October 28, 2020 04:37 AM RSS

Republican Senate Unwilling: New $1.5 Stimulus Bill Stalled

  • Wall Street Rebel | James DiGeorgia
  • 09/17/2020 5:19 PM
Republican Senate Unwilling: New $1.5 Stimulus Bill Stalled

President Trump and White House officials continue to express support for coronavirus stimulus legislation with a higher price tag than the GOP proposal put forth last week. Republican leaders remain silent on whether the party is willing to spend more on a new bill.


President Trump said yesterday he was willing to seriously consider and use the proposed $1.5 trillion stimulus proposal unveiled by a bipartisan group of House members known as the “problem solvers caucus” this week. Trump’s endorsement was complimented by White House Chief of Staff Mark Meadows, who told Fox News that President Trump was “certainly willing to embrace the $1.5 trillion-dollar number that was put out in the last day or so.”

The problem, of course, is Senate Majority Leader Mitch McConnell (R-KY) hasn’t yet commented on the middle-ground proposal after declining to discuss it when asked by reporters on Wednesday. House Minority Leader Kevin McCarthy (R-CA) — who was asked by reporters on Thursday about the president’s push for higher numbers — didn’t say whether he’d support it.

The push by the President and White House doesn’t seem to be enough to move negotiations forward.

Sarah Binder, a professor of political science at George Washington University and senior fellow at the Brookings Institute, told Yahoo Money….

“Despite President Trump’s comments yesterday, Senate Republicans are still not on board with an aid package anywhere near the size of the Problem Solvers’ proposal.”

“President Trump and the White House would have to get their own party on board to have any realistic chance of pressuring Democratic leaders to slim down the House-passed Heroes Act further.”

The $1.5 trillion proposal introduced by a group of 25 Democrats and 25 Republicans that make up the Problem Solvers Caucus includes provisions such as aid to small businesses and schools, a second round of stimulus checks, an extension of extra unemployment benefits, and election aid.

The Republican Senate appears to be willing to go into the upcoming election without doing anything more to help Americans weather the coronavirus economic fallout. Polls indicate that the GOP could lose as many as 13 net seats and not only control of the Senate, while also losing the White House in the approaching general election on November 3, 2020, but could lose the Senate to a Democratic supermajority.

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The lack of progress is likely to start eating away at the U.S. economy as all the unemployment benefits authorized by Congress come to an end. A massive national wave of evictions begins at the end of September. The Republican Senate seems to be buying into the stock market rally that has taken place since the March 23, 2020 lows. However, there are growing signs that the stock market could suffer another catastrophic correction of 15% to 20% as valuations prove to be dramatically inflated in hopes of a speedy end to the pandemic.

Many experts warn that the timelines being suggested by President Trump are wildly optimistic, and it could take another 9 to 24 months before the coronavirus is neutralized enough to allow the U.S. economy to recover.

Several top Democrat political strategists suggest the GOP is setting themselves up for a wave election or even a Tsunami if it fails to heed the warnings by Federal Reserve Chairman Jerome Powell.  Powell is insisting a large comprehensive stimulus package is needed to fend off a deep recession.

There’s also a danger that flu season collides with the current Covid-19 pandemic, and the United States finds itself plunged into another forced shutdown that pushes the country from a deep recession into its first economic depression since the early 1930s.

The lack of regard for the economic reality is of great concern to economists who are growing concerned that the government will run out of money and be forced to shut down in just 13 days, on September 30, 2020.

A full fledge and extended shutdown of the U.S. government would undoubtedly be incredibly damaging and make an economic recovery much more difficult. It could also lock in a tsunami win for former Vice President Joseph Biden and deliver the legislative and executive branches of the U.S. government to the Democrats.

Donald Trump, William Barr, and many others face the prospect of criminal indictments if they lose the election in November. Republican Senators are showing little or no concern. If they lose control of the Senate, the Democrats could make life miserable for those that remain. If the Democrats ended winning a 60 seat majority, we could see a string of impeachments, including that of Federal Judges, rammed through by Mitch McConnell, including Supreme Court Justice Brett Kavanaugh, many Democrats insist committed perjury during his confirmation hearings in 2017.  

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