Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Portfolio > Economy & Markets

Biden ‘Silent’ on Pandemic Aid: Valliere

Your article was successfully shared with the contacts you provided.

Democratic Presidential Candidate Joe Biden has remained “silent” on pandemic aid, Greg Valliere, chief U.S. policy strategist for AGF Investments, said in his Monday morning email briefing. “The country’s crucial economic issue is that more stimulus is needed; the Federal Reserve is urging more spending, and Trump is, too.”

However, House Speaker Nancy Pelosi, D-Calif., “has dug in her heels, refusing to consider half a loaf, to the dismay of many Democrats in Congress.”

Many small businesses, Valliere said, “can’t hang on much longer, evictions are increasing, and bankruptcies loom, yet Biden — who boasts that he can reach compromises with Congress — has not intervened.”

Treasury Secretary Steven Mnuchin said Monday morning that the Trump administration and congressional democrats have agreed to a “clean” continuing resolution to fund the government and that he hoped the details on the CR can be finalized this week.

However, agreement on the next stimulus package remains elusive.

“There’s clearly aspects of the [next stimulus] deal that both sides agree on,” Mnuchin said during a Monday morning press briefing.

There’s “enormous bipartisan support” for the Paycheck Protection Program, for instance, as well as bipartisan support on money for schools and “even the enhanced unemployment; there may be a difference on what the amount is, but there’s a common view that there should be enhanced unemployment,” Mnuchin said.

After Senate Democrats blocked Thursday Republicans’ new “targeted” COVID-19 relief bill in a 52-47 vote, Senate Majority Leader Mitch McConnell, R-Ky., tweeted Friday that “Washington Democrats have now blocked two separate proposals to provide hundreds of billions of dollars for safe schools, jobs, and healthcare. They just do not want American families getting more help before the election. Pure cynicism.”

The Sept. 29 presidential debate, Valliere opined, “will be pivotal, and we still make Biden the shaky front-runner.”

— Related on ThinkAdvisor:


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.