Stimulus Impasse Risks Dragging to September, Threatening Economy – By Bloomberg Staff (Newsmax) / August 11 2020
With no talks scheduled on a virus-relief package seen as vital by Federal Reserve officials and market participants alike, the stalemate between Republicans and Democrats risks dragging on for weeks.
The four main principals — Treasury Secretary Steven Mnuchin, White House Chief of Staff Mark Meadows, Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer — haven’t talked since Friday. And Senate Majority Leader Mitch McConnell and Schumer continued to exchange rhetorical broadsides on the Senate floor Tuesday, without new ideas for a compromise.
The White House says Democrats must reduce demands for state and local aid and for $600 a week in unemployment relief to restart the talks. Democrats say the White House must agree to $1 trillion in spending beyond the $1 trillion it already put on the table.
President Donald Trump for the time being appears content to let his executive actions deferring payroll taxes and providing a $300 a week boost in unemployment aid to play out. With the stock market climbing toward all-time highs this month, there has been no pressure on him from that quarter lately.
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