The latest state of play in negotiations
The White House is trying to find new ways to stimulate the economy via executive action with Congressional negotiations stalled.
Yesterday, the White House removed the requirement that states chip in 25% of a $400/week unemployment boost. It means the Federal Government, rather than states, will administer the program and Mnuchin said it will be ready in two weeks.
Still, that's a big cut from the $600/week bonus and White House officials are worried about an economic slowdown. The Washington Post reveals that they're studying more options, including repurposing other money.
The other concern is that even if the executive order is legal -- which is in question -- the Federal Government may only have 5 weeks of money available via the FEMA pot.
There are no signs of real negotiations on a deal and many lawmakers have left town, including White House chief of staff Mark Meadows.
Overall, the market is shrugging this off and also unworried about Mnuchin taking a capital gains cut off the table. Instead, the market is cheering vaccine news.
