President Donald Trump signed a bill containing $900 billion in pandemic relief, the White House said, triggering the flow of aid to individuals and businesses and averting the risk of a partial government shutdown on Tuesday.
In addition to aid to stem the economic effects of the pandemic, the legislation Congress passed Monday also includes $1.4 trillion in government spending to fund federal agencies through the end of the fiscal year in September. The government had been operating on temporary spending authority that expires after the end of the day Monday.
The meeting was the last in chairman Russell Golden’s term.
Paul Winghart, Market Economist, Founder & Chief Knowledge Officer, Wing-O-Metrics LLC.
Paul produces, distributes and charges for subscriptions for original economic commentary primarily for professional financial advisors.
Mr. Winghart is the author of ConsterNation!: The Economics Behind The Angst which examines the long-term economic fundamental that is holding the economy back from realizing enough of its potential, thereby causing all economic angst.
Since 2014, Paul has been an Adjunct Instructor of Business & Economics at Bethel University, North Central University and is currently teaching at the University of Northwestern -Saint Paul.
From 1998 to founding Wing-O-Metrics LLC, Paul was Vice President – Market Economist & Senior Fixed Income Strategist for RBC Wealth Management where he discerned and accurately prognosticated trends in U.S. interest rates. He also researched and interpreted evolutions in credit ratings to gain an understanding and appreciation of their implications on specific fixed income securities.
He has been published the Municipal Finance Journal Winter 2010 & Bloomberg News 2012. He was also nominated for selection to Financial Advisor / Private Wealth Magazine’s annual Research Manager / Due Diligence all-star team in 2011 & 2012.
Paul holds a Bachelor’s degree in Economics from the University of Minnesota and an MBA in Finance from Bethel University.
The ATM industry was already mired in the painful transition away from hardware to digital technology, and now it must try to persuade consumers and merchants that cash isn’t unsafe to handle.
The combined $2.3 trillion package was the product of intense negotiations, from which Trump was largely absent until he surprised lawmakers of both parties by demanding bigger stimulus payments for individuals after the bill was already passed.
Trump said in the statement announcing the signing that the GOP Senate had agreed to vote on increasing the $600 individual payments and two other, unrelated matters dealing with social media and his unfounded allegations of voter fraud.
His delay in signing it means those aid payments will likely be later than Treasury Secretary Steven Mnuchin had promised and may cut a week from the supplemental unemployment benefits that were part of the package and scheduled to end in March.
The virus relief package will likely be the last major legislation signed by Trump, whose re-election hopes were dashed in large part due to his handling of the pandemic.
President-elect Joe Biden has said he will push for even more stimulus after taking office early next year, but it remains unclear whether Republicans in Congress would go along. Control of the Senate will be determined by the outcome of two runoff elections in Georgia on Jan 5.
Lawmakers approved the government funding and additional relief at the last possible moment before they were set to leave Washington for a year-end break. Business leaders have called on Congress to pass more stimulus for months, saying that restaurants, theaters, mom-and-pop stores and airlines were being decimated by closures and restrictions as Covid-19 cases spiked in the U.S.
Senate Majority Leader Mitch McConnell, House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer announced a relief deal on Sunday after more than a week of frantic talks sparked by a bipartisan group of senators who drafted their own compromise proposal and urged their leaders to act. Treasury Secretary Steven Mnuchin, representing the administration, also was involved in the talks.
Trump surprised even his fellow Republicans on Tuesday by tweeting a video saying that he wanted Congress to increase the size of stimulus payments for individuals to $2,000, from the $600 in the bill Congress passed. He also complained about federal spending on foreign aid and international programs, even though those funds were allocated as part of the bipartisan appropriations process for funding the government.