Stock futures debate direction after stimulus confusion
- Thought the latest edition of coronavirus stimulus was a done deal?
Guess again. In a surprise video announcement, President Trump called
the $892B package a "disgrace" and demanded changes to the bipartisan
legislation approved by Congress.
- Futures wobbled shortly after the broadcast, but it didn't take much
for them to erase the losses. *As of 3:15 a.m. ET:* Dow +0.1%; S&P 500
+0.2%; Nasdaq +0.2%.
- Trump specifically took aim at funding headed overseas, and direct
payments to individuals and families, but it was unclear if the items
would
be enough for him to veto the relief package. *Bigger picture:* The
House and Senate could vote to override Trump's decision as the bill
passed
with a veto-proof majority in Congress, but the process could delay
Treasury Secretary Steve Mnuchin's promise that stimulus checks could
begin
reaching American households next week.
- "I am asking Congress to amend this bill and increase the ridiculously
low $600 to $2,000, or $4,000 for a couple," Trump declared. "I'm also
asking Congress to immediately get rid of the wasteful and unnecessary
items from this legislation."
- In a rare twist, Nancy Pelosi agreed with the call on large direct
payments, and House Democrats will see if they can approve a measure by
unanimous consent on Christmas Eve, but it's not clear whether the larger
sums would pass muster in the Senate.
- Meanwhile, U.S. government operations are being funded on a temporary
basis through Dec. 28, waiting for the $1.4T in federal spending for
fiscal
2021 that is also attached to the stimulus bill.
|Today, 3:25 AM|15 Comments
- Thought the latest edition of coronavirus stimulus was a done deal?
Guess again. In a surprise video announcement, President Trump called
the $892B package a "disgrace" and demanded changes to the bipartisan
legislation approved by Congress.
- Futures wobbled shortly after the broadcast, but it didn't take much
for them to erase the losses. *As of 3:15 a.m. ET:* Dow +0.1%; S&P 500
+0.2%; Nasdaq +0.2%.
- Trump specifically took aim at funding headed overseas, and direct
payments to individuals and families, but it was unclear if the items
would
be enough for him to veto the relief package. *Bigger picture:* The
House and Senate could vote to override Trump's decision as the bill
passed
with a veto-proof majority in Congress, but the process could delay
Treasury Secretary Steve Mnuchin's promise that stimulus checks could
begin
reaching American households next week.
- "I am asking Congress to amend this bill and increase the ridiculously
low $600 to $2,000, or $4,000 for a couple," Trump declared. "I'm also
asking Congress to immediately get rid of the wasteful and unnecessary
items from this legislation."
- In a rare twist, Nancy Pelosi agreed with the call on large direct
payments, and House Democrats will see if they can approve a measure by
unanimous consent on Christmas Eve, but it's not clear whether the larger
sums would pass muster in the Senate.
- Meanwhile, U.S. government operations are being funded on a temporary
basis through Dec. 28, waiting for the $1.4T in federal spending for
fiscal
2021 that is also attached to the stimulus bill.
|Today, 3:25 AM|15 Comments
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