Before the US election, a new round of stimulus plan is hopeless…
Regarding the economic stimulus bill, the difficult game between the Trump administration and the Democratic Party is still in sight.
With the deteriorating epidemic situation in Europe and America and the stalemate in the US general election, there is little hope for a new round of stimulus bills in the US before the general election.
Negotiating differences have not been healed
A new round of US economic stimulus plan The negotiation is a difficult game.
The size of the new stimulus plan proposed by the White House to the Democratic Party has increased to US$1.9 trillion, but there is still a gap between the US$2.2 trillion plan passed by the Democratic Party in the House of Representatives.
Monday, local time, Speaker of the House of Representatives Nancy Pelosi and Secretary of the Treasury Steven Mnuchin once again negotiated a new stimulus plan. The whole process lasted an afternoon. , But it has not yet bridged the differences between each other. On the same day, Pelosi’s deputy chief of staff, Drew Hamill, said on Twitter that the results of this negotiation may be retrogressive compared to previous progress.
According to the White House economic adviser Kudlow, the differences between the two sides have narrowed, but as the differences narrowed, the situation of the other side has become more and more.
Pelosi hopes that the White House can accept the Democratic Party’s stimulus package. She said: “Our progress depends on whether McConnell agrees to the two parties’ cooperation and The money goes into the pockets of the American people.” She also criticized the Trump administration for refusing to sign the economic stimulus package proposed by the Democratic Party.
McConnell is the majority leader of the Senate. He openly opposed the Democratic plan and warned Trump not to compromise with Pelosi.
Previously, Trump had fought the Democrats several times against the stimulus bill. Earlier in October, the U.S. House of Representatives, headed by Pelosi, poured cold water on Trump and directly rejected the latter’s fiscal stimulus plan. The main content of the plan was to send a $1,200 COVID-19 relief fund to specific groups. The Democrats and Republicans disagree on the relief assistance in the stimulus package. The differences include how much relief is provided to local governments and whether to protect companies and schools from lawsuits.
McConnell once said that if an agreement is reached, he will vote in the Senate, but he did not specify when it will be held.
White House Chief of Staff Mark Meadows said on Sunday: “I did get McConnell’s promise that if we reach an agreement, he will Submit agreement.”
There is little hope of passing the bill before the general election
3 this year In December, Trump signed a US$2 trillion economic stimulus package, which gave the market at the time a shot in the heart. The bill used wages as the standard to directly pay US$1,200 to American citizens with an annual income of US$75,000. Those with an income of US$99,000 pay less, paying an additional US$500 per child; substantially increase unemployment assistance; provide a total of US$100 billion in aid to hospitals on the frontline of the new crown epidemic; suspend student loan payment time to give them a respite Opportunity.
Most importantly, the bill provides small businesses with US$377 billion in federally guaranteed loans and establishes a US$500 billion government loan program for troubled businesses , Which provides a ray of life for troubled American SMEs.
In May, Trump planned a new stimulus package and considered the possibility of promoting various tax reductions and interest rate cuts to continue to help the most severely affected during the epidemic The three groups-companies, investors, and workers, and this long and arduous negotiation has continued to the present.
Some analysts believe that if the Senate and House of Representatives can pass the plan in time, and sign it before November 3 to make it legally effective, a new round of assistance will Starting in a few weeks, this will be a very optimistic signal for the coming winter.
However, there are still 8 days before Election Day, and the Senate has adjourned late Monday until November 9. This means that there is little hope of passing the stimulus bill before the election.
Source: International Finance News trainee reporter Zhou Zimo
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