Stimulus Check Update: Talks Heating Up Pelosi Schumer McConnell Stimulus Package This Week

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Senate Majority Leader Mitch McConnell made some comments on a new stimulus package yesterday, bashing the Democrats and their $3.4 trillion HEROES Act.

McConnell stated in a Tweet: “House Democrats’ so-called ‘HEROES Act’ is so unserious that it was condemned by the Speaker’s own moderate Democrats the instant she put it out.”

He continued: “Huge tax cuts for rich people in blue states, but no second round of the Paycheck Protection Program? Those are their priorities?”

Senator Richard Shelby echoed McConnell’s comments, explaining: “I think right now that the Democrats would have to come a long way back to reality with us to get a bill.”

With both Democrats and Republicans agreeing on so many stimulus items, I hope we’re closer to an agreement than Shelby and McConnell believe.

Meanwhile, JPMorgan Chase CEO Jamie Dimon expressed his thoughts on the inaction of Congress to pass another stimulus package.

Speaking earlier today, Dimon stated: “I know now we have this big debate. Is it $2.2 trillion, $1.5 trillion? You gotta be kidding me. I mean just split the baby and move on. This is childish behavior on the part of our politicians.”

He continued: “There is a big part of our country that is really struggling… that is what we should be focusing on. It has zero to do with Democrats and Republicans. If the stimulus doesn’t come, the probability of having a good economic outcome drops.”

Dimon also said: “Thank God we have these two vaccines coming. Now is the time to not act like it’s over, let’s double down and get through the best we can.”

I completely agree that now is not the time to take the foot off the pedal, and we must take this opportunity to crush the virus and ensure the recovery of our economy and personal finances.

Finally, House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer wrote a letter yesterday to Mitch McConnell and the Senate in hopes of restarting negotiations on a Phase 4 disaster relief bill.

Their joint letter stated: “We write to request that you join us at the negotiating table this week so that we can work towards a bipartisan, bicameral relief agreement.”

They continued: “Millions of unemployed Americans and those facing eviction and hunger demand action from their leaders. The time to act is upon us like never before.”

I couldn’t agree more and hope that Congress can get on the same page and deliver us the much-needed stimulus package that we’ve been waiting on for months now.

Source:

https://www.bloomberg.com/news/articles/2020-11-17/pelosi-schumer-ask-mcconnell-to-resume-stimulus-talks?srnd=fixed-income

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