Is $1 Trillion the Magic Number Again?

Back to $1 Trillion?

The big stimulus news for the day is that Vice President Mike Pence, Chief of Staff Marc Short, was on Bloomberg Radio yesterday.

He basically threw out the $1 trillion figure for the next stimulus relief bill that we’d heard about previously. He said that’s the price tag the White House is looking for.

Now, about a month ago, Peter Navarro, Trump’s Director of Trade and Manufacturing threw out a $2 trillion figure. But as we’ve talked about before here on the channel, Washington Post reported that it looks like many in the Trump administration, mainly the White House, think that Navarro potentially spoke out of turn when he threw out that $2 trillion figure.

So it looks like $1 trillion is the best number we have so far, at least as far as the White House is concerned.

We know that McConnell has thrown out a $1 trillion figure before. So it looks like maybe the Republicans are of the same mind, both White House Republicans and the Senate Republicans with respect to how large the next relief package should be.

But of course, it’s still talk at this point. Navarro publicly came out and said 2 trillion, Short yesterday said 1 trillion. I mean, it’s all really talk, we won’t know until we actually see a bill.

But if it’s a $1 trillion bill, how much of this really for stimulus checks. Another round of CARES Act stimulus checks will be $300 billion.

So, deducing here, what if they do make the next round of stimulus checks more targeted?

Let’s say only for those $40,000 or under in income to go off what McConnell was saying earlier this week. Let’s say that cuts the bill for the stimulus checks in half to $150 billion.

Well, that leaves a bit more room, $850 billion to do everything else that Democrats, Republicans will hopefully agree on, aid to state local governments, liability protection, maybe some more business funding and all that good stuff.

We’ll have to see, it’s all talk at this point. We don’t really know for sure what we’re going to be looking at until Republicans release a bill, which they’ll hopefully do in the next couple of weeks, at least according to McConnell.

July 20th, that’s when everyone’s back in town, so that’s the day to look for.

Congress Is “Working”

As much as we like to talk about these Congressmen and women taking a break right now over the past couple of weeks, they will be doing some work.

Obviously, they’re going to be meeting with people in their home States, their constituents. But Chuck Grassley, for example, Republican Senator from Iowa, he’s the head of the Senate Finance Committee, the chairman.

He said he’s going to be holding calls over the next couple of weeks with members of the committee about the next virus relief bill. So they are all doing some work.

And here’s what Grassley said, he said, “There’s going to be consultation in the next two weeks among my staff and the staff of my members. I have made no decisions… I guess you’d have to assume everything is on the table.” Well, that’s been our assumption for awhile.

That’s the big stimulus news for the day.

Trump’s Tweets

Trump was on Twitter this morning. Basically, it seemed like he was threatening to remove federal funding for schools that don’t reopen.

He tweeted, “The Dems think it would be bad for them politically if U.S. schools opened before the November election, but it is important for the children and families. May cut off funding if not open!”

That seems a little, little counterproductive though. To say it’s important for children and families for the schools to reopen, but then to threaten in the next breath to cut off funding for them, that seems a little strange to me. I don’t know, let me know what you think.

On a separate tweet, Trump said, “I disagree with the CDC on their very tough and expensive guidelines for opening schools. While they want them open, they’re asking schools to do very impractical things.”

Trump said he will be meeting with the CDC on that issue.

COVID-19 Updates

In terms of COVID, the U.S. reported there’s 60,000 new cases yesterday, that is a record.

Although cases are on the rise in most states, the increase has largely been driven in several states, such as Florida, Oklahoma, Arizona, Texas, and California, mostly Southern and Western States.

In response to this, the Trump administration says that they will be opening new surge, coronavirus testing sites, and some of the hardest hit communities in Florida, Texas, and Louisiana; Jacksonville, Florida, Baton Rouge, Louisiana and Edinburg, Texas.

The surge will last between five and 12 days. The sites will be able to conduct up to 5,000 tests per day in each city.

It should take between three and five days for someone who has tested to get their results.

The big stimulus news was that it looks like the $1 trillion figure is making the headlines again.

At least from the White House’s perspective, we know that Senate Majority Leader, Mitch McConnell, has expressed support for a $1 trillion figure for the next stimulus bill in the past.

So it looks like that’s where it might be from the Republican standpoint. That doesn’t mean it’s going to be what it is, who knows?

We don’t know anything really until we actually see a bill.

Maybe that’s just the Republican starting point, Dems negotiate them upwards because the Dems control the House. We don’t know.


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