• Latest
  • Trending
  • All

Democrats prepare to pass Covid relief bill without Republican votes

January 27, 2021 19:42
Russian ruble licks wounds at all-time lows

Dollar demand intensifies, with month-end flows in focus

June 30, 2022 06:42
Equity markets mixed ahead of the weekend

Markets struggle for direction as worries persist

June 30, 2022 04:15
Dollar lacks upside momentum due to lower Treasury yields

Greenback continues to outperform its rivals

June 29, 2022 05:31
Stocks retain bullish bias, capping dollar’s recovery

Risk demand wanes across the markets, dollar edges higher

June 29, 2022 04:49
Dollar lacks upside momentum due to lower Treasury yields

Dollar stays downbeat, but bearish potential remains limited

June 28, 2022 06:15
Geopolitics pushes global markets south, dollar bulls back in the game

Stocks retain bullish bias, capping dollar’s recovery

June 28, 2022 04:38
Dollar lacks upside momentum due to lower Treasury yields

USD slightly on the defensive to start the week

June 27, 2022 06:04
Markets struggle for direction, dollar steady after gains

Stock market rally continues, pressuring the dollar

June 27, 2022 04:50
Dollar lacks upside momentum due to lower Treasury yields

Dollar resumes the downside, looks choppy

June 24, 2022 06:22
Risk sentiment looks mixed, dollar retreats marginally

Equities in positive territory ahead of the weekend, dollar lags

June 24, 2022 05:13
Stocks making recovery attempts, markets remain unstable

Markets indecisive as recession fears persist

June 23, 2022 09:11
Dollar lacks upside momentum due to lower Treasury yields

USD regains bullish bias, volatility ebbs somehow

June 23, 2022 08:44
  • Terms & Сonditions
  • Contact
Friday, July 1, 2022
FWNews - pulse of the forex market
  • FUNDAMENTALS
    Equity markets mixed ahead of the weekend

    Markets struggle for direction as worries persist

    Stocks retain bullish bias, capping dollar’s recovery

    Risk demand wanes across the markets, dollar edges higher

    Geopolitics pushes global markets south, dollar bulls back in the game

    Stocks retain bullish bias, capping dollar’s recovery

    Markets struggle for direction, dollar steady after gains

    Stock market rally continues, pressuring the dollar

    Risk sentiment looks mixed, dollar retreats marginally

    Equities in positive territory ahead of the weekend, dollar lags

    Stocks making recovery attempts, markets remain unstable

    Markets indecisive as recession fears persist

    Global stocks in recovery mode but still cautious

    Global stocks back under pressure after short-lived relief rally

    Equity markets mixed, focus shifts to Blinken-Lavrov meeting

    Markets enjoy recovery but risks persist

    Global stocks struggle after a bearish week

    Markets relatively steady to start the week

  • TECHNICALS
  • Interest Rates
  • Economic calendar
  • Backstage
No Result
View All Result
FWNews - pulse of the forex market
  • FUNDAMENTALS
    Equity markets mixed ahead of the weekend

    Markets struggle for direction as worries persist

    Stocks retain bullish bias, capping dollar’s recovery

    Risk demand wanes across the markets, dollar edges higher

    Geopolitics pushes global markets south, dollar bulls back in the game

    Stocks retain bullish bias, capping dollar’s recovery

    Markets struggle for direction, dollar steady after gains

    Stock market rally continues, pressuring the dollar

    Risk sentiment looks mixed, dollar retreats marginally

    Equities in positive territory ahead of the weekend, dollar lags

    Stocks making recovery attempts, markets remain unstable

    Markets indecisive as recession fears persist

    Global stocks in recovery mode but still cautious

    Global stocks back under pressure after short-lived relief rally

    Equity markets mixed, focus shifts to Blinken-Lavrov meeting

    Markets enjoy recovery but risks persist

    Global stocks struggle after a bearish week

    Markets relatively steady to start the week

  • TECHNICALS
  • Interest Rates
  • Economic calendar
  • Backstage
No Result
View All Result
FWNews - pulse of the forex market
No Result
View All Result

Home » Democrats prepare to pass Covid relief bill without Republican votes

Democrats prepare to pass Covid relief bill without Republican votes

by FWNews
January 27, 2021 19:42
in News
0

Democrats have started to lay the groundwork to pass the next coronavirus relief package without Republican votes as GOP lawmakers criticize the cost of President Joe Biden’s rescue plan.

House Majority Leader Steny Hoyer, D-Md., added votes to the chamber’s schedule next week “that will give us the option of using budget reconciliation to advance a COVID-19 relief package,” he told lawmakers Tuesday night. The thorny process would allow Democrats to pass a pandemic aid bill by a simple majority vote in the Senate with no Republican support.

In a letter to Democrats later Wednesday, House Speaker Nancy Pelosi, D-Calif., said committee chairs “are working on coronavirus relief legislation as a basis for reconciliation, should that step be needed.” She added that “we hope and expect” Republicans will back an aid bill, but “Democrats will not take any tools off the table.”

Neither Democratic leader explicitly said they will opt to use reconciliation, as the Biden administration holds talks with centrist GOP lawmakers it hopes will vote for a relief measure. Still, the moves to set up the process suggest the party has doubts about Republicans providing the votes to approve a rescue package.

The House majority leader told lawmakers he could change the schedule again before March 14 to allow time to renew programs to boost unemployed workers during the pandemic. Both the $300 per week federal jobless benefit supplement and the Pandemic Unemployment Assistance program formally expire that day.

Biden and Democrats have pushed to inject more money into the health-care system and economy as the virus kills more than 3,000 Americans per day on average and the country takes on the biggest vaccination effort in history. Biden’s $1.9 trillion rescue plan aims to speed up vaccinations and send more money to individuals, small businesses, and state and local governments.

Republicans and a few Democrats in Congress have questioned the need to spend so much money about a month after a $900 billion relief plan became law. GOP skeptics have called for a smaller bill based around vaccine distribution funds.

But after a stalled congressional response in the second half of last year that allowed millions to fall into poverty and exacerbated the worst U.S. hunger crisis in decades, Democrats say Congress cannot spend too much money. Treasury Secretary Janet Yellen told lawmakers earlier this month that “with interest rates at historic lows, the smartest thing we can do is act big.”

Democratic leaders have said they will push ahead even without Republican support.

“If our Republican colleagues decide to oppose the necessary, robust, Covid relief that is needed, we will have to move forward without them. It is not our preference,” Senate Majority Leader Chuck Schumer, D-N.Y., said Wednesday.

He added that Congress should not “repeat the mistakes of 2008 and 2009,” when he said lawmakers were “too timid” in responding to the global financial crisis.

On Monday, Biden said the decision to use reconciliation “will depend upon how these negotiations [with Republicans] go.” He indicated it could take “a couple of weeks” to know whether GOP lawmakers would back a relief plan.

Senate Minority Leader Mitch McConnell, R-Ky., said Monday that the Biden proposal “misses the mark.”

The risks with budget reconciliation

Both House Budget Committee Chairman John Yarmuth, D-Ky., and incoming Senate Budget Committee Chairman Bernie Sanders, I-Vt., have said they are prepared to pass budget resolutions that would start the reconciliation process. Sanders has not taken control of the panel yet as Schumer and McConnell try to finalize a deal establishing rules for a 50-50 Senate.

While it offers the ability to pass a bill with a simple majority in the Senate, reconciliation comes with its own headaches for Democrats.

The process only applies to bills that change spending and revenue levels, and restricts what lawmakers can put into legislation. Democrats may not fit all of their priorities into a final product that complies with Senate rules.

The party also may have to tweak the bill to avoid defections. Sen. Angus King, a Maine independent who caucuses with Democrats, questioned the Biden plan’s cost after 16 bipartisan senators met with White House officials on Sunday.

Sen. Joe Manchin, D-W.Va., has called for the $1,400 direct payments in the bill to be more narrow in scope. Both Biden and top economic advisor Brian Deese have signaled they are open to changing eligibility for the next round of checks.

The bipartisan House Problem Solvers Caucus also talked with Deese on Tuesday about a relief bill. While the group’s co-chairs, Reps. Josh Gottheimer, D-N.J., and Tom Reed, R-N.Y., said after the meeting that they wanted to find a bipartisan solution, it was unclear if any of the group’s 28 Democratic members were prepared to oppose Biden’s plan.

The Senate also faces time constraints as it tries to pass a relief bill. The second impeachment trial of former President Donald Trump will start in about two weeks, and Senate leaders have not said how long they expect it to last.

The chamber also aims to confirm more of Biden’s Cabinet nominees in the coming weeks.

Share2Tweet2
ADVERTISEMENT
FWNews

FWNews

Track the pulse of the market

Related Posts

Russian ruble licks wounds at all-time lows
Technical analysis

Dollar demand intensifies, with month-end flows in focus

June 30, 2022 06:42
15
Equity markets mixed ahead of the weekend
Fundamental analysis

Markets struggle for direction as worries persist

June 30, 2022 04:15
17
Dollar lacks upside momentum due to lower Treasury yields
Technical analysis

Greenback continues to outperform its rivals

June 29, 2022 05:31
15
Stocks retain bullish bias, capping dollar’s recovery
Fundamental analysis

Risk demand wanes across the markets, dollar edges higher

June 29, 2022 04:49
17
Dollar lacks upside momentum due to lower Treasury yields
Technical analysis

Dollar stays downbeat, but bearish potential remains limited

June 28, 2022 06:15
18
Geopolitics pushes global markets south, dollar bulls back in the game
Fundamental analysis

Stocks retain bullish bias, capping dollar’s recovery

June 28, 2022 04:38
19

Leave Your Opinion Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Euro struggles below three-month highs, yen demand persists

Volatility picked up dramatically in the currency markets

March 9, 2020 13:38
21
Stocks trim losses, gold retreats from fresh highs as sentiment improves

Stocks trim losses, gold retreats from fresh highs as sentiment improves

February 21, 2022 09:35
11
Pound corrects higher due to dollar weakness

Greenback stays under pressure versus major rivals

May 7, 2021 06:43
13

Ads

Shneider Electric

Most Popular

A slow start to the week in FX markets
Technical analysis

Dollar regains ground to start the week

January 25, 2021 07:25
118
A slow start to the week in FX markets
Technical analysis

Greenback advances modestly amid strong data

May 28, 2021 07:38
110
Kim Jong Un reportedly says his nuclear weapons guarantee there will be no more war
News

Kim Jong Un reportedly says his nuclear weapons guarantee there will be no more war

July 28, 2020 08:29
95
FWNews

Copyright © 2020 FWNews

  • Terms & Сonditions
  • Contact
No Result
View All Result
  • FUNDAMENTALS
  • TECHNICALS
  • Interest Rates
  • Economic calendar
  • Backstage

Copyright © 2020 FWNews