Will Congress Fail Again?

relief package

Congress is rushing to secure a new relief package before August recess.

Democrats and Republicans have spent more than 12 hours negotiating the next stimulus.

A deadline looms at the end of this week.

Democrats including Nancy Pelosi are pushing to extend the $600 weekly unemployment supplement in the relief package. This provides aid above and beyond regular state unemployment insurance.

President Trump wants the weekly supplement amount to be $400.

Failure to get a deal done reflects poorly on Democrats, Republicans and the President.

The big problem is that Democrats are pushing for over $3 trillion in this next bill, whereas the Republicans are asking for only $1 trillion.

That $2 trillion “spread” is what’s under negotiation right now.

It’s important for the U.S. economy that another stimulus get completed before Congress heads home on vacation. Without extension of some benefits, the economy will continue to weaken.

Despite the uncertainty in Washington . . .

Stocks continue to soar. And that’s causing a rush of new Initial Public Offerings. In fact, the average IPO is jumping over 40% – making it the hottest sector of the market.

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The Big News . . .

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Chicago Schools Open by Remote Learning Only

Chicago schools will re-open with 100% remote learning. The district changed plans after opposition from parents and teachers for a hybrid model. Chicago is the nation’s third- largest school district.

Texas Does NOT Report Likely Cases

The state of Texas is only reporting some of its testing results. The state does not report results from antibody tests and rapid antigen tests. This suggests that the state is underreporting its total number of cases.

Slow Test Results

In the last month, testing for Covid-19 has increased from 640,000 tests per day to 750,000 per day. However, in most parts of the country, test results are slow. The majority of people do not receive rest results within 48 hours – as recommended by public health experts.

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The Coronavirus Numbers

Here are the numbers from Wednesday at 11:45 a.m. ET:

  • 18,805,392 Infected worldwide
  • 706,445 Deaths
  • 4,924,734 Infected in the U.S.
  • 160,491 Deaths in the U.S.

What’s Next

Stocks rose in trading Wednesday. In mid-afternoon trading the Dow was up 1.2%, the S&P 500 added 0.6% and the Nasdaq gained 0.5%.

Investors are hopeful that Congress and the White House will nail down a relief package deal on or before Friday.

Another round of stimulus is required in order to support many out of work or underemployed Americans. Economists estimate that the elimination of a $600 weekly unemployment supplement will have a large and negative economic impact.

Meanwhile, gold has become a hot trade; it’s now trading above $2,000 per ounce.

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Ian Wyatt

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