thefiscaltimes--2020-07-31--Coronavirus Relief Bill Talks: Over the Cliff

Negotiations on another coronavirus relief package continue to involve more finger-pointing than progress , with White House Chief of Staff Mark Meadows and Speaker Nancy Pelosi on Friday each accusing the other side of being unwilling to strike a deal .
With an enhanced federal unemployment benefit of $ 600 a week set to formally expire on Friday , and with the last of those payments having already gone out , President Trump and Republicans have been pressing for a stopgap extension of the program and a moratorium on evictions .
Meadows told reporters Friday that Democrats had rejected multiple @ @ @ @ @ @ @ unemployment payments .
“ At the president ’ s direction , we have made no less than four different offers ” to continue the emergency programs , Meadows said at a White House briefing .
“ They ’ ve not even been countered with a proposal .
So the Democrats are certainly willing today to allow some of the American citizens who are struggling the most under this pandemic to go unprotected.
” Meadows didn ’ t detail the offers , but Politico reports that he made a proposal that many Republicans might @ @ @ @ @ @ @ to extend enhanced unemployment at $ 600 per week for four months as a stand-alone bill .
… It ’ s an extension of current law -- something the GOP has railed against.
” House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer reportedly countered by proposing to extend the $ 600 payments through the first quarter of 2021 .
The Washington Post reports that the White House is also willing to agree to a deal that does not include the liability protections for businesses , hospitals and schools .
Senate Majority @ @ @ @ @ @ @ are his “ red line ” in talks .
“ That ’ s a question for Mitch McConnell ... that ’ s his priority , ” White House Press Secretary Kayleigh McEnany said Friday , when asked if the administration would demand a liability shield .
“ This president is very keenly focused on unemployment insurance.
” Democrats reject piecemeal approach : At her weekly press conference , Pelosi said that the White House had offered a one-week extension of the unemployment insurance boost and reiterated her position that such a deal would @ @ @ @ @ @ @ making progress toward a broader agreement and that Republicans don ’ t have the votes to pass any of their proposals .
“ What is a one week extension good for ?
The one week extension is good if you have a bill , and you ’ re working it out , the details , the writing of it , ” Pelosi told reporters late Thursday after meeting with Meadows and Treasury Secretary Steven Mnuchin .
“ It ’ s worthless unless you are using it for a purpose.
” Republicans initially proposed @ @ @ @ @ @ @ comes in addition to regular state benefits , to $ 200 a week and enacting a system that would replace about 70 % of a worker ’ s previous wages in total .
The speaker blamed Republicans for waiting to formulate a counterproposal to the $ 3 trillion plan Democrats passed in May , which would extend the $ 600 payments through January , among other things .
“ The Republicans said they wanted to take a pause .
Well , the virus didn ’ t .
Since then over 65,000 Americans have @ @ @ @ @ @ @ Clearly they , and perhaps the White House , do not understand the gravity of the situation.
” Aid to state and local governments also a stumbling block : The two sides reportedly also remain far apart on a number of other issues , including additional aid to state and local governments .
Democrats reportedly are seeking more than $ 900 billion in such funding , much more than the White House and Senate Republicans want .
President Trump later tweeted that Pelosi and Schumer have `` no interest '' in reaching a @ @ @ @ @ @ @ desperately needed unemployment payments .
“ Pelosi & Schumer have no interest in making a deal that is good for our Country and our People , ” Trump tweeted .
“ All they want is a trillion dollars , and much more , for their Radical Left Governed States , most of which are doing very badly .
It is called a BAILOUT for many years of bad Dem Mgmt !
” The bottom line : Sahil Kapur of NBC News noted that the barbs flying back and forth at dueling press briefings @ @ @ @ @ @ @ apart the parties remain : “ Abundantly clear from that Pelosi presser that talks with Meadows/Mnuchin are going nowhere fast .
As anyone who 's covered the Hill knows : attacks dial down when progress is privately occurring and escalate when it 's not.
” What ’ s next : Talks are reportedly set to continue in person on Saturday morning .
House Majority Leader Steny Hoyer said Friday that the House would remain in session until a deal is reached , but he also said members would be given 24 hours ’ @ @ @ @ @ @ @ package once a relief package is ready .

Negotiations on another coronavirus relief package continue to involve more finger-pointing than progress, with White House Chief of Staff Mark Meadows and Speaker Nancy Pelosi on Friday each accusing the other side of being unwilling to strike a deal.
With an enhanced federal unemployment benefit of $600 a week set to formally expire on Friday, and with the last of those payments having already gone out, President Trump and Republicans have been pressing for a stopgap extension of the program and a moratorium on evictions. Meadows told reporters Friday that Democrats had rejected multiple proposals by the administration to extend the unemployment payments.
“At the president’s direction, we have made no less than four different offers” to continue the emergency programs, Meadows said at a White House briefing. “They’ve not even been countered with a proposal. So the Democrats are certainly willing today to allow some of the American citizens who are struggling the most under this pandemic to go unprotected.”
Meadows didn’t detail the offers, but Politico reports that he made a proposal that many Republicans might have a hard time swallowing: “to extend enhanced unemployment at $600 per week for four months as a stand-alone bill. … It’s an extension of current law -- something the GOP has railed against.” House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer reportedly countered by proposing to extend the $600 payments through the first quarter of 2021.
The Washington Post reports that the White House is also willing to agree to a deal that does not include the liability protections for businesses, hospitals and schools. Senate Majority Leader Mitch McConnell has insisted those protections are his “red line” in talks. “That’s a question for Mitch McConnell ... that’s his priority,” White House Press Secretary Kayleigh McEnany said Friday, when asked if the administration would demand a liability shield. “This president is very keenly focused on unemployment insurance.”
Democrats reject piecemeal approach: At her weekly press conference, Pelosi said that the White House had offered a one-week extension of the unemployment insurance boost and reiterated her position that such a deal would only make sense if the parties were making progress toward a broader agreement and that Republicans don’t have the votes to pass any of their proposals.
“What is a one week extension good for? The one week extension is good if you have a bill, and you’re working it out, the details, the writing of it,” Pelosi told reporters late Thursday after meeting with Meadows and Treasury Secretary Steven Mnuchin. “It’s worthless unless you are using it for a purpose.”
Republicans initially proposed reducing the federal unemployment payment, which comes in addition to regular state benefits, to $200 a week and enacting a system that would replace about 70% of a worker’s previous wages in total.
The speaker blamed Republicans for waiting to formulate a counterproposal to the $3 trillion plan Democrats passed in May, which would extend the $600 payments through January, among other things. “The Republicans said they wanted to take a pause. Well, the virus didn’t. Since then over 65,000 Americans have died,” she said. “Clearly they, and perhaps the White House, do not understand the gravity of the situation.”
Aid to state and local governments also a stumbling block: The two sides reportedly also remain far apart on a number of other issues, including additional aid to state and local governments. Democrats reportedly are seeking more than $900 billion in such funding, much more than the White House and Senate Republicans want.
President Trump later tweeted that Pelosi and Schumer have "no interest" in reaching a deal and accused them of blocking “desperately needed unemployment payments. “Pelosi & Schumer have no interest in making a deal that is good for our Country and our People,” Trump tweeted. “All they want is a trillion dollars, and much more, for their Radical Left Governed States, most of which are doing very badly. It is called a BAILOUT for many years of bad Dem Mgmt!”
The bottom line: Sahil Kapur of NBC News noted that the barbs flying back and forth at dueling press briefings are an indication of just how far apart the parties remain: “Abundantly clear from that Pelosi presser that talks with Meadows/Mnuchin are going nowhere fast. As anyone who's covered the Hill knows: attacks dial down when progress is privately occurring and escalate when it's not.”
What’s next: Talks are reportedly set to continue in person on Saturday morning. House Majority Leader Steny Hoyer said Friday that the House would remain in session until a deal is reached, but he also said members would be given 24 hours’ notice to return to vote on a package once a relief package is ready.


thefiscaltimes--2020-08-03--Where Is Trump’s Health Care Plan?

Where Is Trump’s Health Care Plan?

In an interview with “ Fox News Sunday ” host Chris Wallace on July 19 , President Trump said that he would be “ signing a health-care plan within two weeks , a full and complete health-care plan.
” Two weeks have come and gone and Trump hasn ’ t released let alone signed a “ full and complete health-care plan , ” of course .
There ’ s no indication that the administration has such a comprehensive plan .
Trump reiterated that a plan was coming in an exchange with reporters on Friday , The Washington Post reports : @ @ @ @ @ @ @ doing a health-care plan .
We ’ re going to be doing a very inclusive health-care plan .
I ’ ll be signing it sometime very soon , ” he said .
When a reporter noted Trump ’ s earlier comments that he ’ d sign a plan in two weeks , Trump added : “ Might be Sunday .
But it ’ s going to be very soon.
” On Monday afternoon , he said the plan will come `` hopefully prior to the end of the month . ''
Sen. Lindsey @ @ @ @ @ @ @ s plan would actually be a “ fairly comprehensive ” executive order .
But as the Post points out , an executive order , even a broad one , would fall short of the full and complete plan Trump said is on the way .
As numerous analysts and commentators have noted , Trump ’ s failure to produce such a health-care plan continues a pattern of unfulfilled policy promises .
“ The truth is , when Trump is stumped , he likes to throw out promises of big policy initiatives — his @ @ @ @ @ @ @ always seem to be just two weeks away , ” Washington Post columnist Karen Tumulty writes .
“ They are mirages .
His assumption is that people will just forget about them as they choke on the dust cloud of distraction that he kicks up every day.
” “ Infrastructure week ” may have become a Washington , D.C. , punchline , but those empty promises may be most noticeable — and most meaningful to the American public — when it comes to health care .
“ President Trump has repeatedly vowed to @ @ @ @ @ @ @ Supreme Court to overturn it .
He has never offered a replacement plan , ” Larry Levitt , executive vice president for health policy at the Kaiser Family Foundation , a nonpartisan nonprofit , said in a tweet Sunday .
“ His latest budget includes a vision for reform with few details that would cut federal health spending by $ 844 billion over a decade.
” White House Press Secretary Kayleigh McEnany noted in a statement to the Post that Trump had issued four executive orders on drug prices last month and that @ @ @ @ @ @ @ ahead .
The president , she said , “ continues to act in delivering better and cheaper health care , protecting Americans with preexisting conditions , lowering prescription drug costs , and defending the right of Americans to keep their doctors and plans of their choice.
” Trump was expected to sign another executive order Monday afternoon aimed at improving health care and telemedicine in rural areas .
But , as the Post ’ s Anne Gearan , Amy Goldstein and Seung Min Kim suggest , Trump ’ s repeated promises of a @ @ @ @ @ @ @ : “ Although it may appeal to voters who don ’ t like the ACA , it also highlights his party ’ s inability to come up with an alternative , despite spending almost a decade promising one .
It also raises questions about what exactly his plan would look like and whether it would cover fewer Americans than the current system as the pandemic ravages the country.
” Leaving those questions unanswered may be Trump ’ s real health-care plan for now .

In an interview with “Fox News Sunday” host Chris Wallace on July 19, President Trump said that he would be “signing a health-care plan within two weeks, a full and complete health-care plan.” Two weeks have come and gone and Trump hasn’t released let alone signed a “full and complete health-care plan,” of course. There’s no indication that the administration has such a comprehensive plan.
Trump reiterated that a plan was coming in an exchange with reporters on Friday, The Washington Post reports: “We’re going to be doing a health-care plan. We’re going to be doing a very inclusive health-care plan. I’ll be signing it sometime very soon,” he said. When a reporter noted Trump’s earlier comments that he’d sign a plan in two weeks, Trump added: “Might be Sunday. But it’s going to be very soon.” On Monday afternoon, he said the plan will come "hopefully prior to the end of the month."
Sen. Lindsey Graham told the Post that Trump’s plan would actually be a “fairly comprehensive” executive order. But as the Post points out, an executive order, even a broad one, would fall short of the full and complete plan Trump said is on the way.
As numerous analysts and commentators have noted, Trump’s failure to produce such a health-care plan continues a pattern of unfulfilled policy promises. “The truth is, when Trump is stumped, he likes to throw out promises of big policy initiatives — his infrastructure push, for instance — that always seem to be just two weeks away,” Washington Post columnist Karen Tumulty writes. “They are mirages. His assumption is that people will just forget about them as they choke on the dust cloud of distraction that he kicks up every day.”
“Infrastructure week” may have become a Washington, D.C., punchline, but those empty promises may be most noticeable — and most meaningful to the American public — when it comes to health care.
“President Trump has repeatedly vowed to repeal the ACA and is urging the Supreme Court to overturn it. He has never offered a replacement plan,” Larry Levitt, executive vice president for health policy at the Kaiser Family Foundation, a nonpartisan nonprofit, said in a tweet Sunday. “His latest budget includes a vision for reform with few details that would cut federal health spending by $844 billion over a decade.”
White House Press Secretary Kayleigh McEnany noted in a statement to the Post that Trump had issued four executive orders on drug prices last month and that there will be “more action” ahead. The president, she said, “continues to act in delivering better and cheaper health care, protecting Americans with preexisting conditions, lowering prescription drug costs, and defending the right of Americans to keep their doctors and plans of their choice.” Trump was expected to sign another executive order Monday afternoon aimed at improving health care and telemedicine in rural areas.
But, as the Post’s Anne Gearan, Amy Goldstein and Seung Min Kim suggest, Trump’s repeated promises of a broader Obamacare replacement carries some political risk: “Although it may appeal to voters who don’t like the ACA, it also highlights his party’s inability to come up with an alternative, despite spending almost a decade promising one. It also raises questions about what exactly his plan would look like and whether it would cover fewer Americans than the current system as the pandemic ravages the country.”
Leaving those questions unanswered may be Trump’s real health-care plan for now.


thefiscaltimes--2020-08-03--With Congress at a Stalemate, Trump Eyes Executive Orders on Coronavirus Relief

Negotiators emerged from about two hours of talks Monday on the next coronavirus relief package calling their discussions productive but sounding like a deal remains a long way away .
“ It was productive .
We are moving down the track .
We still have our differences .
We are trying to have clearer understanding of what the needs are , ” House Speaker Nancy Pelosi ( D-CA ) told reporters .
Senate Minority Leader Chuck Schumer similarly said the two sides were making some progress , though many differences remain .
“ What we did today , to give @ @ @ @ @ @ @ we went through the numbers in the proposal that the Senate put forth and the proposal that we had , ” Schumer said .
“ How many children can you feed with this amount of dollars for how long ?
How many schools can you protect with this amount of dollars so that they can open up when ?
” Pelosi and Schumer told reporters that the parties were sticking to their divergent positions on the question of renewing a federal enhancement of unemployment insurance .
Democrats have called for a longer-term extension @ @ @ @ @ @ @ weekly unemployment payments .
Republicans have proposed reducing the supplemental payments to around $ 200 , but have reportedly also floated shorter-term extensions of the $ 600 boost .
Pelosi on Monday told CNN that the $ 600 level could be tied to unemployment levels .
“ If the unemployment goes down , then that number can go down , but it doesn ’ t go down -- you know , you ’ re not saying to the American people , ‘ We have more infections , more deaths , we have more @ @ @ @ @ @ @ and now we ’ re going to cut your benefit , ’ ” she said .
Politico reports that Pelosi told fellow House Democrats on a conference call later Monday that the talks may drag on until next week .
“ It is my hope we could do it this week ... but probably not until next week , ” Pelosi said .
When asked if a comprehensive deal could wind up topping the $ 1 trillion mark , White House Chief of Staff Mark Meadows said the two sides are “ so @ @ @ @ @ @ @ not even a valid question.
” Trump exploring executive orders : With negotiations so far yielding little progress , President Trump said Monday he ’ s looking at taking executive action to stop tenant evictions .
“ A lot of people are going to be evicted but I ’ m going to stop it because I ’ ll do it myself if I have to , ” Trump told reporters at an event at the White House .
“ I have a lot of powers with respect to executive orders and we ’ @ @ @ @ @ @ @ now.
” But The Washington Post reports it ’ s not clear what steps Trump could take to revive an expired moratorium on evictions or a lapsed federal boost to unemployment insurance .
Other executive actions reportedly could defer the collection of payroll taxes ( see more below ) or extend a moratorium on student loan payments .

Negotiators emerged from about two hours of talks Monday on the next coronavirus relief package calling their discussions productive but sounding like a deal remains a long way away.
“It was productive. We are moving down the track. We still have our differences. We are trying to have clearer understanding of what the needs are,” House Speaker Nancy Pelosi (D-CA) told reporters.
Senate Minority Leader Chuck Schumer similarly said the two sides were making some progress, though many differences remain.
“What we did today, to give you a little flavor of it is we went through the numbers in the proposal that the Senate put forth and the proposal that we had,” Schumer said. “How many children can you feed with this amount of dollars for how long? How many schools can you protect with this amount of dollars so that they can open up when?”
Pelosi and Schumer told reporters that the parties were sticking to their divergent positions on the question of renewing a federal enhancement of unemployment insurance. Democrats have called for a longer-term extension of a $600 federal boost to weekly unemployment payments.
Republicans have proposed reducing the supplemental payments to around $200, but have reportedly also floated shorter-term extensions of the $600 boost.
Pelosi on Monday told CNN that the $600 level could be tied to unemployment levels. “If the unemployment goes down, then that number can go down, but it doesn’t go down -- you know, you’re not saying to the American people, ‘We have more infections, more deaths, we have more unemployment, we have more hunger, and now we’re going to cut your benefit,’” she said.
Politico reports that Pelosi told fellow House Democrats on a conference call later Monday that the talks may drag on until next week. “It is my hope we could do it this week...but probably not until next week,” Pelosi said.
When asked if a comprehensive deal could wind up topping the $1 trillion mark, White House Chief of Staff Mark Meadows said the two sides are “so far apart right now that’s not even a valid question.”
Trump exploring executive orders: With negotiations so far yielding little progress, President Trump said Monday he’s looking at taking executive action to stop tenant evictions. “A lot of people are going to be evicted but I’m going to stop it because I’ll do it myself if I have to,” Trump told reporters at an event at the White House. “I have a lot of powers with respect to executive orders and we’re looking at that very seriously right now.”
But The Washington Post reports it’s not clear what steps Trump could take to revive an expired moratorium on evictions or a lapsed federal boost to unemployment insurance. Other executive actions reportedly could defer the collection of payroll taxes (see more below) or extend a moratorium on student loan payments.


thefiscaltimes--2020-08-03--CEOs Call for More Federal Aid for Small Business

Dozens of corporate leaders led by Starbucks founder Howard Schultz are pleading with Congress to provide more support for America @ @ @ @ @ In a letter to top lawmakers Monday , Schultz and his co-signers said most small @ @ @ @ @ survive the current slowdown , which could last for many more months .
The group @ @ @ @ @ new programs , including flexible , guaranteed loans ; a loan forgiveness program ; and @ @ @ @ @ .
“ We can not stress enough the urgent need to act , ” the @ @ @ @ @ day that passes without a comprehensive recovery program makes recovery more difficult .
By Labor @ @ @ @ @ wave of permanent closures if the right steps are not taken soon .
... By @ @ @ @ @ effect of lost jobs—as well as the lost services and lost products that small businesses @ @ @ @ @

Dozens of corporate leaders led by Starbucks founder Howard Schultz are pleading with Congress to provide more support for America’s small businesses.
In a letter to top lawmakers Monday, Schultz and his co-signers said most small businesses lack the cash to survive the current slowdown, which could last for many more months. The group called for a variety of new programs, including flexible, guaranteed loans; a loan forgiveness program; and special assistance for minority-owned businesses.
“We cannot stress enough the urgent need to act,” the letter said. “Every day that passes without a comprehensive recovery program makes recovery more difficult. By Labor Day, we foresee a wave of permanent closures if the right steps are not taken soon. ... By year end, the domino effect of lost jobs—as well as the lost services and lost products that small businesses provide—could be catastrophic.”


thefiscaltimes--2020-08-03--Conservatives Call for Trump to Suspend Payroll Tax Collections

In a Sunday op-ed in The Wall Street Journal , Stephen Moore , a member of the White House ’ s economic recovery task force , called for President Trump to “ pull an end run ” around Congress , declare a national economic emergency and suspend the collection of payroll taxes .
Trump has repeatedly pushed for a payroll tax cut , but the idea ran into bipartisan resistance on Capitol Hill and the cut was not part of the Senate Republican coronavirus relief plan released last week .
Some analysts have said that such a cut would not @ @ @ @ @ @ @ .
Moore and co-author Phil Kerpen argue that the deferral of payroll tax collections would leave workers on the hook to pay those taxes down the line , but that “ Trump could also pledge to sign a bill—now or after the new Congress takes office on Jan. 3—to forgive those repayments .
That would make the election a referendum on middle-class taxes .
Mr. Trump can give Americans a tax cut now , and sign it into law later.
” They suggest that Trump could cap the tax deferral at $ 75,000 @ @ @ @ @ @ @ lower- and middle-income workers .
But tax experts told Politico that the proposal from Moore and Kerpen , even if it is legal , might not play out the way the authors suggest .
The Treasury Department may not be able to mandate that businesses actually pass the deferred tax money on to employees .
“ Cautious employers will continue to withhold payroll taxes from their employees ’ paychecks because if the subsequent tax forgiveness bill does not go through , employers face potential liability for the full amount of payroll taxes ( @ @ @ @ @ @ @ ” Andy Grewal , a University of Iowa law professor , told Politico in an email .
“ What the authors want requires legislative attention .
”

In a Sunday op-ed in The Wall Street Journal, Stephen Moore, a member of the White House’s economic recovery task force, called for President Trump to “pull an end run” around Congress, declare a national economic emergency and suspend the collection of payroll taxes. Trump has repeatedly pushed for a payroll tax cut, but the idea ran into bipartisan resistance on Capitol Hill and the cut was not part of the Senate Republican coronavirus relief plan released last week. Some analysts have said that such a cut would not help workers who have lost their jobs.
Moore and co-author Phil Kerpen argue that the deferral of payroll tax collections would leave workers on the hook to pay those taxes down the line, but that “Trump could also pledge to sign a bill—now or after the new Congress takes office on Jan. 3—to forgive those repayments. That would make the election a referendum on middle-class taxes. Mr. Trump can give Americans a tax cut now, and sign it into law later.” They suggest that Trump could cap the tax deferral at $75,000 of income to target the benefits to lower- and middle-income workers.
But tax experts told Politico that the proposal from Moore and Kerpen, even if it is legal, might not play out the way the authors suggest. The Treasury Department may not be able to mandate that businesses actually pass the deferred tax money on to employees. “Cautious employers will continue to withhold payroll taxes from their employees’ paychecks because if the subsequent tax forgiveness bill does not go through, employers face potential liability for the full amount of payroll taxes (even their employees’ portion),” Andy Grewal, a University of Iowa law professor, told Politico in an email. “What the authors want requires legislative attention.”


thefiscaltimes--2020-08-03--Fed Official: US Should Shut Down for a Few Weeks, Ramp Up Relief Spending

The president of the Minneapolis Federal Reserve Bank said Sunday that the U.S. should “ lock down really hard ” for a few weeks in order to get control of the coronavirus and create the conditions for a more robust economic recovery .
In the meantime , Congress should provide all the money that ’ s necessary to assist workers and businesses hurt by the shutdown .
Appearing on CBS ’ s “ Face the Nation , ” Kashkari said the recent surge in national savings , combined with historically low interest rates , means that increased deficit spending can @ @ @ @ @ @ @ foreign investors .
“ Those of us who are fortunate enough to still have our jobs , we ’ re saving a lot more money because we ’ re not going to restaurants or movie theaters or vacations , ” he said .
“ That actually means that we have a lot more resources as a country to support those who have been laid off.
” The price of not doing so will be high , Kashkari warned .
“ If we don ’ t do that and we just have this raging @ @ @ @ @ @ @ and local lockdowns for the next year or two , which is entirely possible , we ’ re going to see many , many more business bankruptcies , ” he said .
Asked about concerns over rising debt levels , Kashkari took a different tack than Treasury Secretary Steven Mnuchin , who on Sunday said that “ we have to be careful about not piling on enormous amount of debts for future generations.
” By contrast , Kashkari said , “ I ’ m not worried about it .
Congress should use this @ @ @ @ @ @ @ the American economy .
If we get the economy growing , we will be able to pay off the debt .
”

The president of the Minneapolis Federal Reserve Bank said Sunday that the U.S. should “lock down really hard” for a few weeks in order to get control of the coronavirus and create the conditions for a more robust economic recovery. In the meantime, Congress should provide all the money that’s necessary to assist workers and businesses hurt by the shutdown.
Appearing on CBS’s “Face the Nation,” Kashkari said the recent surge in national savings, combined with historically low interest rates, means that increased deficit spending can be funded domestically, without relying on foreign investors. “Those of us who are fortunate enough to still have our jobs, we’re saving a lot more money because we’re not going to restaurants or movie theaters or vacations,” he said. “That actually means that we have a lot more resources as a country to support those who have been laid off.”
The price of not doing so will be high, Kashkari warned. “If we don’t do that and we just have this raging virus spreading throughout the country with flare-ups and local lockdowns for the next year or two, which is entirely possible, we’re going to see many, many more business bankruptcies,” he said.
Asked about concerns over rising debt levels, Kashkari took a different tack than Treasury Secretary Steven Mnuchin, who on Sunday said that “we have to be careful about not piling on enormous amount of debts for future generations.”
By contrast, Kashkari said, “I’m not worried about it. Congress should use this opportunity to support the American people and the American economy. If we get the economy growing, we will be able to pay off the debt.”


thefiscaltimes--2020-08-04--Treasury Department Expects to Borrow $2 Trillion Over Second Half of 2020

The Treasury Department said Monday that it expects to borrow another $ 2 trillion over the second half of this @ @ @ @ @ billion from July through September and $ 1.216 trillion from October through December .
Those @ @ @ @ @ for fiscal year 2020 , which runs through September , to $ 4.5 trillion , @ @ @ @ @ ’ s level .
The estimates also assume that Congress will pass another round of @ @ @ @ @ trillion in additional borrowing through the end of the calendar year .

The Treasury Department said Monday that it expects to borrow another $2 trillion over the second half of this year, including $947 billion from July through September and $1.216 trillion from October through December. Those estimates would raise total borrowing for fiscal year 2020, which runs through September, to $4.5 trillion, more than triple last year’s level. The estimates also assume that Congress will pass another round of coronavirus relief requiring $1 trillion in additional borrowing through the end of the calendar year.


thefiscaltimes--2020-08-04--Trump Wants U.S. Treasury to Get a Cut of Any TikTok Sale

President Trump said Monday that he would allow an American company to acquire the video app TikTok , but that any deal would have to include a `` substantial amount of money '' going to the U.S. Treasury .
Microsoft is looking to buy the app , reportedly used by some 100 million Americans , from Chinese company ByteDance .
Trump said he will ban TikTok if it does n't find an American buyer by September 15 .
“ The U.S. should get a very large percentage of that price , because we ’ re making it possible , ” @ @ @ @ @ @ @ payment to “ key money , ” or cash paid by a prospective tenant to secure a lease from a landlord .
The White House wouldn ’ t say how the administration could force either party in any deal to pay the Treasury , or how such a payment would work , the Financial Times reports .
Trump and others have expressed national security concerns over the app , suggesting that it could pose data privacy and censorship risks because of its Chinese ownership and the influence of the Chinese Communist Party .
@ @ @ @ @ @ @ and security experts have said the risks the app poses are less direct than politicians have suggested .
In a blog post over the weekend , Microsoft said it “ fully appreciates the importance of addressing the President ’ s concerns .
It is committed to acquiring TikTok subject to a complete security review and providing proper economic benefits to the United States , including the United States Treasury.
” Why it matters : Trump ’ s requirement is highly unusual , Gene Kimmelman , a former chief counsel for the Department of @ @ @ @ @ @ @ senior adviser to the policy group Public Knowledge , told CNN : “ It 's not unheard of for transactions to have broader geopolitical implications between countries , but it 's quite remarkable to think about some kind of money being on the table in connection with a transaction . ''
Others put it more bluntly .
“ This is akin to extortion — the sort of thing you 'd expect to hear on a wiretap , not from the White House in front of reporters , ” Axios ’ s Dan Primack @ @ @ @ @ @ @ s still no guarantee any deal will get done by Trump ’ s deadline , let alone one that meets his stated terms .
“ If not , ” Primack says , “ he 'll either have to ban a service beloved by tens of millions of voters , less than two months before the election , or kick the can down the road .
”

President Trump said Monday that he would allow an American company to acquire the video app TikTok, but that any deal would have to include a "substantial amount of money" going to the U.S. Treasury.
Microsoft is looking to buy the app, reportedly used by some 100 million Americans, from Chinese company ByteDance. Trump said he will ban TikTok if it doesn't find an American buyer by September 15.
“The U.S. should get a very large percentage of that price, because we’re making it possible,” Trump told reporters. He compared the payment to “key money,” or cash paid by a prospective tenant to secure a lease from a landlord. The White House wouldn’t say how the administration could force either party in any deal to pay the Treasury, or how such a payment would work, the Financial Times reports.
Trump and others have expressed national security concerns over the app, suggesting that it could pose data privacy and censorship risks because of its Chinese ownership and the influence of the Chinese Communist Party. TikTok has pushed back against those claims and security experts have said the risks the app poses are less direct than politicians have suggested.
In a blog post over the weekend, Microsoft said it “fully appreciates the importance of addressing the President’s concerns. It is committed to acquiring TikTok subject to a complete security review and providing proper economic benefits to the United States, including the United States Treasury.”
Why it matters: Trump’s requirement is highly unusual, Gene Kimmelman, a former chief counsel for the Department of Justice's Antitrust Division and currently a senior adviser to the policy group Public Knowledge, told CNN: “It's not unheard of for transactions to have broader geopolitical implications between countries, but it's quite remarkable to think about some kind of money being on the table in connection with a transaction."
Others put it more bluntly. “This is akin to extortion — the sort of thing you'd expect to hear on a wiretap, not from the White House in front of reporters,” Axios’s Dan Primack writes. He adds that there’s still no guarantee any deal will get done by Trump’s deadline, let alone one that meets his stated terms. “If not,” Primack says, “he'll either have to ban a service beloved by tens of millions of voters, less than two months before the election, or kick the can down the road.”


thefiscaltimes--2020-08-04--No Deal in Sight, but Faint Signs of Progress in Coronavirus Relief Talks

Negotiations on the next round of coronavirus relief continued Tuesday afternoon , and Democratic leaders emerged sounding more positive on the state of the talks .
`` They made some concessions , which we appreciated .
We made some concessions , which they appreciated , '' Senate Minority Leader Chuck Schumer ( D-NY ) told reporters after meeting with House Speaker Nancy Pelosi , Treasury Secretary Steven Mnuchin and White House Chief of Staff Mark Meadows .
He did not detail those concessions .
Looking for a deal this week : Mnuchin and Meadows reportedly characterized Tuesday ’ s talks @ @ @ @ @ @ @ reportedly offered Democrats a few new proposals .
He told reporters after that negotiators agreed they ’ d like to strike a deal by the end of this week so that both the House and Senate could vote on a package next week .
But , but , but : That doesn ’ t mean the two sides are anywhere close to a deal .
The Washington Post ’ s Erica Werner described the state of the talks this way : “ Pelosi ’ s comment after the latest Meadows/Mnuchin mtg — ‘ @ @ @ @ @ @ @ an agreement ’ — actually constitutes a sign of progress.
” So yeah , there ’ s a long way to go .
White House still eyeing executive orders : With talks progressing slowly if at all , frustrated White House officials reportedly were still considering three executive orders aimed at providing some relief and prodding negotiations along .
“ The three actions under consideration would delay the collection of federal payroll taxes , reinstitute an expired eviction moratorium , and in the riskiest gambit of them all , extend enhanced federal unemployment @ @ @ @ @ @ @ Congress , ” Politico ’ s Jake Sherman and John Bresnahan reported Tuesday .
Meadows reportedly implied that the executive orders wouldn ’ t be needed if bipartisan talks progressed .
And CNN ’ s Phil Mattingly suggests that the possibility of issuing executive orders won ’ t win the White House much leverage in talks since it ’ s “ not a threat anyone on the Hill takes seriously .
”

Negotiations on the next round of coronavirus relief continued Tuesday afternoon, and Democratic leaders emerged sounding more positive on the state of the talks.
"They made some concessions, which we appreciated. We made some concessions, which they appreciated," Senate Minority Leader Chuck Schumer (D-NY) told reporters after meeting with House Speaker Nancy Pelosi, Treasury Secretary Steven Mnuchin and White House Chief of Staff Mark Meadows. He did not detail those concessions.
Looking for a deal this week: Mnuchin and Meadows reportedly characterized Tuesday’s talks as the most productive yet. Mnuchin reportedly offered Democrats a few new proposals. He told reporters after that negotiators agreed they’d like to strike a deal by the end of this week so that both the House and Senate could vote on a package next week.
But, but, but: That doesn’t mean the two sides are anywhere close to a deal. The Washington Post’s Erica Werner described the state of the talks this way: “Pelosi’s comment after the latest Meadows/Mnuchin mtg — ‘We agree that we want to have an agreement’ — actually constitutes a sign of progress.” So yeah, there’s a long way to go.
White House still eyeing executive orders: With talks progressing slowly if at all, frustrated White House officials reportedly were still considering three executive orders aimed at providing some relief and prodding negotiations along.
“The three actions under consideration would delay the collection of federal payroll taxes, reinstitute an expired eviction moratorium, and in the riskiest gambit of them all, extend enhanced federal unemployment benefits using unspent money already appropriated by Congress,” Politico’s Jake Sherman and John Bresnahan reported Tuesday.
Meadows reportedly implied that the executive orders wouldn’t be needed if bipartisan talks progressed. And CNN’s Phil Mattingly suggests that the possibility of issuing executive orders won’t win the White House much leverage in talks since it’s “not a threat anyone on the Hill takes seriously.”


thefiscaltimes--2020-08-04--Second Wave of Layoffs Underway: Report

Second Wave of Layoffs Underway: Report

Nearly one in three workers who had returned to their jobs after being laid off due to the coronavirus have lost their jobs again , according to a new survey released Tuesday by researchers at Cornell University .
The survey , conducted from July 23 to August 1 , found that 31 % of workers who had stopped working at some point during the Covid-19 shutdown and been rehired reported that they had been laid off again .
Another 26 % had been told that they were in danger of being laid off again .
The investigators said the results @ @ @ @ @ @ @ taking place .
“ Official and private sectors jobs data have not yet picked up the significant share of American workers that have already been re-laid off , ” said Danielle Goldfarb of RIWI , the research firm that conducted the survey .
The job losses may be driven by the exhaustion of federal aid – including funds from the Paycheck Protection Program , which provides forgivable loans to help small businesses keep employees on payroll – rather than the resurgence of the virus , the researchers said , since there was little @ @ @ @ @ @ @ had controlled the virus and those that had not .

Nearly one in three workers who had returned to their jobs after being laid off due to the coronavirus have lost their jobs again, according to a new survey released Tuesday by researchers at Cornell University.
The survey, conducted from July 23 to August 1, found that 31% of workers who had stopped working at some point during the Covid-19 shutdown and been rehired reported that they had been laid off again. Another 26% had been told that they were in danger of being laid off again.
The investigators said the results indicate that another round of layoffs is taking place. “Official and private sectors jobs data have not yet picked up the significant share of American workers that have already been re-laid off,” said Danielle Goldfarb of RIWI, the research firm that conducted the survey.
The job losses may be driven by the exhaustion of federal aid – including funds from the Paycheck Protection Program, which provides forgivable loans to help small businesses keep employees on payroll – rather than the resurgence of the virus, the researchers said, since there was little difference in the results between states that had controlled the virus and those that had not.


thefiscaltimes--2020-08-04--Trump Extends National Guard Deployment to Fight Coronavirus, but Reduces Funding

Responding to requests from numerous governors , President Donald Trump has extended the federal deployment of the National Guard to help states respond to the coronavirus .
However , as part of the extension , states will have to start covering 25 % of the cost of the deployments .
About 25,000 members of the National Guard serving in the states will continue to receive federal pay and benefits while performing a variety of essential tasks , including building temporary hospitals , operating test sites and assisting with food distribution .
But states will have to cover some of the @ @ @ @ @ @ @ , when the extension ends .
While the governors are no doubt relieved by the extension , some state and federal officials are concerned about the reduced funding and cost-sharing requirement , coming as it does during an economic crisis that has caused state tax collections to plunge .
“ States are being asked to bear significant costs while simultaneously facing an historic decline in revenues , ” Casey Katims , director of federal affairs for the state of Washington , told Politico .
“ It is incumbent on Congress to deliver sorely @ @ @ @ @ @ @ on the front lines of this crisis.
” Officials also complained about the last-minute timing of the White House decision .
In the absence of an announcement last week , some National Guard troops had already started heading back to their bases in preparation for a two-week quarantine before returning home .
Now , it could take several weeks to reestablish their missions , and in the meantime , the essential services they provide may be available only on a limited basis .

Responding to requests from numerous governors, President Donald Trump has extended the federal deployment of the National Guard to help states respond to the coronavirus. However, as part of the extension, states will have to start covering 25% of the cost of the deployments.
About 25,000 members of the National Guard serving in the states will continue to receive federal pay and benefits while performing a variety of essential tasks, including building temporary hospitals, operating test sites and assisting with food distribution. But states will have to cover some of the tab from August 22 until December 31, when the extension ends.
While the governors are no doubt relieved by the extension, some state and federal officials are concerned about the reduced funding and cost-sharing requirement, coming as it does during an economic crisis that has caused state tax collections to plunge. “States are being asked to bear significant costs while simultaneously facing an historic decline in revenues,” Casey Katims, director of federal affairs for the state of Washington, told Politico. “It is incumbent on Congress to deliver sorely needed resources to state and local governments on the front lines of this crisis.”
Officials also complained about the last-minute timing of the White House decision. In the absence of an announcement last week, some National Guard troops had already started heading back to their bases in preparation for a two-week quarantine before returning home. Now, it could take several weeks to reestablish their missions, and in the meantime, the essential services they provide may be available only on a limited basis.


thefiscaltimes--2020-08-05--Coronavirus Talks: 'Light at the End of the Tunnel, but How Long That Tunnel Is Remains to Be Seen'

Wednesday ’ s talks on a coronavirus relief package produced progress , but no major breakthroughs .
The state of the talks : Entering Wednesday ’ s negotiations , the two sides were still far apart on a host of issues even as they had agreed to try to strike a deal by the end of the week .
Appearing on MSNBC , Pelosi shied away from saying the parties could finalize an agreement in that timeframe .
“ I am confident that we will have an agreement , the timing of it I ca n't say .
Because I @ @ @ @ @ @ @ depends.
” Her tune hadn ’ t changed much after another afternoon negotiating session : “ I feel optimistic that there is a light at the end of the tunnel , but how long that tunnel is remains to be seen , ” she told reporters .
White House Chief of Staff Mark Meadows , negotiating his first major deal , told Wednesday afternoon CNN that his side was making most of the concessions .
He also indicated that there may not be a deal if one isn ’ t reached in principle @ @ @ @ @ @ @ of executive action by President Trump on enhanced unemployment benefits and eviction protections if negotiations don ’ t yield progress .
“ If Congress can ’ t get it done , the president of the United States will , ” he told CNN .
Pelosi and Schumer said they would not walk away from the talks , even if the Friday deadline passes .
Republican senators facing difficult reelection races may also want talks on a comprehensive deal to go on .
The Associated Press reports : “ Confronted with a poisonous political @ @ @ @ @ @ @ to endorse generous jobless benefits , child care grants and more than $ 100 billion to help schools reopen .
Several of them are refusing to allow the Senate to adjourn until Washington delivers a deal to their desperate constituents.
” The AP adds that the views of those senators may matter more to Senate Majority Leader Mitch McConnell than opposition to a deal from GOP hardliners .
As the clock ticks away , Politico reported Wednesday morning that the parties must still overcome large differences on a host of issues , from @ @ @ @ @ @ @ funding for the U.S .
Postal Service , elections , education , child care , food assistance and more .
A $ 400 compromise on unemployment insurance ?
A renewal of some federal boost to unemployment insurance remains a key difference now that a $ 600 federal supplement to weekly jobless benefits expired at the end of July .
In Tuesday ’ s talks , the Trump administration offered a $ 400 weekly benefit to continue until December 15 , according to Politico .
Democrats have been pressing for a longer extension of @ @ @ @ @ @ @ acknowledging the deep divides in his own party , said Tuesday that he could back a renewal of the $ 600 payments — if President Trump supports it .
`` Wherever this thing settles between the president of the United States and his team that has to sign it into law and the Democrat not-insignificant minority in the Senate and majority in the House is something I am prepared to support , ” McConnell told reporters , “ even if I have some problems with certain parts of it.
” The president on @ @ @ @ @ @ @ , but he again expressed concern that the benefit might keep workers from returning to their jobs and he did not specify the amount of the payments he would want to see .
`` We want to get funds to people so they can live , but we do n't want to disincentivize people '' from returning to work , Trump said in a lengthy and wide-ranging interview with “ Fox & Friends.
” ( Trump did , however , say again that the pandemic “ will go away like things go away.
@ @ @ @ @ @ @ is spreading in a “ relatively small portion ” of the country and suggested that children are “ virtually immune ” to the virus . )
A recent Yale University study found no evidence that the $ 600 in enhanced unemployment insurance discouraged people from working , and a new analysis by Morning Consult similarly finds little to suggest that unemployment benefits distorted workers ’ incentives , even as more than 60 % of those receiving unemployment insurance in July reported that the value of their benefits was equal to or greater than @ @ @ @ @ @ @ up from 46 % in May .
“ Other factors such as the demand for labor and the safety and security of working conditions are the primary determinants of unemployment now , ” Morning Consult economist John Leer writes in his analysis .
Aid to state and local governments : “ We still are a distance apart in terms of state and local , ” Pelosi told MSNBC .
Democrats are reportedly seeking about $ 1 trillion in new aid and Pelosi insists it ’ s vital .
“ If we don ’ @ @ @ @ @ @ @ them with costs that they have incurred for fighting the virus , and secondly they ’ ll be firing people and that goes into the unemployment ranks , which doesn ’ t save money , ” she said on MSNBC .
Republicans initially proposed to give states more flexibility in how to spend money that was provided under the March coronavirus relief law , and they ’ ve resisted coming anywhere close to Pelosi ’ s numbers .
The president on Wednesday again argued that Democrats want a “ bailout ” for states @ @ @ @ @ @

Wednesday’s talks on a coronavirus relief package produced progress, but no major breakthroughs.
The state of the talks: Entering Wednesday’s negotiations, the two sides were still far apart on a host of issues even as they had agreed to try to strike a deal by the end of the week. Appearing on MSNBC, Pelosi shied away from saying the parties could finalize an agreement in that timeframe. “I am confident that we will have an agreement, the timing of it I can't say. Because I don’t know. It just depends.”
Her tune hadn’t changed much after another afternoon negotiating session: “I feel optimistic that there is a light at the end of the tunnel, but how long that tunnel is remains to be seen,” she told reporters.
White House Chief of Staff Mark Meadows, negotiating his first major deal, told Wednesday afternoon CNN that his side was making most of the concessions. He also indicated that there may not be a deal if one isn’t reached in principle by Friday, again raising the prospect of executive action by President Trump on enhanced unemployment benefits and eviction protections if negotiations don’t yield progress. “If Congress can’t get it done, the president of the United States will,” he told CNN.
Pelosi and Schumer said they would not walk away from the talks, even if the Friday deadline passes. Republican senators facing difficult reelection races may also want talks on a comprehensive deal to go on. The Associated Press reports:
“Confronted with a poisonous political environment, vulnerable Senate Republicans are rushing to endorse generous jobless benefits, child care grants and more than $100 billion to help schools reopen. Several of them are refusing to allow the Senate to adjourn until Washington delivers a deal to their desperate constituents.”
The AP adds that the views of those senators may matter more to Senate Majority Leader Mitch McConnell than opposition to a deal from GOP hardliners.
As the clock ticks away, Politico reported Wednesday morning that the parties must still overcome large differences on a host of issues, from unemployment insurance to an eviction moratorium to funding for the U.S. Postal Service, elections, education, child care, food assistance and more.
A $400 compromise on unemployment insurance? A renewal of some federal boost to unemployment insurance remains a key difference now that a $600 federal supplement to weekly jobless benefits expired at the end of July.
In Tuesday’s talks, the Trump administration offered a $400 weekly benefit to continue until December 15, according to Politico. Democrats have been pressing for a longer extension of the $600 payments.
McConnell, acknowledging the deep divides in his own party, said Tuesday that he could back a renewal of the $600 payments — if President Trump supports it. "Wherever this thing settles between the president of the United States and his team that has to sign it into law and the Democrat not-insignificant minority in the Senate and majority in the House is something I am prepared to support,” McConnell told reporters, “even if I have some problems with certain parts of it.”
The president on Wednesday indicated support for restarting federal payments, but he again expressed concern that the benefit might keep workers from returning to their jobs and he did not specify the amount of the payments he would want to see.
"We want to get funds to people so they can live, but we don't want to disincentivize people" from returning to work, Trump said in a lengthy and wide-ranging interview with “Fox & Friends.” (Trump did, however, say again that the pandemic “will go away like things go away.” He also falsely claimed that Covid-19 is spreading in a “relatively small portion” of the country and suggested that children are “virtually immune” to the virus.)
A recent Yale University study found no evidence that the $600 in enhanced unemployment insurance discouraged people from working, and a new analysis by Morning Consult similarly finds little to suggest that unemployment benefits distorted workers’ incentives, even as more than 60% of those receiving unemployment insurance in July reported that the value of their benefits was equal to or greater than what they made at their jobs, up from 46% in May. “Other factors such as the demand for labor and the safety and security of working conditions are the primary determinants of unemployment now,” Morning Consult economist John Leer writes in his analysis.
Aid to state and local governments: “We still are a distance apart in terms of state and local,” Pelosi told MSNBC. Democrats are reportedly seeking about $1 trillion in new aid and Pelosi insists it’s vital. “If we don’t do that we will be abandoning them with costs that they have incurred for fighting the virus, and secondly they’ll be firing people and that goes into the unemployment ranks, which doesn’t save money,” she said on MSNBC. Republicans initially proposed to give states more flexibility in how to spend money that was provided under the March coronavirus relief law, and they’ve resisted coming anywhere close to Pelosi’s numbers. The president on Wednesday again argued that Democrats want a “bailout” for states that have long been mismanaged.


thefiscaltimes--2020-08-05--Map of the Day: Voters Choosing Medicaid Expansion

On Tuesday , voters in Missouri backed the expansion of Medicaid in their state , which will provide health care coverage for 217,000 low-income residents .
Sarah Kliff of The New York Times says that six states — Idaho , Maine , Nebraska , Oklahoma , Utah and now Missouri — have relied on ballot initiatives to expand Medicaid , as allowed by the Affordable Care Act , providing coverage for about 850,000 people .
The initiatives have often passed over the objections of Republican governors and/or legislatures .
Looking at the Medicaid expansion votes this summer in Oklahoma and @ @ @ @ @ @ @ says the pandemic may have made the difference : `` It is difficult to ignore that these ballot initiatives passed in right-leaning states in the middle of the coronavirus pandemic , when millions of Americans have lost their jobs and , with them , their employer-sponsored health insurance .
This is partly a coincidence — the signatures were collected to put the Medicaid expansion questions on the ballot long before Covid-19 ever arrived in the US — but the relatively narrow margins made me wonder if the pandemic and its economic and medical @ @ @ @ @

On Tuesday, voters in Missouri backed the expansion of Medicaid in their state, which will provide health care coverage for 217,000 low-income residents. Sarah Kliff of The New York Times says that six states — Idaho, Maine, Nebraska, Oklahoma, Utah and now Missouri — have relied on ballot initiatives to expand Medicaid, as allowed by the Affordable Care Act, providing coverage for about 850,000 people. The initiatives have often passed over the objections of Republican governors and/or legislatures.
Looking at the Medicaid expansion votes this summer in Oklahoma and Missouri, Vox’s Dylan Scott says the pandemic may have made the difference: "It is difficult to ignore that these ballot initiatives passed in right-leaning states in the middle of the coronavirus pandemic, when millions of Americans have lost their jobs and, with them, their employer-sponsored health insurance. This is partly a coincidence — the signatures were collected to put the Medicaid expansion questions on the ballot long before Covid-19 ever arrived in the US — but the relatively narrow margins made me wonder if the pandemic and its economic and medical consequences proved decisive."


thefiscaltimes--2020-08-05--Enhanced Unemployment Benefits Get a Thumbs Up From Economists

Some Republican lawmakers insist that the generous unemployment benefits created by the CARES Act – now expired and subject to debate in the ongoing negotiations over the next coronavirus relief bill – are contributing to the slow economic recovery by paying workers to stay away from jobs they would otherwise be forced to take .
But a new study finds that more generous unemployment insurance helps workers find better jobs , which in the long run is better for employees , employers and the economy as a whole .
The extension of unemployment insurance benefit durations “ decrease the mismatch @ @ @ @ @ @ @ educational requirements of jobs , ” the authors said in the paper , published by the National Bureau of Economic Research .
In other words , workers end up with jobs they are better suited for when they have more time to look , thanks to more unemployment generous benefits .
The effect is more pronounced for female and minority workers , the authors said .
The paper is just the latest of a series of analyses that cast doubt on the reasoning behind Republican opposition to enhanced unemployment payments .
Earlier this @ @ @ @ @ @ @ Catherine Rampell reviewed five recent economic studies that found no evidence that the $ 600 per week boost Congress provided for the unemployed had depressed job growth – and if there is an effect , it likely runs the other way .
“ If anything , research to date suggests the federal benefit supplement has boosted macroeconomic activity and , therefore , likely supported hiring , ” Rampell wrote .
A new report Wednesday by Morning Consult provides yet another piece of evidence on the issue .
According to surveys conducted in May @ @ @ @ @ @ @ benefits have done little to distort workers ’ motivations .
“ Unemployed workers who received more in unemployment insurance benefits than they did from their previous job did not return to work at a slower rate than those who received less in UI , casting further doubt on the distortionary effects of expanded UI benefits on workers ’ incentives.
” The survey did find , though , that the expiration of the enhanced benefits will have a powerful negative effect on the incomes and consumption for 5.4 million Americans by the end of @ @ @

Some Republican lawmakers insist that the generous unemployment benefits created by the CARES Act – now expired and subject to debate in the ongoing negotiations over the next coronavirus relief bill – are contributing to the slow economic recovery by paying workers to stay away from jobs they would otherwise be forced to take. But a new study finds that more generous unemployment insurance helps workers find better jobs, which in the long run is better for employees, employers and the economy as a whole.
The extension of unemployment insurance benefit durations “decrease the mismatch between workers’ educational attainments and the educational requirements of jobs,” the authors said in the paper, published by the National Bureau of Economic Research. In other words, workers end up with jobs they are better suited for when they have more time to look, thanks to more unemployment generous benefits. The effect is more pronounced for female and minority workers, the authors said.
The paper is just the latest of a series of analyses that cast doubt on the reasoning behind Republican opposition to enhanced unemployment payments. Earlier this week, The Washington Post’s Catherine Rampell reviewed five recent economic studies that found no evidence that the $600 per week boost Congress provided for the unemployed had depressed job growth – and if there is an effect, it likely runs the other way. “If anything, research to date suggests the federal benefit supplement has boosted macroeconomic activity and, therefore, likely supported hiring,” Rampell wrote.
A new report Wednesday by Morning Consult provides yet another piece of evidence on the issue. According to surveys conducted in May, June and July, the enhanced benefits have done little to distort workers’ motivations.
“Unemployed workers who received more in unemployment insurance benefits than they did from their previous job did not return to work at a slower rate than those who received less in UI, casting further doubt on the distortionary effects of expanded UI benefits on workers’ incentives.”
The survey did find, though, that the expiration of the enhanced benefits will have a powerful negative effect on the incomes and consumption for 5.4 million Americans by the end of the month.


thefiscaltimes--2020-08-06--Jobless Claims Fall to Lowest Level Since March

Initial claims for state unemployment benefits fell to about 1.2 million on a seasonally adjusted basis in the week ending August 1 , the lowest weekly tally since mid-March .
An additional 656,000 people applied to the Pandemic Unemployment Assistance program , which provides benefits for self-employed and gig workers , bringing the total of new jobless applications to roughly 1.8 million .
The data came in below analyst expectations of 1.4 million new state claims , offering some relief from the increases in filings over the last two weeks .
But the numbers are still bad : Even these @ @ @ @ @ @ @ standards .
New jobless claims topped 1 million for the 20th week in a row , with each week crushing the pre-pandemic record of 695,000 claims set in 1982 .
And the number of people receiving assistance is extraordinarily high , with more than 32 million getting some kind of unemployment aid .
“ It is promising that the initial unemployment numbers have ticked down , ” AnnElizabeth Konkel , an economist at Indeed Hiring Lab , told The Washington Post .
`` But we aren ’ t out of the woods yet @ @ @ @ @ @ @ than the pre-covid era , so it ’ s still pointing to a lot of economic pain.
” And continued improvement is not guaranteed : Some economists worry that the recovery is running into headwinds , with a significant number of job losses becoming permanent , even as the data becomes harder to read as federal relief programs expire .
“ Both initial and continuing claims are at extremely high levels , and indicate that many employers continued to lay off workers in July , ” PNC economist Bill Adams said in a @ @ @ @ @ @ @ picture , the expiration of extended unemployment insurance benefits on July 31 may be clouding the signal from the claims data .
”

Initial claims for state unemployment benefits fell to about 1.2 million on a seasonally adjusted basis in the week ending August 1, the lowest weekly tally since mid-March. An additional 656,000 people applied to the Pandemic Unemployment Assistance program, which provides benefits for self-employed and gig workers, bringing the total of new jobless applications to roughly 1.8 million.
The data came in below analyst expectations of 1.4 million new state claims, offering some relief from the increases in filings over the last two weeks.
But the numbers are still bad: Even these improved numbers are alarmingly high by historical standards. New jobless claims topped 1 million for the 20th week in a row, with each week crushing the pre-pandemic record of 695,000 claims set in 1982. And the number of people receiving assistance is extraordinarily high, with more than 32 million getting some kind of unemployment aid.
“It is promising that the initial unemployment numbers have ticked down,” AnnElizabeth Konkel, an economist at Indeed Hiring Lab, told The Washington Post. "But we aren’t out of the woods yet. The claims are still much higher than the pre-covid era, so it’s still pointing to a lot of economic pain.”
And continued improvement is not guaranteed: Some economists worry that the recovery is running into headwinds, with a significant number of job losses becoming permanent, even as the data becomes harder to read as federal relief programs expire. “Both initial and continuing claims are at extremely high levels, and indicate that many employers continued to lay off workers in July,” PNC economist Bill Adams said in a note Thursday. “Further complicating the picture, the expiration of extended unemployment insurance benefits on July 31 may be clouding the signal from the claims data.”


thefiscaltimes--2020-08-06--Trump to Order ‘Buy American’ for Essential Drugs

President Donald Trump signed an executive order Thursday that directs the federal government to purchase “ essential drugs ” and medical supplies from American manufacturers .
White House trade adviser Peter Navarro said the order reflected a desire to gain national control over essential medical goods , adding that the pandemic showed the United States was “ dangerously over-dependent ” on other countries for drugs and medical supplies .
The order could produce a serious shakeup in the drug industry , according to STAT ’ s Nicholas Florko .
“ No one knows exactly how much of the American drug @ @ @ @ @ @ @ some experts insist up to 90 % of critical generic drugs are made at least partially abroad , ” Florko said .
But there is still much that is unknown about how the order will play out .
The White House is not defining the specific drugs that must be made in the U.S. , leaving that for the Food and Drug Administration to determine later .
And , as Politico ’ s David Lim wrote , the order “ appears to allow for broad exemptions based on cost , availability and ‘ @ @ @ @ @ @ @ and some business groups oppose the approach , warning earlier this year that ‘ buy American ’ means higher prices for U.S. consumers .
But the order includes some provisions that would benefit the pharmaceutical industry , including streamlining the drug approval process and an easing of environmental regulations that affect drug manufacturing .
The order is the latest in a series aimed at influencing the pharmaceutical industry .
Last month , Trump signed four executive orders that aim to reduce drug prices .
Like Thursday ’ s order , however , the @ @ @ @ @ @ @ Salon reported Wednesday that pharmaceutical executives have dismissed the efforts , saying they will have little influence on the market .
On an earnings call last week , Sanofi CEO Paul Hudson reportedly said the efforts were just a `` lot of talk '' that wo n't have any real effect on drug prices this year .

President Donald Trump signed an executive order Thursday that directs the federal government to purchase “essential drugs” and medical supplies from American manufacturers.
White House trade adviser Peter Navarro said the order reflected a desire to gain national control over essential medical goods, adding that the pandemic showed the United States was “dangerously over-dependent” on other countries for drugs and medical supplies.
The order could produce a serious shakeup in the drug industry, according to STAT’s Nicholas Florko. “No one knows exactly how much of the American drug supply chain is produced abroad, but some experts insist up to 90% of critical generic drugs are made at least partially abroad,” Florko said.
But there is still much that is unknown about how the order will play out. The White House is not defining the specific drugs that must be made in the U.S., leaving that for the Food and Drug Administration to determine later. And, as Politico’s David Lim wrote, the order “appears to allow for broad exemptions based on cost, availability and ‘public interest.’”
The drug industry and some business groups oppose the approach, warning earlier this year that ‘buy American’ means higher prices for U.S. consumers. But the order includes some provisions that would benefit the pharmaceutical industry, including streamlining the drug approval process and an easing of environmental regulations that affect drug manufacturing.
The order is the latest in a series aimed at influencing the pharmaceutical industry. Last month, Trump signed four executive orders that aim to reduce drug prices. Like Thursday’s order, however, the effect of those actions is unclear. Salon reported Wednesday that pharmaceutical executives have dismissed the efforts, saying they will have little influence on the market. On an earnings call last week, Sanofi CEO Paul Hudson reportedly said the efforts were just a "lot of talk" that won't have any real effect on drug prices this year.


thefiscaltimes--2020-08-06--Pelosi Rips Republicans as Virus Talks Take a Bitter Turn

Maybe this will turn out to be one of those “ darkest before the dawn ” moments , but as Trump administration officials and Democratic leaders working on the next coronavirus relief package entered what was expected to be a lengthy negotiating session Thursday afternoon , the prospects of a deal looked dim at best .
Democratic leaders and the Trump administration remain trillions of dollars apart in their proposals for the relief package , White House Chief of Staff Mark Meadows told reporters Wednesday , and the tone of the negotiators turned sharply more acrimonious on Thursday .
Asked @ @ @ @ @ @ @ she couldn ’ t reach across the aisle to “ give a huge chunk of money to the people who are disenfranchised , to the minorities who want so badly to stay in business and ca n't , ” Pelosi tore into Republicans : “ Perhaps you mistook them for somebody who gives a damn , for what you just described .
That 's the problem , ” she said .
“ See the thing is , they do n't believe in governance .
And that requires some acts of governance to do @ @ @ @ @ @ @ that there ’ s “ light at the end of the tunnel ” but the length of the tunnel remained to be seen , but she put a more ominous spin on that metaphor in a Thursday press briefing with reporters .
`` The light at the end of the tunnel may be the freight train of the virus coming at us if we do not contain it , ” she said .
Senate Majority Leader Mitch McConnell ( R-KY ) blamed Democrats for blocking a short-term extension last week of the federal @ @ @ @ @ @ @ thinks a deal will happen .
“ There is a desire on the part of both the Democrats and the Republicans — at least most of the Republicans , not every single one — that we get to an outcome because the economy does need an additional boost until we get the vaccine , ” McConnell said .
“ Exactly when that deal comes together I couldn ’ t tell you , but I think it will at some point in the near future.
” Pelosi takes a hard line : The speaker @ @ @ @ @ @ @ that she ’ s not interested in a short-term deal and that enhanced unemployment benefits of $ 600 a week should be renewed .
Pelosi “ remains almost entirely unyielding in her demands , ” Politico says , and Democrats have been unified in their position .
`` Why dismantle a program that almost all economists say is working and put something new in its place that will take months to go into effect ? ''
Senate Democratic leader Chuck Schumer asked Thursday .
Trump again threatens to use executive orders : President @ @ @ @ @ @ @ he was expecting a deal to be reached .
He said Thursday he was preparing to sign executive orders as soon as Friday aimed at addressing his priorities for coronavirus relief .
“ Upon departing the Oval Office for Ohio , I ’ ve notified my staff to continue working on an Executive Order with respect to Payroll Tax Cut , Eviction Protections , Unemployment Extensions , and Student Loan Repayment Options , ” he tweeted .
The threat of executive action was seen as the administration ’ s attempt to exert some @ @ @ @ @ @ @ an agreement , and there are questions about whether the executive orders ( aside from one on the eviction moratorium ) would be legal .
But in a sign that Trump might really move ahead with the orders , The Washington Post reports that the administration asked federal agencies to identify all unspent money from the $ 2 trillion Cares Act passed in March and that the White House was trying to determine whether that money could be redirected toward temporary unemployment benefits or the eviction moratorium .
Pelosi on CNBC encouraged Trump @ @ @ @ @ @ @ that legislative action to provide money for rental and housing assistance was still needed since a moratorium would be of limited use if people ultimately still can ’ t pay their bills .
Others also remain concerned that executive orders would be too limited in scope to deliver the aid the economy needs .
What ’ s next : The negotiators were meeting at 5 p.m .
ET .
But senators are headed home and Politico notes that many don ’ t expect to be back in the Capitol next week .
The @ @ @ @ @ @ @ week .
“ Both can be called back , ” Politico says , “ but when you send ’ em home , it ’ s usually because action is far off.
” A reminder of what ’ s at stake : Enhanced unemployment benefits for millions of Americans expired last week , and a moratorium on evictions also ended last month .
The Paycheck Protection Program of small-business loans is set to expire on Saturday .
Meanwhile , first-time claims of unemployment benefits have topped 1 million for 20 straight weeks ( see @ @ @ @ @ @ @ expect the economy to suffer as households pull back on spending .
“ Talks between Treasury Secretary Steven Mnuchin , White House chief of staff Mark Meadows and the two Democratic leaders have turned into a giant game of chicken even as millions of Americans face growing financial hardships and the U.S. economy continues to stumble along , ” Politico reported Wednesday evening .
Right now , it looks like there are no winners in this game .

Maybe this will turn out to be one of those “darkest before the dawn” moments, but as Trump administration officials and Democratic leaders working on the next coronavirus relief package entered what was expected to be a lengthy negotiating session Thursday afternoon, the prospects of a deal looked dim at best.
Democratic leaders and the Trump administration remain trillions of dollars apart in their proposals for the relief package, White House Chief of Staff Mark Meadows told reporters Wednesday, and the tone of the negotiators turned sharply more acrimonious on Thursday.
Asked during a morning appearance on CNBC why she couldn’t reach across the aisle to “give a huge chunk of money to the people who are disenfranchised, to the minorities who want so badly to stay in business and can't,” Pelosi tore into Republicans: “Perhaps you mistook them for somebody who gives a damn, for what you just described. That's the problem,” she said. “See the thing is, they don't believe in governance. And that requires some acts of governance to do that."
Pelosi had suggested Wednesday that there’s “light at the end of the tunnel” but the length of the tunnel remained to be seen, but she put a more ominous spin on that metaphor in a Thursday press briefing with reporters. "The light at the end of the tunnel may be the freight train of the virus coming at us if we do not contain it,” she said.
Senate Majority Leader Mitch McConnell (R-KY) blamed Democrats for blocking a short-term extension last week of the federal unemployment benefits but told CNBC that he thinks a deal will happen. “There is a desire on the part of both the Democrats and the Republicans — at least most of the Republicans, not every single one — that we get to an outcome because the economy does need an additional boost until we get the vaccine,” McConnell said. “Exactly when that deal comes together I couldn’t tell you, but I think it will at some point in the near future.”
Pelosi takes a hard line: The speaker hasn’t budged off her insistence that she’s not interested in a short-term deal and that enhanced unemployment benefits of $600 a week should be renewed. Pelosi “remains almost entirely unyielding in her demands,” Politico says, and Democrats have been unified in their position. "Why dismantle a program that almost all economists say is working and put something new in its place that will take months to go into effect?" Senate Democratic leader Chuck Schumer asked Thursday.
Trump again threatens to use executive orders: President Trump sure didn’t sound like he was expecting a deal to be reached. He said Thursday he was preparing to sign executive orders as soon as Friday aimed at addressing his priorities for coronavirus relief. “Upon departing the Oval Office for Ohio, I’ve notified my staff to continue working on an Executive Order with respect to Payroll Tax Cut, Eviction Protections, Unemployment Extensions, and Student Loan Repayment Options,” he tweeted.
The threat of executive action was seen as the administration’s attempt to exert some leverage to get Democrats to move toward an agreement, and there are questions about whether the executive orders (aside from one on the eviction moratorium) would be legal. But in a sign that Trump might really move ahead with the orders, The Washington Post reports that the administration asked federal agencies to identify all unspent money from the $2 trillion Cares Act passed in March and that the White House was trying to determine whether that money could be redirected toward temporary unemployment benefits or the eviction moratorium.
Pelosi on CNBC encouraged Trump to extend the eviction moratorium but added that legislative action to provide money for rental and housing assistance was still needed since a moratorium would be of limited use if people ultimately still can’t pay their bills. Others also remain concerned that executive orders would be too limited in scope to deliver the aid the economy needs.
What’s next: The negotiators were meeting at 5 p.m. ET. But senators are headed home and Politico notes that many don’t expect to be back in the Capitol next week. The House, meanwhile, is out next week. “Both can be called back,” Politico says, “but when you send ’em home, it’s usually because action is far off.”
A reminder of what’s at stake: Enhanced unemployment benefits for millions of Americans expired last week, and a moratorium on evictions also ended last month. The Paycheck Protection Program of small-business loans is set to expire on Saturday. Meanwhile, first-time claims of unemployment benefits have topped 1 million for 20 straight weeks (see more below). Many economists now expect the economy to suffer as households pull back on spending.
“Talks between Treasury Secretary Steven Mnuchin, White House chief of staff Mark Meadows and the two Democratic leaders have turned into a giant game of chicken even as millions of Americans face growing financial hardships and the U.S. economy continues to stumble along,” Politico reported Wednesday evening.
Right now, it looks like there are no winners in this game.


thefiscaltimes--2020-08-07--Trump Readies Executive Orders as Coronavirus Relief Talks Collapse

That thud you heard today was the coronavirus relief talks collapsing , as negotiators said their latest meeting brought them no closer to a deal .
“ Unfortunately we did not make any progress , ” Treasury Secretary Steven Mnuchin told reporters .
Senate Minority Leader Chuck Schumer called Friday ’ s talks “ disappointing.
” Trump administration officials said that in the absence of an agreement they would recommend that the president move forward with executive orders over the weekend to address the economic devastation caused by the pandemic .
What comes next : The talks are done , @ @ @ @ @ @ @ side needs to completely change their position and neither side is interested .
Some intervening event may change that — or it may not , ” Politico ’ s Jake Sherman said Friday .
Sherman added that lawmakers will likely “ agitate ” over the issue over the next few weeks , while noting that the debate over 2021 fiscal year funding starts up in September .
In the meantime , President Trump is expected to sign one or more executive orders addressing some of the issues that have been part of the @ @ @ @ @ @ @ , student loan flexibility , a suspension of payroll taxes and unemployment aid — though the legality and effectiveness of addressing those issues though executive action is very much in question .
“ This is not a perfect answer — we ’ ll be the first ones to say that , ” White House Chief of Staff Mark Meadows said .
“ But it is all that we can do and all the president can do within the confines of his executive power , and we ’ re going to encourage him to @ @ @ @ @ @ @ Nancy Pelosi said that executive orders would be “ unworkable , weak and narrow , ” saying that they “ barely scratch the surface of what is needed to defeat the virus and help struggling Americans.
” The key differences on a bigger deal : Fundamentally , the White House is still pushing for a “ skinny ” deal that Democrats dismiss as insufficient — Pelosi labeled it “ anorexic ” — to meet the needs of Americans in the face of the pandemic .
Democrats are pushing for a much larger package @ @ @ @ @ @ @ made some progress on elements of a deal , they remain far apart on the overall size of response needed .
No meeting in the middle : At a press conference before their negotiating session , Pelosi and Schumer said that the White House had rejected an offer to meet in the middle on a roughly $ 2 trillion package .
Pelosi said that Democrats had offered Thursday to cut $ 1 trillion from the cost of their $ 3.4 trillion offer if Republicans would agree to raise their $ 1 trillion offer @ @ @ @ @ @ @ two sides much closer to a deal in the range of $ 2 trillion to $ 2.4 trillion .
`` Yesterday , I offered to them , ‘ We 'll take down a trillion , if you add a trillion in.
’ They said absolutely not , '' Pelosi told reporters Friday .
The cost reductions , she said , would be achieved by cutting the duration of some programs .
Asked about the possibility of raising their offer by $ 1 trillion , Mnuchin called the idea “ a non-starter . ''
@ @ @ @ @ @ @ , but Meadows indicated that shortening the duration of some programs wouldn ’ t qualify as real cost reductions in his eyes .
`` I do n't know that that 's a reduction as much as she 's just changing the time frames .
So I do n't think that she 's come off of her number other than just making it shorter , '' he said .
Schumer laid much of the blame for the lack of progress on Meadows , the former North Carolina congressman and leader of the conservative House @ @ @ @ @ @ @ deals than making them .
“ They ’ re the ones stuck .
Basically what ’ s happening is Mr. Meadows is from the Tea Party , you have 20 Republicans in the Senate greatly influenced by them , and they don ’ t want to spend the necessary dollars to help get America out of this mess .
Ideology sort of blinds them , ” Schumer told reporters ahead of Friday ’ s talks .
After the unproductive meeting , Schumer told reporters that the White House negotiators had said they couldn @ @ @ @ @ @ @ $ 1 trillion offer .
“ We ’ re hopeful that they will think about it and come back and tell us they ’ re willing to meet us halfway , ” he said .
Can they possibly still reach a deal ?
“ I told them to come back when they ’ re ready to do a $ 2 trillion bill , ” Pelosi told reporters after Friday ’ s meeting .
CNN ’ s Phil Mattingly reports that some Senate Republicans — those that aren ’ t staunchly against another relief @ @ @ @ @ @ @ $ 2 trillion price tag is a non-starter for them .
Schumer , meanwhile told reporters that “ Senate Democrats ca n't go south of $ 2 trillion ” and that the Democratic-led House wouldn ’ t have the votes to pass anything less than $ 2 trillion .
“ Therein lies a pretty major problem , ” Mattingly says .
Reading between the lines , that suggests there may be some wiggle room for a roughly $ 2 trillion deal , though Mattingly reports that Republicans have been “ pretty clear the @ @ @ @ @ @ @ ’ in front of it.
” No additional talks are scheduled , but Mnuchin said Friday that if the two sides can agree on aid to state and local government , a deal could still be reached .
Democrats want some $ 915 billion in additional money for state and local governments , while Republicans have offered about $ 150 billion .
“ The president is not going to do a deal that has a massive amount of money to bail out state and locals , ” Mnuchin said .
Trump late Friday @ @ @ @ @ @ @ leaders were only looking for money to bail out Democratic cities states — a tweet that suggests negotiations really are dead .
“ Pelosi and Schumer only interested in Bailout Money for poorly run Democrat cities and states .
Nothing to do with China Virus !
Want one trillion dollars .
No interest .
We are going a different way !
”

That thud you heard today was the coronavirus relief talks collapsing, as negotiators said their latest meeting brought them no closer to a deal. “Unfortunately we did not make any progress,” Treasury Secretary Steven Mnuchin told reporters. Senate Minority Leader Chuck Schumer called Friday’s talks “disappointing.”
Trump administration officials said that in the absence of an agreement they would recommend that the president move forward with executive orders over the weekend to address the economic devastation caused by the pandemic.
What comes next: The talks are done, at least for now. “One side needs to completely change their position and neither side is interested. Some intervening event may change that — or it may not,” Politico’s Jake Sherman said Friday. Sherman added that lawmakers will likely “agitate” over the issue over the next few weeks, while noting that the debate over 2021 fiscal year funding starts up in September.
In the meantime, President Trump is expected to sign one or more executive orders addressing some of the issues that have been part of the negotiations, possibly including an eviction moratorium, student loan flexibility, a suspension of payroll taxes and unemployment aid — though the legality and effectiveness of addressing those issues though executive action is very much in question. “This is not a perfect answer — we’ll be the first ones to say that,” White House Chief of Staff Mark Meadows said. “But it is all that we can do and all the president can do within the confines of his executive power, and we’re going to encourage him to do it.”
Schumer and House Speaker Nancy Pelosi said that executive orders would be “unworkable, weak and narrow,” saying that they “barely scratch the surface of what is needed to defeat the virus and help struggling Americans.”
The key differences on a bigger deal: Fundamentally, the White House is still pushing for a “skinny” deal that Democrats dismiss as insufficient — Pelosi labeled it “anorexic” — to meet the needs of Americans in the face of the pandemic. Democrats are pushing for a much larger package, and while the two sides have made some progress on elements of a deal, they remain far apart on the overall size of response needed.
No meeting in the middle: At a press conference before their negotiating session, Pelosi and Schumer said that the White House had rejected an offer to meet in the middle on a roughly $2 trillion package. Pelosi said that Democrats had offered Thursday to cut $1 trillion from the cost of their $3.4 trillion offer if Republicans would agree to raise their $1 trillion offer by the same amount, leaving the two sides much closer to a deal in the range of $2 trillion to $2.4 trillion.
"Yesterday, I offered to them, ‘We'll take down a trillion, if you add a trillion in.’ They said absolutely not," Pelosi told reporters Friday. The cost reductions, she said, would be achieved by cutting the duration of some programs.
Asked about the possibility of raising their offer by $1 trillion, Mnuchin called the idea “a non-starter." He did not respond when asked why, but Meadows indicated that shortening the duration of some programs wouldn’t qualify as real cost reductions in his eyes. "I don't know that that's a reduction as much as she's just changing the time frames. So I don't think that she's come off of her number other than just making it shorter," he said.
Schumer laid much of the blame for the lack of progress on Meadows, the former North Carolina congressman and leader of the conservative House Freedom Caucus known more for blowing up deals than making them. “They’re the ones stuck. Basically what’s happening is Mr. Meadows is from the Tea Party, you have 20 Republicans in the Senate greatly influenced by them, and they don’t want to spend the necessary dollars to help get America out of this mess. Ideology sort of blinds them,” Schumer told reporters ahead of Friday’s talks.
After the unproductive meeting, Schumer told reporters that the White House negotiators had said they couldn’t go much above their existing $1 trillion offer. “We’re hopeful that they will think about it and come back and tell us they’re willing to meet us halfway,” he said.
Can they possibly still reach a deal? “I told them to come back when they’re ready to do a $2 trillion bill,” Pelosi told reporters after Friday’s meeting. CNN’s Phil Mattingly reports that some Senate Republicans — those that aren’t staunchly against another relief package altogether — have indicated that a $2 trillion price tag is a non-starter for them. Schumer, meanwhile told reporters that “Senate Democrats can't go south of $2 trillion” and that the Democratic-led House wouldn’t have the votes to pass anything less than $2 trillion. “Therein lies a pretty major problem,” Mattingly says.
Reading between the lines, that suggests there may be some wiggle room for a roughly $2 trillion deal, though Mattingly reports that Republicans have been “pretty clear the topline needs to have a ‘1’ in front of it.”
No additional talks are scheduled, but Mnuchin said Friday that if the two sides can agree on aid to state and local government, a deal could still be reached. Democrats want some $915 billion in additional money for state and local governments, while Republicans have offered about $150 billion. “The president is not going to do a deal that has a massive amount of money to bail out state and locals,” Mnuchin said.
Trump late Friday issued a misleading tweet claiming that Democratic leaders were only looking for money to bail out Democratic cities states — a tweet that suggests negotiations really are dead. “Pelosi and Schumer only interested in Bailout Money for poorly run Democrat cities and states. Nothing to do with China Virus! Want one trillion dollars. No interest. We are going a different way!”


thefiscaltimes--2020-08-05--The Dead May Get Relief Payments After All

It looks like being dead may not get in the way of receiving another stimulus check , after all .
We told you in June that , according to a report by the Government Accountability Office , the Trump administration had sent nearly $ 1.4 billion in coronavirus relief payments to Americans who were no longer among the living .
The roughly 1.1 million payments were sent despite an awareness of the problem , in order to get the money out as quickly as possible , as required by the CARES Act .
The IRS began to filter out payments @ @ @ @ @ @ @ legal issues were cleared up , but according to Politico Wednesday , the relief package from Senate Republicans includes language that would allow some taxpayers to receive relief payments despite having shuffled off this mortal coil .
“ So long as someone died this year , they would be eligible for the $ 1,200 payments included in the plan , ” Politico ’ s Brian Faler says .
“ Not just that , Senate Republicans would also make them retroactively eligible for the previous round of stimulus checks.
” A spokesperson for Senate @ @ @ @ @ @ @ ) said that providing the payments would be consistent with how the government typically treats the recently deceased .
But some tax experts said the move would be confusing , especially since the administration recently acted to restrict such payments .
“ To have all of this within one year — it ’ s whiplash , ” former IRS lawyer Philip Hackney told Politico .
“ It makes the head spin .
”

It looks like being dead may not get in the way of receiving another stimulus check, after all.
We told you in June that, according to a report by the Government Accountability Office, the Trump administration had sent nearly $1.4 billion in coronavirus relief payments to Americans who were no longer among the living. The roughly 1.1 million payments were sent despite an awareness of the problem, in order to get the money out as quickly as possible, as required by the CARES Act.
The IRS began to filter out payments to the deceased after some technical and legal issues were cleared up, but according to Politico Wednesday, the relief package from Senate Republicans includes language that would allow some taxpayers to receive relief payments despite having shuffled off this mortal coil.
“So long as someone died this year, they would be eligible for the $1,200 payments included in the plan,” Politico’s Brian Faler says. “Not just that, Senate Republicans would also make them retroactively eligible for the previous round of stimulus checks.”
A spokesperson for Senate Finance Committee chair Chuck Grassley (R-IA) said that providing the payments would be consistent with how the government typically treats the recently deceased.
But some tax experts said the move would be confusing, especially since the administration recently acted to restrict such payments. “To have all of this within one year — it’s whiplash,” former IRS lawyer Philip Hackney told Politico. “It makes the head spin.”


thefiscaltimes--2020-08-05--Fiscal Policy Cushioned the Shutdown: Report

Taxing and spending policies provided a huge boost to the economy during the first few months of the coronavirus pandemic @ @ @ @ @ updated Hutchins Center Fiscal Impact Measure ( FIM ) from the Brookings Institution .
Fiscal @ @ @ @ @ 14.6 % on an annualized basis during the second quarter of 2020 , Brookings ’ @ @ @ @ @ a substantial cushion for an economy that contracted at an annualized rate of 32.9 % @ @ @ @ @ how much worse the decline would have been if not for federal fiscal policy , @ @ @ @ @ that the second quarter saw “ the highest level of the FIM since 1973 , @ @ @ @ @ we have data.
” Federal policies provided the main boost , with a decline in @ @ @ @ @ as a drag , holding down GDP by 8.6 % .
Stimulus payments and expanded @ @ @ @ @ role , as well as standard automatic stabilizers such as food stamps .

Taxing and spending policies provided a huge boost to the economy during the first few months of the coronavirus pandemic, according to the newly updated Hutchins Center Fiscal Impact Measure (FIM) from the Brookings Institution.
Fiscal policy increased GDP growth by 14.6% on an annualized basis during the second quarter of 2020, Brookings’ David Wessel said, providing a substantial cushion for an economy that contracted at an annualized rate of 32.9%.
The data illustrate “how much worse the decline would have been if not for federal fiscal policy,” Wessel said, adding that the second quarter saw “the highest level of the FIM since 1973, the earliest year for which we have data.”
Federal policies provided the main boost, with a decline in state and local purchases acting as a drag, holding down GDP by 8.6%. Stimulus payments and expanded unemployment benefits played a key role, as well as standard automatic stabilizers such as food stamps.