stimulus update october 16 2020
October 16, 2020

Trump Remains Overconfident in Republicans


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Trump Remains Overconfident in Republicans

This is my stimulus update for Friday, October 16.

Steven Mnuchin and Nancy Pelosi spoke yesterday for nearly an hour and a half, with Mnuchin stating, as he said he would, that he would accept Democrats’ language for  national strategic COVID-19 testing plan with “minor” edits and that Mnuchin would deliver the Republicans’ proposed language on this issue today.  If you watched the Trump Town Hall last night, then you saw this:

He said he’s ready to sign a “big, beautiful stimulus,” that Senate Republicans are ready to go, and that the only thing standing in the way is Nancy Pelosi.

Don’t want to read? Watch the video here!

In my opinion, Trump is overconfident here.  Mitch, like we said yesterday, said that next week he’s going to put forth what he thinks is appropriate, and what he thinks is appropriate appears to be another skinny bill to the tune of $500 billion.

And we have a New York Times reporter stating yesterday that Mitch McConnell when asked if the bill he’s going to put forth next week is similar to what Trump wants, he said with a chuckle that Trump is “talking about a much larger amount than [he] can sell to [his] members, [Republican Senators].”

McConnell literally laughed off Trump’s desire, and he’s said repeatedly that Senate Republicans think small and targeted is the way to go.

Can Trump work him?  Maybe, maybe.

Or maybe McConnell has quietly thrown in the towel on this president.  But on the other hand, remember, optically it would not look good for the White House and Pelosi to reach a deal that passes the House and Trump is ready to sign but the Republicans in the Senate block it, that would not be a good look especially before the election if a deal is reached before the election that makes its way to the Senate, which seems like a long shot at this point, just too much to do, too little time, but we have to consider all options here.

So obviously Trump has to blame Pelosi here, but obviously Mitch McConnell is somewhat of a quiet obstacle here as well to stimulus.  And on her call with Mnuchin yesterday, Pelosi pointed out that Mitch McConnell doesn’t seem willing to go big on stimulus right now.

And at least according to Pelosi’s spokesperson, Mnuchin said that Trump will work on him, so we’ll see how that goes, but that’s further down the line, White House and Democrats still have to work something out, and that process has been painful.

Pelosi put out yet another Dear Colleague letter yesterday saying, “House Democrats know firsthand how necessary it is to come to agreement.  To our constituents, we promise: HELP IS ON THE WAY.  It will be safer, bigger and better, and it will be retroactive. We must come to agreement as soon as possible, but not before we are truly helping the people without accommodating the Republicans’ surrender to the virus.”

Like I said, Mnuchin and Pelosi are continuing to talk with their “productive” talks, Kandy Raymer pointed out yesterday in the comment section that “their calls are always ‘productive,’ but yet never produce results.  Ironic.”

I agree and kind of feel that once you become a politician, your definition of “productive” changes.  Like for me, I feel productive if I get up early, work all day, then make time for family, and not waste any time.

But somehow these D.C. politicians are “productive” while wasting all of our time.

Logan Allec, CPA

Logan is a practicing CPA, Certified Student Loan Professional, and founder of Money Done Right, which he launched in July 2017. After spending nearly a decade in the corporate world helping big businesses save money, he launched his blog with the goal of helping everyday Americans earn, save, and invest more money. Learn more about Logan.

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