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Expanded Unemployment Benefits Set to Lapse

December 26, 2020 at 10:17 am EST By Taegan Goddard Leave a Comment

“Expanded unemployment benefits were set to lapse for millions of struggling Americans on Saturday, a day after President Trump expressed more criticism of a $900 billion pandemic relief bill that was awaiting his signature and would extend them,” the New York Times reports.

CBS News: COVID relief bill flown to Florida, as Trump went golfing.

New York Times: “If Mr. Trump signs the bill on Saturday, states will still need time to reprogram their computer systems to account for the new law, according to Michele Evermore of the National Employment Law Project, but unemployed workers would still be able to claim the benefits.”

Filed Under: Economy

Trump Pushes Again for $2,000 Checks

December 26, 2020 at 7:18 am EST By Taegan Goddard Leave a Comment

President Trump continued to push raising the amount of direct payments the massive Covid stimulus package should provide to Americans, but gave no indication on whether he would sign or veto the existing bill, NBC News reports.

Said Trump: “Made many calls and had meetings at Trump International in Palm Beach, Florida. Why would politicians not want to give people $2000, rather than only $600? It wasn’t their fault, it was China. Give our people the money!”

Filed Under: Economy

Millions of Families Hungry, On the Brink of Eviction

December 24, 2020 at 1:19 pm EST By Taegan Goddard Leave a Comment

“Millions of Americans who are hours away from losing unemployment aid or the small business they have spent years building have a simple plea to President Trump and Congress: Please help us,” the Washington Post reports.

The newspaper “has been inundated with messages and phone calls from people on the verge of losing their homes and cars and going hungry this holiday who are stunned that President Trump and Congress cannot agree on another emergency aid package. Several broke down crying in phone interviews.”

Filed Under: Economy


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House Republicans Block Boosting Stimulus Payments

December 24, 2020 at 9:32 am EST By Taegan Goddard Leave a Comment

“House Republicans on Thursday blocked an effort by House Democrats to approve $2,000 stimulus payments for millions of Americans. Democrats were seeking to advance the measure after President Trump demanded it on Tuesday night, breaking with many in the Republican party,” the Washington Post reports.

“House Democratic leadership attempted to advance the measure by ‘unanimous consent‘ but the effort was blocked by Republican leadership.

Filed Under: Economy, House of Representatives

What Is Trump Trying to Do with the Relief Bill?

December 23, 2020 at 7:09 am EST By Taegan Goddard Leave a Comment

Wall Street Journal: “Aides said they view the tweet more as the president voicing his displeasure with the bill than an actual veto threat. One aide said Mr. Trump’s announcement amounted to an effort to make Congress squirm.”

New York Times: “Current and former administration officials speculated on Tuesday evening that Mr. Trump did not like the narrative that he had been sidelined from the negotiations and that calling for higher direct payments was a political move to please his base.”

Said one administration official to the Washington Post: “So dumb. So, so dumb.”

Filed Under: Economy, White House

Trump Calls Relief Bill a ‘Disgrace’

December 22, 2020 at 7:38 pm EST By Taegan Goddard Leave a Comment

President Trump, in a stunning Tuesday night tweet, called the $900 billion Covid relief bill passed by Congress an unsuitable “disgrace” and urged lawmakers to make a number of changes to the measure, including bigger direct payments to individuals and families, CNBC reports.

“The president’s tweet, which included a video of him discussing what he considers the bill’s many flaws, came less than 24 hours after the Senate passed the measure.”

Washington Post: “Some aides were stunned that Trump weighed in the way he did after his economic team had publicly praised the bill. But administration officials had negotiated the bill with lawmakers in the final days without explicitly securing Trump’s approval.”

Axios: “The surprise announcement could delay desperately needed aid for millions of Americans if Trump decides not to sign the package as it stands. It also risks a government shutdown.”

Filed Under: Economy

Biden Push for More Relief Sets Up Clash with GOP

December 22, 2020 at 6:34 am EST By Taegan Goddard Leave a Comment

Washington Post: “The notion that more aid is necessary — Biden at times has said talks should start as early as January — sets up perhaps the first major legislative test for the new president and his self-proclaimed negotiating skills.”

Filed Under: Economy

Congress Overwhelmingly Passes Covid-19 Relief

December 22, 2020 at 5:34 am EST By Taegan Goddard Leave a Comment

“Congress overwhelmingly approved $900 billion of relief for households and businesses battered by the coronavirus pandemic, passing an emergency measure aimed at buoying the country through a difficult winter and into a new year,” the Wall Street Journal reports.

Associated Press: “The $900 billion pandemic relief package that was rushed through Congress Monday created a familiar year-end conundrum for lawmakers: It was a bill too big to fail, and also too big to read.”

Filed Under: Economy

Relief Bill Is Over 5,000 Pages

December 21, 2020 at 2:29 pm EST By Taegan Goddard Leave a Comment

“The House on Monday released the text of a $900 billion coronavirus relief package and $1.4 trillion government spending bill that Congress expects to pass before the holidays,” Axios reports.

“The House will move quickly to pass the bill on Monday night, with the Senate likely to stay late to vote in the early hours of Tuesday morning. This gives lawmakers and their staff just hours to review a 5,593-page bill — one of the largest rescue packages in U.S. history.”

Filed Under: Budget & Taxes, Economy

Who Won and Lost in the Stimulus Bill?

December 21, 2020 at 11:30 am EST By Taegan Goddard Leave a Comment

Jonathan Bernstein: “I got one wrong. In the deal reached Sunday on the pandemic relief and stimulus bill, it appears that President Donald Trump successfully negotiated for one of his priorities: the return of the three-martini lunch.”

“Oddly enough, this comes at a time when, from all reports, Trump is paying no attention to his job, instead focusing only on efforts to undermine the rule of law by overturning an election that he lost. Presumably he told Treasury Secretary Steven Mnuchin, who negotiated the deal with House Speaker Nancy Pelosi on behalf of the White House, that he didn’t much care what was in the bill as long as it included this provision.”

“As for the Democrats? This particular log-roll seems like a big win for them. The business deduction may be lousy policy and a subsidy for the rich, but it’s relatively harmless overall — and liberal policy experts are thrilled with what they got in return. So it’s a win for Trump, a win for Democrats and a loss for congressional Republicans. If there’s been a deal with any similar configuration over the past four years, I can’t think of it.”

Filed Under: Economy

Biden Adds New Members to His Economic Team

December 21, 2020 at 9:56 am EST By Taegan Goddard Leave a Comment

“President-elect Joe Biden is rounding out his economic team, adding a longtime aide to Sen. Elizabeth Warren and a former Obama administration budget official to his National Economic Council,” the Wall Street Journal reports.

“Mr. Biden announced on Monday that he was appointing David Kamin, the former Obama official, as deputy director of the NEC, the White House’s economic policy arm. Bharat Ramamurti, the former Warren aide, will be deputy NEC director for financial reform and consumer protection. The president-elect also named Joelle Gamble as special assistant to the president for economic policy. The roles don’t require Senate confirmation.”

Filed Under: Biden Transition, Economy

Stimulus Deal Provides Economic Relief, for Now

December 21, 2020 at 6:33 am EST By Taegan Goddard Leave a Comment

“For much of the economy — especially people and industries that have been insulated from the worst effects of the pandemic — it may provide a bridge to a vaccine-fueled rebound. That is especially likely if the vaccine is quickly and widely distributed, and the swelling number of coronavirus cases doesn’t force another round of widespread shutdowns,” the New York Times reports.

“The injection of money comes months too late for tens of thousands of failed businesses, however, and it may not be enough to sustain unemployed workers until the labor market rebounds. Moreover, it could be the last help from Washington the economy gets anytime soon.”

Filed Under: Economy

McConnell Announces Deal on Relief Package

December 20, 2020 at 5:58 pm EST By Taegan Goddard Leave a Comment

Senate Majority Leader Mitch McConnell (R-KY) announced late Sunday night that lawmakers have finalized an approximately $900 billion economic relief package, the Washington Post reports.

Said McConnell: “More help is on the way. Moments ago, in consultation with our committees, the four leaders of the Senate and House finalized an agreement for another major rescue package for the American people.”

McConnell said lawmakers only have to “promptly finalize text” and “avoid any last minute obstacles.”

Filed Under: Economy, Senate

Senate Leaders Clear Last Hurdle on Relief Package

December 20, 2020 at 7:22 am EST By Taegan Goddard Leave a Comment

“Senators reached an agreement on the Federal Reserve’s emergency lending powers late Saturday, clearing the last major hurdle on a $900 billion coronavirus-relief package, according to aides from both parties,” the Wall Street Journal reports.

“Senate Minority Leader Chuck Schumer (D., N.Y.) and Sen. Pat Toomey (R., Pa.) were finishing details on a compromise Saturday night. Under the deal, the central bank would retain its ability to set up emergency lending programs without congressional approval. But it would face a narrower constraint: The Fed wouldn’t be able to replicate programs identical to the ones it started in March at the beginning of the pandemic without the approval of Congress.”

“Mr. Schumer told reporters he thought both the House and Senate would be able to vote Sunday on the relief bill, which is expected to be combined with a spending bill needed to avoid a partial government shutdown. The government’s current funding expires at 12:01 a.m. Monday.”

Filed Under: Economy, Senate

Relief Package Hits Major Roadblock

December 19, 2020 at 4:16 pm EST By Taegan Goddard Leave a Comment

“Senior congressional lawmakers attempting to complete an emergency coronavirus relief package this weekend slammed into a major roadblock on Saturday over Republican demands to limit the authority of the Federal Reserve,” the Washington Post reports.

“A late push from Sen. Patrick Toomey (R-PA) to rein in the nation’s central bank had already divided lawmakers over the last several days. But the impasse appeared to grow significantly wider on Saturday, as congressional leadership and rank-and-file senators on both sides of the aisle dug in over the issue, imperiling prospects for a deal.”

Filed Under: Economy, Senate

Congress Scrambles for Relief Deal

December 19, 2020 at 11:15 am EST By Taegan Goddard Leave a Comment

“Congressional leaders on Saturday morning were still scrambling to clinch a coronavirus relief deal, just two days before lawmakers face the threat of yet another shutdown,” Politico reports.

“Both chambers now plan to hold a rare weekend session days before Christmas, with negotiators in both parties saying they aim to reach a final agreement within hours.”

Playbook: “Has a president ever been so absent during a crisis? Congress has been struggling with a Covid-relief deal, and the man who got to the White House on his deal bonafides has been completely silent, uninvolved and seemingly uninterested.”

Filed Under: Economy

Relief Package Hits New Snag

December 18, 2020 at 12:23 pm EST By Taegan Goddard Leave a Comment

NBC News: “Negotiators already dropped two contentious provisions that were holding up an agreement — liability protections for employers and funding for state and local governments.”

“But leaders had hit a new roadblock as Democrats on Friday accused Republicans, led by Sen. Pat Toomey, R-Pa., of seeking to hamstring the incoming Biden administration by cutting off Federal Reserve emergency lending facilities created by the CARES Act to protect the fragile economy.”

“Democrats want to extend that authority into the new year, describing it as an important tool to respond to an economic crisis.”

Filed Under: Economy

Personal Income Dropped Everywhere

December 18, 2020 at 10:15 am EST By Taegan Goddard Leave a Comment

Every U.S. state saw personal income drop in the third quarter as stimulus wound down, according to Commerce Department data.

Filed Under: Economy

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About Political Wire

goddard-bw-snapshotTaegan Goddard is the founder of Political Wire, one of the earliest and most influential political web sites. He also runs Political Job Hunt, Electoral Vote Map and the Political Dictionary.

Goddard spent more than a decade as managing director and chief operating officer of a prominent investment firm in New York City. Previously, he was a policy adviser to a U.S. Senator and Governor.

Goddard is also co-author of You Won - Now What? (Scribner, 1998), a political management book hailed by prominent journalists and politicians from both parties. In addition, Goddard's essays on politics and public policy have appeared in dozens of newspapers across the country.

Goddard earned degrees from Vassar College and Harvard University. He lives in New York with his wife and three sons.

Goddard is the owner of Goddard Media LLC.

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