Breaking news, Secretary of the Treasury Steven Mnuchin has thrown in the towel for now and has just said at the conclusion of today’s stimulus negotiation meeting with the Democrats that he and Chief of Staff Mark Meadows are going to recommend that Donald Trump exercise presidential authority and sign executive orders for unemployment, housing, and student loan forbearance.
Steven Mnuchin: So the chief and I will recommend to the president based upon our lack of activity today to move forward with some executive orders. Again, we agree with the speaker this is not the first choice, but people have run out of the enhanced unemployment. So that is something we will recommend an executive order on in relates to rental foreclosures, we will recommend a executive order on that and also student loans. So it’s going to take a little bit of time for us to finalize these and process them, but we’ll do them as quickly as we can because the President wants action. He realizes again, despite what was a big pick up in jobs, there’s still too many people that are impacted by this.
This is truly unfortunate. This is essentially signaling that the stimulus negotiations have for all intents and purposes over the past two weeks have been an absolute failure and that as a result, the White House will have to take matters into its own hands with the President signing executive orders authorizing watered-down versions of stimulus measures that we would love to see in a bipartisan bill.
This also leaves the decision entirely in the hands of the Republican-controlled White House.
As for the Democrats, Schumer said the meeting was disappointing.
Pelosi said that she told the Republicans to come back when they are ready to give a higher number.
Mnuchin did pinpoint state and local and unemployment as the two hot areas of disagreement.
There were some comments made by the negotiators that might be read as giving a glimmer as hope, but we have the Secretary of the Treasury saying, essentially, screw it, let’s let the President take this over for now.
The bottom line is that stimulus talks have failed, I doubt that either the House or the Senate will be called back next week for a vote because there’s frankly nothing to vote on at this point.
My guess would be at this point unless some miracle happens that perhaps some stimulus measures will come up again during the government funding debate in September.
I wish I had better news for you.
I hope to see at least drafts over the weekend of these executive orders, and I will update you if and when I see them, but I am sorry to say that it appears that at this point the stimulus negotiations have failed miserably and that it does not appear that a second stimulus check is imminent at least based on what we heard today, so don’t let anybody tell you that there’s good stimulus news today or that a second stimulus check is “confirmed” because that is a lie unless somehow both sides agree on a standalone bill for stimulus checks, which as I’ve said before doesn’t seem like it’s on the table at this time.
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