Trump Says He Now Wants Bigger Stimulus Than Democrats Offering, , on October 9, 2020 at 7:30 pm

Financial News
By
On October 9, 2020
In Financial News
Tags:

(Bloomberg) — President Donald Trump said he wants an even bigger stimulus than what Democrats have offered so far, yet another turnabout in his position and one that seemed to undercut his own negotiators.“I would like to see a bigger stimulus package, frankly, than either the Democrats or the Republicans are offering,” Trump said on Rush Limbaugh’s radio program, saying he’s going in the “exact opposite” direction from his earlier stances.Shortly after, the White House communications director, Alyssa Farah, told reporters the administration wants a package below $2 trillion, sowing further confusion.Treasury Secretary Steven Mnuchin headed into talks with House Speaker Nancy Pelosi on Friday carrying a White House offer of $1.8 trillion for economic stimulus, according to people familiar with the matter. The two spoke for about 30 minutes and Mnuchin’s proposal “attempted to address some of the concerns Democrats have,” Pelosi spokesman Drew Hammill said on Twitter.Pelosi has proposed a $2.2 trillion plan, down from the $3.4 trillion package the House passed in May, but the differences between the two sides involve more than money. They also differ on how it should be spent.‘Strategic Plan’The speaker in Friday’s conversation pressed the administration to include language in the bill on developing a “strategic plan” to combat the virus. There has been resistance to doing this from the White House which has claimed it has such a plan already.Another hurdle is that many Republicans in Congress have said they would oppose any plan approaching $2 trillion, but Trump on Friday indicated he wasn’t concerned about that.“I’m telling you something I don’t tell anybody else because maybe it helps or maybe it hurts negotiations,” Trump told Limbaugh. “I would like to see a bigger package.”It’s an about-face by Trump, who said Tuesday he was pulling out of the pandemic relief talks. It comes with the election three weeks away and polls showing him trailing Democrat Joe Biden.Political NeedHis actions demonstrate that politically he needs a deal, according to one Senate GOP aide. The aide said that if Trump can get an agreement for less than $2 trillion, it would be hard for Senate Majority Leader Mitch McConnell not to put it up for a vote. But the president’s statement could also harden Pelosi’s demand for a bigger stimulus.Trump himself “potentially” could have talks with lawmakers today, Farah said, without specifying who he might speak with.Stocks had climbed to session highs on Friday on the first reports of the White House upping its offer on coronavirus relief, but failed to gain further steam from Trump’s later twist. The S&P 500 Index was up 0.9% as of 3:21 p.m.There is still skepticism about whether a deal can be cut and transformed into legislation before Election Day.Time PressesMcConnell said earlier Friday that there’s probably not enough time before the election to bridge the “vast” differences on a new virus relief package.“I believe that we do need another rescue package, but the proximity to the elections and the differences of opinion about what is needed are pretty vast,” McConnell said at an event in his home state of Kentucky.McConnell later told reporters that “even if an agreement” on stimulus is reached, his first priority is securing Senate confirmation of Trump’s nominee for the Supreme Court. Hearings for Amy Coney Barrett are scheduled to begin Monday with a final Senate vote as soon as the week of Oct. 26.If Pelosi and Mnuchin get an agreement, Congress would then likely need two weeks or more to draft legislative text and approve it in the House and Senate. The Senate is on recess until Oct. 19 and the House until mid-November, but lawmakers have been told they can be called back with 24 hours notice to vote on any stimulus deal.If it did come to a vote, Republican lawmakers may be a major obstacle.McConnell has said that there are members of his Senate GOP majority who think the government has already provided enough stimulus. House Republican leader Kevin McCarthy has also said his caucus members are skeptical of a large package. “We’d have to see what’s in it, but I think it’s difficult,” he said last month.In his remarks Friday, McConnell specifically highlighted the “narrowly targeted” GOP package of about a half-trillion dollars that Democrats blocked as insufficient last month.For vulnerable Republican lawmakers, a deal appears to be increasingly important, with the economy already showing the signs of the recovery slowing. Job growth in September was the weakest since the rebound began in May, a report showed Friday.Senator Joni Ernst, running behind her Democratic challenger in Iowa, tweeted that she had spoken with Trump and told him “Iowans need additional COVID-19 relief.”Pelosi sent a letter to House Democrats Friday morning criticizing Trump for not taking the pandemic seriously enough.“The Administration does not share this priority of crushing the virus. The President does not have the capacity, leadership or plan for testing, tracing, and isolation that is needed,” Pelosi wrote. “Instead, Trump’s delay, denial, distortion of reality and disdain for science has exacted a deadly and preventable human toll.”The two sides are are divided on the issues of how much money to provide state and local governments, language restricting Trump’s ability to divert anti-virus health care spending and the level and length of supplemental unemployment benefits. Dozens of smaller issues such as funding for election security and the Postal Service also remain.The negotiations are proceeding against a frenzied backdrop, with the president recuperating from Covid-19 and the final stretch of the election campaign under way. Pelosi and Trump publicly questioned each other’s ability to perform their jobs on Thursday.Read More: Pelosi and Trump Question Each Other’s Mental Faculties(Updates with Pelosi discussion with Mnuchin in third paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.,

Trump Says He Now Wants Bigger Stimulus Than Democrats Offering(Bloomberg) — President Donald Trump said he wants an even bigger stimulus than what Democrats have offered so far, yet another turnabout in his position and one that seemed to undercut his own negotiators.“I would like to see a bigger stimulus package, frankly, than either the Democrats or the Republicans are offering,” Trump said on Rush Limbaugh’s radio program, saying he’s going in the “exact opposite” direction from his earlier stances.Shortly after, the White House communications director, Alyssa Farah, told reporters the administration wants a package below $2 trillion, sowing further confusion.Treasury Secretary Steven Mnuchin headed into talks with House Speaker Nancy Pelosi on Friday carrying a White House offer of $1.8 trillion for economic stimulus, according to people familiar with the matter. The two spoke for about 30 minutes and Mnuchin’s proposal “attempted to address some of the concerns Democrats have,” Pelosi spokesman Drew Hammill said on Twitter.Pelosi has proposed a $2.2 trillion plan, down from the $3.4 trillion package the House passed in May, but the differences between the two sides involve more than money. They also differ on how it should be spent.‘Strategic Plan’The speaker in Friday’s conversation pressed the administration to include language in the bill on developing a “strategic plan” to combat the virus. There has been resistance to doing this from the White House which has claimed it has such a plan already.Another hurdle is that many Republicans in Congress have said they would oppose any plan approaching $2 trillion, but Trump on Friday indicated he wasn’t concerned about that.“I’m telling you something I don’t tell anybody else because maybe it helps or maybe it hurts negotiations,” Trump told Limbaugh. “I would like to see a bigger package.”It’s an about-face by Trump, who said Tuesday he was pulling out of the pandemic relief talks. It comes with the election three weeks away and polls showing him trailing Democrat Joe Biden.Political NeedHis actions demonstrate that politically he needs a deal, according to one Senate GOP aide. The aide said that if Trump can get an agreement for less than $2 trillion, it would be hard for Senate Majority Leader Mitch McConnell not to put it up for a vote. But the president’s statement could also harden Pelosi’s demand for a bigger stimulus.Trump himself “potentially” could have talks with lawmakers today, Farah said, without specifying who he might speak with.Stocks had climbed to session highs on Friday on the first reports of the White House upping its offer on coronavirus relief, but failed to gain further steam from Trump’s later twist. The S&P 500 Index was up 0.9% as of 3:21 p.m.There is still skepticism about whether a deal can be cut and transformed into legislation before Election Day.Time PressesMcConnell said earlier Friday that there’s probably not enough time before the election to bridge the “vast” differences on a new virus relief package.“I believe that we do need another rescue package, but the proximity to the elections and the differences of opinion about what is needed are pretty vast,” McConnell said at an event in his home state of Kentucky.McConnell later told reporters that “even if an agreement” on stimulus is reached, his first priority is securing Senate confirmation of Trump’s nominee for the Supreme Court. Hearings for Amy Coney Barrett are scheduled to begin Monday with a final Senate vote as soon as the week of Oct. 26.If Pelosi and Mnuchin get an agreement, Congress would then likely need two weeks or more to draft legislative text and approve it in the House and Senate. The Senate is on recess until Oct. 19 and the House until mid-November, but lawmakers have been told they can be called back with 24 hours notice to vote on any stimulus deal.If it did come to a vote, Republican lawmakers may be a major obstacle.McConnell has said that there are members of his Senate GOP majority who think the government has already provided enough stimulus. House Republican leader Kevin McCarthy has also said his caucus members are skeptical of a large package. “We’d have to see what’s in it, but I think it’s difficult,” he said last month.In his remarks Friday, McConnell specifically highlighted the “narrowly targeted” GOP package of about a half-trillion dollars that Democrats blocked as insufficient last month.For vulnerable Republican lawmakers, a deal appears to be increasingly important, with the economy already showing the signs of the recovery slowing. Job growth in September was the weakest since the rebound began in May, a report showed Friday.Senator Joni Ernst, running behind her Democratic challenger in Iowa, tweeted that she had spoken with Trump and told him “Iowans need additional COVID-19 relief.”Pelosi sent a letter to House Democrats Friday morning criticizing Trump for not taking the pandemic seriously enough.“The Administration does not share this priority of crushing the virus. The President does not have the capacity, leadership or plan for testing, tracing, and isolation that is needed,” Pelosi wrote. “Instead, Trump’s delay, denial, distortion of reality and disdain for science has exacted a deadly and preventable human toll.”The two sides are are divided on the issues of how much money to provide state and local governments, language restricting Trump’s ability to divert anti-virus health care spending and the level and length of supplemental unemployment benefits. Dozens of smaller issues such as funding for election security and the Postal Service also remain.The negotiations are proceeding against a frenzied backdrop, with the president recuperating from Covid-19 and the final stretch of the election campaign under way. Pelosi and Trump publicly questioned each other’s ability to perform their jobs on Thursday.Read More: Pelosi and Trump Question Each Other’s Mental Faculties(Updates with Pelosi discussion with Mnuchin in third paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

,

Instant Quote

Enter the Stock Symbol.

Select the Exchange.

Select the Type of Security.

Please enter your First Name.

Please enter your Last Name.

Please enter your phone number.

Please enter your Email Address.

Please enter or select the Total Number of Shares you own.

Please enter or select the Desired Loan Amount you are seeking.

Please select the Loan Purpose.

Please select if you are an Officer/Director.

High West Capital Partners, LLC may only offer certain information to persons who are “Accredited Investors” and/or “Qualified Clients” as those terms are defined under applicable Federal Securities Laws. In order to be an “Accredited Investor” and/or a “Qualified Client”, you must meet the criteria identified in ONE OR MORE of the following categories/paragraphs numbered 1-20 below.

High West Capital Partners, LLC cannot provide you with any information regarding its Loan Programs or Investment Products unless you meet one or more of the following criteria. Furthermore, Foreign nationals who may be exempt from qualifying as a U.S. Accredited Investor are still required to meet the established criteria, in accordance with High West Capital Partners, LLC’s internal lending policies. High West Capital Partners, LLC will not provide information or lend to any individual and/or entity that does not meet one or more of the following criteria:

1) Individual with Net Worth in excess of $1.0 million. A natural person (not an entity) whose net worth, or joint net worth with his or her spouse, at the time of purchase exceeds $1,000,000 USD. (In calculating net worth, you may include your equity in personal property and real estate, including your principal residence, cash, short-term investments, stock and securities. Your inclusion of equity in personal property and real estate should be based on the fair market value of such property less debt secured by such property.)

2) Individual with $200,000 individual Annual Income. A natural person (not an entity) who had individual income of more than $200,000 in each of the preceding two calendar years, and has a reasonable expectation of reaching the same income level in the current year.

3) Individual with $300,000 Joint Annual Income. A natural person (not an entity) who had joint income with his or her spouse in excess of $300,000 in each of the preceding two calendar years, and has a reasonable expectation of reaching the same income level in the current year.

4) Corporations or Partnerships. A corporation, partnership, or similar entity that has in excess of $5 million of assets and was not formed for the specific purpose of acquiring an interest in the Corporation or Partnership.

5) Revocable Trust. A trust that is revocable by its grantors and each of whose grantors is an Accredited Investor as defined in one or more of the other categories/paragraphs numbered herein.

6) Irrevocable Trust. A trust (other than an ERISA plan) that (a)is not revocable by its grantors, (b) has in excess of $5 million of assets, (c) was not formed for the specific purpose of acquiring an interest, and (d) is directed by a person who has such knowledge and experience in financial and business matters that such person is capable of evaluating the merits and risks of an investment in the Trust.

7) IRA or Similar Benefit Plan. An IRA, Keogh or similar benefit plan that covers only a single natural person who is an Accredited Investor, as defined in one or more of the other categories/paragraphs numbered herein.

8) Participant-Directed Employee Benefit Plan Account. A participant-directed employee benefit plan investing at the direction of, and for the account of, a participant who is an Accredited Investor, as that term is defined in one or more of the other categories/paragraphs numbered herein.

9) Other ERISA Plan. An employee benefit plan within the meaning of Title I of the ERISA Act other than a participant-directed plan with total assets in excess of $5 million or for which investment decisions (including the decision to purchase an interest) are made by a bank, registered investment adviser, savings and loan association, or insurance company.

10) Government Benefit Plan. A plan established and maintained by a state, municipality, or any agency of a state or municipality, for the benefit of its employees, with total assets in excess of $5 million.

11) Non-Profit Entity. An organization described in Section 501(c)(3) of the Internal Revenue Code, as amended, with total assets in excess of $5 million (including endowment, annuity and life income funds), as shown by the organization’s most recent audited financial statements.

12) A bank, as defined in Section 3(a)(2) of the Securities Act (whether acting for its own account or in a fiduciary capacity).

13) A savings and loan association or similar institution, as defined in Section 3(a)(5)(A) of the Securities Act (whether acting for its own account or in a fiduciary capacity).

14) A broker-dealer registered under the Exchange Act.

15) An insurance company, as defined in Section 2(13) of the Securities Act.

16) A “business development company,” as defined in Section 2(a)(48) of the Investment Company Act.

17) A small business investment company licensed under Section 301 (c) or (d) of the Small Business Investment Act of 1958.

18) A “private business development company” as defined in Section 202(a)(22) of the Advisers Act.

19) Executive Officer or Director. A natural person who is an executive officer, director or general partner of the Partnership or the General Partner, and is an Accredited Investor as that term is defined in one or more of the categories/paragraphs numbered herein.

20) Entity Owned Entirely By Accredited Investors. A corporation, partnership, private investment company or similar entity each of whose equity owners is a natural person who is an Accredited Investor, as that term is defined in one or more of the categories/paragraphs numbered herein.

Please read the notice above and check the box below to continue.

Singapore

168 Robinson Road,
Capital Tower, Singapore 068912
+65 3105 1295

Taiwan

5th Floor, No. 1-8, Section 5, Zhongxiao East Road, Taipei

Hong Kong

R91, 3rd Floor,
Eton Tower, 8 Hysan Ave.
Causeway Bay, Hong Kong
+852 3002 4462

Australia

44 Martin Place, Sydney 2000 Australia
+02 8319 3232

Indonesia

Millennium Centennial Center, 38th Floor, Jl. Jend. Sudirman Kav. 25
Jakarta 12920, Indonesia

Market Coverage