White House Open to Bigger Stimulus Bill as Mnuchin, Pelosi Talk, , on October 9, 2020 at 12:32 pm

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

(Bloomberg) — The White House shifted tack on Thursday, signaling that the administration is again leaning toward a large-scale stimulus bill after House Speaker Nancy Pelosi pushed back on the idea of individual measures for parts of the economy hit by the Covid-19 crisis.Treasury Secretary Steven Mnuchin told Pelosi in a 40-minute call that President Donald Trump wants agreement on a comprehensive stimulus package, according to Drew Hammill, a Pelosi spokesman.Meanwhile, White House spokeswoman Alyssa Farah said, “we’ve made very clear we want a skinny package,” though she later clarified that position, telling reporters the administration is “open to going with something bigger.” She reiterated opposition to the $2.2 trillion plan from House Democrats.Prospects for coming to an agreement have proved volatile since Trump pulled his negotiators out of talks on a comprehensive package on Tuesday.Stocks, too, have proved volatile, with airline shares rising and falling on shifting indications of the potential for a separate aid package for the industry. The broader S&P 500 Index climbed for a second session Thursday, after a tumble Tuesday, when Trump pulled his negotiators from stimulus talks.‘Testing, Tracing’Pelosi sent a letter to House Democrats Friday morning casting further doubt on negotiations.“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.Mnuchin and Pelosi held a follow-up call Thursday afternoon with House Small Business Committee Chairwoman Nydia Velasquez and Financial Services Committee Chairwoman Maxine Waters about small businesses and access to capital.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.The House speaker said earlier Thursday there could be no action on a stand-alone bill to aid airlines or any other sector of the economy without an agreement with the White House and Republicans on a broader stimulus package.Pelosi said airline aid could move through Congress before a comprehensive deal is voted on — but that would have to be advanced in the “context” of a broader bill. “I have made the case to my colleagues that this is a special case,” Pelosi said on Bloomberg TV.“There is no stand-alone bill without a bigger bill,” she said. Pelosi has also said this week she is pressing for language that would limit Trump’s ability to divert virus testing and treatment funds to other projects.“I’m always optimistic,” Pelosi said. “Maybe the president seeing the reaction to his walking away from the table is the opportunity that we have for them to come back to the table for us to get an agreement — and the sooner the better.”Trump’s ShiftTrump changed course soon after his Tuesday tweet that ordered an end to talks until after he wins the election, blaming Pelosi for not negotiating in good faith. That move baffled Trump’s allies and created the political risk he’d be blamed entirely for the economic fallout. On Thursday, he told Fox Business that talks on a stimulus plan are now “starting to work out.”Trump on Thursday claimed that multiple separate measures, including $1,200 individual checks, are on the table.“We started talking again. And we’re talking about airlines and we’re talking about a bigger deal than airlines,” Trump said in the Fox Business interview. “We’re talking about a deal with $1,200 per person, we’re talking about other things.”Speaking later in Kentucky, Senate Majority Leader Mitch McConnell said the two sides should continue to try to negotiate a deal, but there are “vast differences about how much we should spend.”“The speaker insists on an outrageous amount of money” McConnell said, adding that there are members of his GOP majority that think enough has been done already. “Hopefully there will be a way forward soon.”The comments marked a shift for McConnell, who earlier this week said he supported Trump’s decision to call off talks.The Democratic plan calls for $2.2 trillion in spending, while Mnuchin has offered $1.6 trillion. The administration’s figure is higher than what many Senate Republicans have said they could support.Even if there were a breakthrough in Pelosi’s talks with Mnuchin, negotiations among House Democrats and the Senate’s calendar make it unlikely that a comprehensive stimulus package or a stand-alone bill to help airlines — which are already hemorrhaging tens of thousands of jobs — will reach the president’s desk before the end of October.While a measure could pass quickly if no lawmaker in either chamber objects, that’s unlikely to happen. Two Republican senators, Pat Toomey and Mike Lee, said in a statement Thursday that they oppose a bailout for the airline industry without some protections for taxpayers and the ability to make changes to the legislation.Without additional aid, American Airlines Group Inc. will cut more flights in addition to jobs, said Chief Executive Officer Doug Parker. The carrier began implementing 19,000 layoffs last week.“There will absolutely be discontinuation of service to small communities and there will be much less service to larger communities,” Parker said Thursday in an interview with CNBC.(Updates with Pelosi letter starting in sixth paragraph. A previous version corrected where McConnell was speaking.)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.,

White House Open to Bigger Stimulus Bill as Mnuchin, Pelosi Talk(Bloomberg) — The White House shifted tack on Thursday, signaling that the administration is again leaning toward a large-scale stimulus bill after House Speaker Nancy Pelosi pushed back on the idea of individual measures for parts of the economy hit by the Covid-19 crisis.Treasury Secretary Steven Mnuchin told Pelosi in a 40-minute call that President Donald Trump wants agreement on a comprehensive stimulus package, according to Drew Hammill, a Pelosi spokesman.Meanwhile, White House spokeswoman Alyssa Farah said, “we’ve made very clear we want a skinny package,” though she later clarified that position, telling reporters the administration is “open to going with something bigger.” She reiterated opposition to the $2.2 trillion plan from House Democrats.Prospects for coming to an agreement have proved volatile since Trump pulled his negotiators out of talks on a comprehensive package on Tuesday.Stocks, too, have proved volatile, with airline shares rising and falling on shifting indications of the potential for a separate aid package for the industry. The broader S&P 500 Index climbed for a second session Thursday, after a tumble Tuesday, when Trump pulled his negotiators from stimulus talks.‘Testing, Tracing’Pelosi sent a letter to House Democrats Friday morning casting further doubt on negotiations.“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.Mnuchin and Pelosi held a follow-up call Thursday afternoon with House Small Business Committee Chairwoman Nydia Velasquez and Financial Services Committee Chairwoman Maxine Waters about small businesses and access to capital.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.The House speaker said earlier Thursday there could be no action on a stand-alone bill to aid airlines or any other sector of the economy without an agreement with the White House and Republicans on a broader stimulus package.Pelosi said airline aid could move through Congress before a comprehensive deal is voted on — but that would have to be advanced in the “context” of a broader bill. “I have made the case to my colleagues that this is a special case,” Pelosi said on Bloomberg TV.“There is no stand-alone bill without a bigger bill,” she said. Pelosi has also said this week she is pressing for language that would limit Trump’s ability to divert virus testing and treatment funds to other projects.“I’m always optimistic,” Pelosi said. “Maybe the president seeing the reaction to his walking away from the table is the opportunity that we have for them to come back to the table for us to get an agreement — and the sooner the better.”Trump’s ShiftTrump changed course soon after his Tuesday tweet that ordered an end to talks until after he wins the election, blaming Pelosi for not negotiating in good faith. That move baffled Trump’s allies and created the political risk he’d be blamed entirely for the economic fallout. On Thursday, he told Fox Business that talks on a stimulus plan are now “starting to work out.”Trump on Thursday claimed that multiple separate measures, including $1,200 individual checks, are on the table.“We started talking again. And we’re talking about airlines and we’re talking about a bigger deal than airlines,” Trump said in the Fox Business interview. “We’re talking about a deal with $1,200 per person, we’re talking about other things.”Speaking later in Kentucky, Senate Majority Leader Mitch McConnell said the two sides should continue to try to negotiate a deal, but there are “vast differences about how much we should spend.”“The speaker insists on an outrageous amount of money” McConnell said, adding that there are members of his GOP majority that think enough has been done already. “Hopefully there will be a way forward soon.”The comments marked a shift for McConnell, who earlier this week said he supported Trump’s decision to call off talks.The Democratic plan calls for $2.2 trillion in spending, while Mnuchin has offered $1.6 trillion. The administration’s figure is higher than what many Senate Republicans have said they could support.Even if there were a breakthrough in Pelosi’s talks with Mnuchin, negotiations among House Democrats and the Senate’s calendar make it unlikely that a comprehensive stimulus package or a stand-alone bill to help airlines — which are already hemorrhaging tens of thousands of jobs — will reach the president’s desk before the end of October.While a measure could pass quickly if no lawmaker in either chamber objects, that’s unlikely to happen. Two Republican senators, Pat Toomey and Mike Lee, said in a statement Thursday that they oppose a bailout for the airline industry without some protections for taxpayers and the ability to make changes to the legislation.Without additional aid, American Airlines Group Inc. will cut more flights in addition to jobs, said Chief Executive Officer Doug Parker. The carrier began implementing 19,000 layoffs last week.“There will absolutely be discontinuation of service to small communities and there will be much less service to larger communities,” Parker said Thursday in an interview with CNBC.(Updates with Pelosi letter starting in sixth paragraph. A previous version corrected where McConnell was speaking.)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