It won’t be easy to pass another round of economic stimulus.
“Half the Republicans are going to vote no to any phase 4 package, that’s just a fact,” says Sen. Lindsey Graham.
Congress is rushing to pass another economic stimulus bill before July 31.
That’s because laid-off workers have been receiving an extra $600 per week in unemployment benefits thanks to an earlier economic stimulus bill. However, that benefit expired over the weekend.
The next economic stimulus bill is expected to include:
- $600 weekly unemployment supplement
- $1,200 check to most Americans
- Continued payroll protection program for businesses with significant hardship
The economic stimulus bill is expected to be unveiled early this week. It will require bipartisan support – since a large number of Republicans oppose more economic stimulus.
The Big News…
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Pelosi Says Congress Must Stay in Washington
Nancy Pelosi says Congress must remain in session. The House Speaker wants the legislature to sort out the next phase of stimulus before going to recess. Laid-off workers have been receiving an extra $600 per week from the government. And that expires on July 31.
New York’s Case Positivity Rate is Just 1%
New York has gotten Covid-19 under control. The state reports that only 1% of coronavirus tests are positive. The state has the lowest number of hospitalizations since March 18. That’s a sharp contrast to Miami Dade County, where the positivity rate is 18%.
CDC: Expect 160k – 175k Deaths by Aug. 15
The Centers for Disease Control and Prevention released new projections. They project 160,000 – 175,000 coronavirus deaths by mid-August.
150 Experts Say Shut America Down Again
Over 150 experts signed a letter encouraging a second shutdown of the U.S. economy. They warn that 200,000 Americans could die by November – unless steps are taken now. This includes rolling back the re-opening of the country.
Pandemic Sparks Great Cannabis Boom
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The Coronavirus Numbers
Here are the numbers from Monday at 7:30 a.m. ET:
- 16,448,065 Infected worldwide
- 652,872 Deaths
- 4,371,992 Infected in the U.S.
- 149,852 Deaths in the U.S.
Stocks were up slightly on Monday morning.
The markets are looking forward to news from the Federal Reserve. The Fed is meeting on Tuesday and Wednesday.
Officials have been clear that solving the health crisis is key to economic recovery. The Fed is not expected to announce a new stimulus package this week.
Meanwhile, corporate earnings season is underway. Over 75% of companies in the S&P 500 will be reporting earnings in the next few weeks.
This week we’ll get results from Facebook (NASDAQ: FB), Apple (NASDAQ: AAPL), Amazon (NASDAQ: AMZN) and Alphabet (NASDAQ: GOOGL).
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Yours in Health & Wealth,