Yesterday’s news felt like that moment where you
think you spot someone who looks exactly like a celebrity. But, was Sophie
Turner actually browsing for produce at Safeway?
Sophie Turner = a second stimulus package. After
about half-a-year of playing chicken, U.S. lawmakers appear to be on the precipice of a
follow-up to the CARES Act.
What’s in the most
delayed sequel since Top Gun: Maverick
According to reports, the
proposal totals about $900 billion and includes funding for:
- Another
round of direct payment checks of about $600–$700 for people earning
under a certain income threshold
- Continuation
of the Paycheck Protection Program for small businesses (we wrote about this
yesterday)
- Supplemental
federal unemployment benefits
- Vaccine
distribution and schools
What’s reportedly not in the current plan: aid
for states and local governments and liability protection for businesses.
Democrats wanted the former, while Republicans pushed for the latter. In a
classic D.C. compromise, they dropped both.
Reality check: The help can’t come soon
enough. A recent report found that about 8 million Americans have fallen
into poverty since the summer. Plus, the pandemic is resurgent in many
areas, compounding the economic crisis, and several aid programs will
expire at the end of the year.
- Also...the
government will run out of money at midnight on Friday without a
spending bill.
Fed Chair Jerome Powell is trying to do his
part to juice the economy. At the conclusion of the Fed's two-day meeting,
the central bank said it will keep interest rates near zero and keep buying
bonds until the U.S. reaches full employment and inflation settles at
2%.
Looking ahead...the House could vote on the
stimulus bill today, followed by the Senate tomorrow if all of its members
are on board. But if there are any snags, votes could spill into the
weekend.
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