This is my stimulus update for Sunday, August 2.
So yesterday the big stimulus news was all four stimulus negotiators, Treasury Secretary Steven Mnuchin and White House Chief of Staff Mark Meadows on the Republican side and Speaker of the House Nancy Pelosi and Senate Minority Leader Chuck Schumer on the Democratic side, said that yesterday’s stimulus negotiation meeting that lasted over three hours was the most productive one so far about the next stimulus package.
State of the Negotiations (Mark Meadows, Etc.)
Yesterday I told you what each of them said about the meeting and all statement were largely positive that made it sound like they’re getting somewhere.
That said, their statements were on the other hand somewhat cautious, some of them made it clear that although some progress was made at yesterday’s meeting, they’re still not close to a deal.
This morning on CBS Face the Nation, for example, one of those negotiations, Mark Meadows, said he’s not optimistic that there will be a solution in the near-term, so obviously somewhat tempering perhaps the positive mood from yesterday, but not killing it.
On the bright side he didn’t say that he’s not optimistic that there will be a solution at all, just that he’s not optimistic there will be one in the near term.
Mnuchin on Stimulus Checks
That said, Mnuchin was slightly more encouraging this morning as he spoke with reporters, kind of painting the picture of hey it’s the Democrats who need to make some compromises here, and he also said something very relevant about stimulus checks.
So Mnuchin said that he has “no idea” when a deal’s going to get done, and that it’s the Democrats who are holding up a deal on the federal eviction moratorium as well as the enhanced unemployment, he did reiterate that yesterday’s discussion was productive, he feels the need to preemptively let reporters know he’s going biking, and then he’s asked about stimulus checks in particular.
And to this question Mnuchin said that Trump supports the exact same amount, that is the $1,200 for non-dependents and $500 for dependents, we know that he was in Texas last week kind of teasing bigger stimulus checks, but according to Mnuchin Trump’s on board with the Republicans with the $1,200, $500 CARES Act-type stimulus checks.
And he also said that Democrats have agreed to that concept, and I take that to mean that now Democrat negotiators and Republican negotiators and the President are on the same page with a CARES Act-type stimulus of $1,200 for non-dependents and $500 for dependents.
He said there were minor changes making a few more people eligible for stimulus checks.
Mnuchin didn’t elaborate, but if I had to guess, I’d guess that he’s simply referring to the fact that the HEALS Act would make all dependents eligible for the $500 not just dependent children under the age of 17.
Possibly the Republicans got negotiated up maybe regarding mixed status families, we know that Democrats and some prominent Republicans support that, but I don’t know, I don’t want to speculate, but point is it sounds like there is widespread agreement at least at the top in both parties on the amounts and eligibility for the next round of stimulus checks, which appear to be based on Mnuchin’s words, $1,200 for non-dependents and $500 for dependents.
And then Mnuchin said he could have the checks out essentially immediately.
Payroll Tax Cut
So shifting gears here, the President tweeted something that makes it sound like he still wants that payroll tax cut.
This could throw a wrench in negotiations, and on this point yesterday, a Republican Congressman, Andy Biggs of Arizona, was on Fox Report Weekend and he was asked by the host what’s going on with stimulus negotiations. Now, keep in mind this guy is like a junior member of Congress, he admits that he’s in the dark too, but he said something that made my ears perk up, and I bet you can guess what it is in light of Trump’s tweet yesterday.
He said they’re talking about key points, like the liability shield, we know about that, the unemployment what’s it going to be after the $600, and then the first thing he mentioned are you gonna do a payroll tax holiday?
So who knows? Payroll tax holiday might be back on the White House’s agenda, I’m not sure, obviously this is just one Congressmen, maybe he doesn’t know any more than we do, but I have to think that somebody in Congress probably has more closer-to-the-source intel than you or me or some news host, so that gave me pause for sure.
One last thing, have you heard about the coalition just formed a couple months ago called Mayors for a Guaranteed Income, this is a group of mayors who strongly believe in UBI, universal basic income, recurring monthly checks to everybody, and these aren’t just mayors of small towns, the mayor of Los Angeles is in this coalition called Mayors for a Guaranteed Income.
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