Jump to content
Washington Football Team Logo
Extremeskins

Stimulus Update - 1/16/20 - Biden CASH Proposal for Covid Relief


Recommended Posts

Americans Would Spend More This Holiday Season With $1,200 Stimulus Checks, Gallup Study Finds

 

A fresh round of stimulus checks could provide a welcomed boost to retailers during the holidays, a Franklin Templeton-Gallup study found.


Assuming no additional government stimulus, 37% of those polled said they are likely to spend less money during the holidays, while only 16% plan to spend more on gifts.


Assuming a $1,200 stimulus payment, the percentage of people planning to spend less falls to 30%, while those planning to dole out more cash on gifts jumps to 22%.

 

Click on the link for the full article

Link to post
Share on other sites
  • goskins10 changed the title to Update - Will President Biden do better? - Covid-19 Stimulus Packages - Details and Discussion - Trump Recalling Small Business Loan Funding

So the Trump administration on it's way out is trying to mess things up as bad as they can - Steve Mnuchin has told the Fed they need to return the unused portion of the CARES Act funding for small business loans to the Treasury as it is, in their words - no longer needed. This amounts to just under $2B based on the article and would have to be returned by Dec 31st. The good news is, President Biden can reinstate the funding but not until late Jan. Does that make much difference in the long run? Maybe, maybe not. But it seems petty. WHy not leave the money in place. It's been one of the more successful parts of the CARES from most accounts and more importantly goes against the Fed's desire to keep the program going. . 

 

And I thought the Democrats were the ones who cancelled Christmas!!

 

Here is one of many articles that confirm: https://www.yahoo.com/news/mnuchin-cut-off-emergency-economic-230353993.html

 

"Treasury Secretary Steven Mnuchin on Thursday asked the Federal Reserve to return all unused coronavirus relief funds set aside for its emergency lending programs by the end of the year, taking away a lifeline even as a resurgence in Covid cases threatens to upend the budding economic recovery.

 

Mnuchin said the programs are no longer needed, but the move goes against the Fed’s desire to keep them going, according to a statement from the central bank, in a rare show of public disagreement between the two government agencies.

 

“The Federal Reserve would prefer that the full suite of emergency facilities established during the coronavirus pandemic continue to serve their important role as a backstop for our still-strained and vulnerable economy,” the Fed said."

 

Link to post
Share on other sites
33 minutes ago, goskins10 said:

So the Trump administration on it's way out is trying to mess things up as bad as they can - Steve Mnuchin has told the Fed they need to return the unused portion of the CARES Act funding for small business loans to the Treasury as it is, in their words - no longer needed. This amounts to just under $2B based on the article and would have to be returned by Dec 31st. The good news is, President Biden can reinstate the funding but not until late Jan. Does that make much difference in the long run? Maybe, maybe not. But it seems petty. WHy not leave the money in place. It's been one of the more successful parts of the CARES from most accounts and more importantly goes against the Fed's desire to keep the program going. . 

 

And I thought the Democrats were the ones who cancelled Christmas!!

 

Here is one of many articles that confirm: https://www.yahoo.com/news/mnuchin-cut-off-emergency-economic-230353993.html

 

"Treasury Secretary Steven Mnuchin on Thursday asked the Federal Reserve to return all unused coronavirus relief funds set aside for its emergency lending programs by the end of the year, taking away a lifeline even as a resurgence in Covid cases threatens to upend the budding economic recovery.

 

Mnuchin said the programs are no longer needed, but the move goes against the Fed’s desire to keep them going, according to a statement from the central bank, in a rare show of public disagreement between the two government agencies.

 

“The Federal Reserve would prefer that the full suite of emergency facilities established during the coronavirus pandemic continue to serve their important role as a backstop for our still-strained and vulnerable economy,” the Fed said."

 


that also puts pressure on the senate to pass a new relief package though....

Link to post
Share on other sites
1 minute ago, CousinsCowgirl84 said:


that also puts pressure on the senate to pass a new relief package though....

 

Maybe a little. But I would think 10,000s of people contracting the disease and 1,000 dying daily would be enough. But we see that has done nothing to get them to do their job. Just not sure this is the proverbial straw that moves congress anywhere to a new package before Jan 21. Then I expect the Senate - unless awe can win these two seats here is GA, to just not agree to anything and blame it on the Dems. "Look they are in charge and all they want to do is immediately waste your money! Spending fools!"  Now all of a sudden the Debt and Deficit will be in the news every day - just like it should have been during the trump 4 yrs. 

Link to post
Share on other sites

I think this article provides a fuller picture of what's going on

 

https://www.yahoo.com/news/treasury-secretary-mnuchin-wants-redirect-042318864.html

 

Quote

"I hope that Congress will seriously consider reallocating $580 billion of funds that have already been appropriated that wouldn't cost taxpayers an additional penny," he told Bloomberg. The pool of funds includes money appropriated by Congress through the CARES Act in March.

 

Mnuchin suggested the unspent money could be used to extend unemployment benefits and assist hard-hit small businesses in travel, entertainment, and restaurants. The move would require congressional approval.

 

Quote

The remarks come after Mnuchin announced he was not extending most of the Federal Reserve's emergency lending programs past the end of the year, including those supporting markets for corporate bonds and another providing loans to medium-sized businesses and state governments. The treasury and central bank jointly operate them.

 

Mnuchin also asked [sic] the Fed to return the money in the letter. It prompted a very rare rebuke from the central bank, which appeared to be caught off-guard.

 

Looks like Mnuchin sees the prospects of another stimulus as unlikely (who's to blame for that is a separate discussion on it's own).  So he's trying to plug the holes in the dam by redirecting left over funds from CARES and Fed Reserve's emergency lending program to the most visible needs.  

 

I think Mnuchin is trying to the best he can with a terrible deck he's being dealt by the lack of another stimulus bill, but the solution is still problematic.  Congress and POTUS really needs to pass a new bill.

  • Like 1
Link to post
Share on other sites
18 minutes ago, bearrock said:

I think this article provides a fuller picture of what's going on

 

https://www.yahoo.com/news/treasury-secretary-mnuchin-wants-redirect-042318864.html

 

 

 

Looks like Mnuchin sees the prospects of another stimulus as unlikely (who's to blame for that is a separate discussion on it's own).  So he's trying to plug the holes in the dam by redirecting left over funds from CARES and Fed Reserve's emergency lending program to the most visible needs.  

 

I think Mnuchin is trying to the best he can with a terrible deck he's being dealt by the lack of another stimulus bill, but the solution is still problematic.  Congress and POTUS really needs to pass a new bill.

 

Sorry not buying that at all. Mnuchin is another POS just like bunker boy. He can cloak his moves in whatever redirectional bull**** he wants to but the intent is clear to me - it's the republicans first move from spend crazy becasue we are in office to suddenly being cost conscious when dems get in place. ANd it reeks of the petty type of **** you moves from bunker boy. Here is from the article you posted: 

 

"But Democrats blasted it as a move to handicap the incoming Biden administration, since it could prevent another treasury secretary from restarting the emergency lending programs early next year. 

 

"This is economic sabotage," Sen. Ron Wyden, ranking Democrat on the Senate Finance Committee said in a statement. "Secretary Mnuchin is salting the earth in an attempt to inflict political pain on President-elect Biden."

 

Experts say not extending the Fed programs may heighten the perils facing the US economy as it grapples with another surge in virus cases. Many states are moving ahead with new restrictions and business closures. 

 

"This winter is going to be an extremely tough gauntlet of risks for the US," Ernie Tedeschi, policy economist at Evercore ISI, said on Twitter. "The 13(3) facilities didn't see large take-up in the past, & they might not be used much more in 2021, but getting rid of them now is adding on even more risk."

  • Like 1
  • Thanks 1
Link to post
Share on other sites
  • 2 weeks later...

IRS Says Its Own Error Sent $1,200 Stimulus Checks To Non-Americans Overseas

 

The IRS now acknowledges that its own error caused some citizens of other countries to mistakenly receive $1,200 coronavirus relief payments — and that the mistake is likely to happen again if more stimulus money goes out.

 

When reports of the mistake first surfaced, the U.S government placed the blame on those non-Americans, saying that many noncitizens erroneously received stimulus checks because they had filed incorrect tax returns that made them appear to be American.

 

But many non-Americans who received stimulus money do not file U.S. tax returns. One of them is Susanne Wigforss, a 78-year-old Swedish citizen who lives in Stockholm.

 

Click on the link for the full article

  • Haha 1
Link to post
Share on other sites

Hah. All the hand wringing and effort to make sure “people who don’t ‘deserve’ money don’t get it” and what did we get?

Huge delays, people not getting it that should, and now people who aren’t even citizens getting it. 
 

good job government. Job well done as always. 

  • Like 3
Link to post
Share on other sites
On 11/30/2020 at 12:57 PM, tshile said:

Hah. All the hand wringing and effort to make sure “people who don’t ‘deserve’ money don’t get it” and what did we get?

Huge delays, people not getting it that should, and now people who aren’t even citizens getting it. 
 

good job government. Job well done as always. 

 

Not shocking.  Not shocking at all.  

Link to post
Share on other sites
3 hours ago, visionary said:

 

 

1)  Anybody remember how he voted on the GOP's explosion of the deficit when Trump took office?  Or on W's tax cuts, for that matter?  

 

2)  Still, despite that?  Some times he actually says things that are very very good.  

 

2 minutes ago, LadySkinsFan said:

McConnell pushing to protect businesses that force employees back to onsite work from lawsuits because employees caught Covid. Assholes. Corporations over human beings. Shameful.

 

Make that "Businesses, the GOP, and McConnell".  

 

Remember "There won't be another stimulus to individuals, because they might decide not to go back to work in petri dishes"?  

  • Like 3
Link to post
Share on other sites

I may have been reading all of these articles incorrectly, are they saying that there is actually Democratic support for a bill that basically provides zero relief to workers yet protect the businesses that have been negligent to those very people?  I'm starting to think it doesn't matter what side of the fence you fall on, neither side gives a ****.  If there was ever a time for a true independent party to step up and become a heavy hitter...it's now.

Link to post
Share on other sites

The thought going around is that McConnell worries that passing a (basically) Dem stimulus bill now would help the Dems in the Georgia run-off election, so he's not on board with passing one until after that election is over. I'm not sure I understand that  logic, but ok.

 

 

  • Like 1
Link to post
Share on other sites
2 minutes ago, Califan007 said:

The thought going around is that McConnell worries that passing a (basically) Dem stimulus bill now would help the Dems in the Georgia run-off election, so he's not on board with passing one until after that election is over. I'm not sure I understand that  logic, but ok.

 

 

 

Even if true - and it does sound like a McConnell tone deaf move - it proves that he cares more about being in power than helping the American people.  Hoping this run-off turns into a landslide for DEms. Not likely but hopeful. 

  • Like 1
Link to post
Share on other sites
2 minutes ago, skinsmarydu said:

Lawrence is going to show Katie Porter laying the smackdown on Mnuchin.

Popcorn ready? 

 

She is my new favorite super hero!  She is crazy smart, has a great ability to communicate effectively (not all really smart people can), and she comes incredibly prepared. It will be a blood bath LOL.  

  • Haha 1
Link to post
Share on other sites
  • goskins10 changed the title to Stimulus Update - 1/16/20 - Biden CASH Proposal for Covid Relief

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Recently Browsing   0 members

    No registered users viewing this page.

×
×
  • Create New...