with 359 yeses 57, and Alexandria Ocasio-Cortez simply said present, so she didn’t really vote.
The bill prevents the government from shutting down through between now and December 11th, so it’s just a small temporary bill to keep the government open. But inside of this bill was additional money to help with food assistance, so the pandemic’s snap program made sure that kids have uh food at school.
Also, there was money allocated to help American farmers who have been hurt because of the lockdown and the ups and downs of the food demand.
The second area of distraction in Congress is this timing on filling the empty supreme court justice seat. President Trump has said that this coming Saturday, he will announce his candidates that he has chosen. There could be a congressional hearing to vet the new judge as soon as October 12th, and a new judge could be seated as quickly as October 29th.
Now, tomorrow Steve Mnuchin of the Treasury will be testifying before a second Congressional committee on the need for more stimulus. Jerome Powell of the federal reserve will also be questioned as a leader of the Federal Reserve.
Republican lawmakers are specifically interested in questioning Jerome Powell about the 300 billion dollars from the original cares act back in march that has not been tapped into and really doesn’t have a purpose right now.
They are hoping that this could potentially be used as stimulus checks directly to the American people or that it could help contribute towards making sure that unemployment is fully funded for the next several months. Anyway, that’s kind of where we’re at right now.