House Speaker Nancy Pelosi and Chuck Schumer Negotiate Pandemic Aid Plan

The unemployment aid deal being negotiated by Democratic and Republican lawmakers and the White House could at best maintain U.S. household income at full force, or at worst knock out much of the expected rebound in third-quarter consumer spending.

The most likely outcome is a $400-per-week extra federal unemployment benefit, a compromise between Democrat’s proposal of maintaining $600 weekly benefit and a Republican proposal of paying $200 per week for another two months before states come up with ways to match 70% of workers’ prior earnings, according to Bloomberg Economics.

That would be sufficient to keep household income around pre-pandemic levels while also alleviating concerns about the disincentive to work, Bloomberg economist Andrew Husby said in a report. An agreement on a $400 add-on would also be consistent with Bloomberg Economics’ base case for annualized third-quarter GDP growth at 17%.

In the unlikely event of no extension at all, a loss of the full $600 benefit would be the equivalent of erasing the average wage income of over 15 million Americans, or knocking out much of the expected 20% rebound in consumer spending in the third quarter, based on calculations by Bloomberg Economics.

Extra aid for as many as 30 million jobless Americans ran out as of Friday, and Democrats and Republicans are still far from any deal. White House Chief of Staff Mark Meadows and Treasury Secretary Steven Mnuchin met Saturday with Senate Democratic leader Chuck Schumer and House Speaker Nancy Pelosi; talks will continue at a staff level all weekend.

A White House official said there are about a dozen issues that have to be resolved for any final deal. Roadblocks include Senate Majority Leader Mitch McConnell’s plan to shield employers against lawsuits stemming from Covid-19 infections, and Democrats’ drive to provide $1 trillion in aid to state and local governments.

Maintaining aggregate personal income at pre-pandemic levels won’t solve problems for all households. Federal eviction protections expired on July 24. According to Census Bureau data, 24 million Americans say they have little to no confidence in meeting their next rent payment.

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[abelgarcia]

Who edited this video lol needs to be fired ASAP

[ioutra]

WHY DO WE HAVE TO "NEGOTIATE" THIS IN THE FIRST PLACE
JUST PUT THE MONEY IN THE PEOPLE'S HANDS

[keithgw]

Two bags of hot air saying nothing but crap

[larrybeasley]

Does Bloomberg ever get any likes ??? Seriously? Every videos like to dislike ratio is hillarios

[andys]

Term limits now... These people haven't done a damn thing for you in all these years except line their own pockets

[bigvalboski]

If I don’t make my deadline at work I would be fired why can’t we fired politicians when they don’t make deadlines? What can we do ? Smh

[Digikuma]

Can’t wait to see them leave government (: what an absolute joyous day that will be(: ahhhh one can dream

[Love]

"Verge of EVICTION"... im in the process of packing to move somewhere due to an eviction... thanks...

[davemerkley]

I have the best way to "aid" the american people, both of them resign.

[jessecrump]

not much of manipulators now that we have internet and all its tools to see through their bullshit.

[hyggu]

Who ever edited this, need to go to jail..😳

[billschieber]

wow she actually kept her dentures in

[augustsamplesglittercrotch]

so the money goes to THERE FRIENDS RIGHT CROOKS

[seancarberry]

How are they laughing that there's a ways to go? Everyone in office needs to go. Time for a restart

[kennypost]

If your broke and hungry, these two are the reason. Remember that in November, if your still alive.

[innerspacerace]

Eviction party at Nancies house every body

[mcal]

Pelosi should pass out all that premium icecream she keeps stocked in her freezer.

Let them eat cake!

[donaldbrown]

Damn, I'm getting tired of hearing the term *food insecurity* when people may actually starve. Does the term in any way soften the impact of hunger or does it just make politicians, celebrities, and the wealthy feel more comfortable.

[dgsrks]

BOTH OF THEM SHOULD BE IN JAIL ! I'm not sure for what, but they have done something that would require imprisonment . I'm sure of it .

[bruceadams]

the way she talks I do not think she even knows what is going on