Widget Image
Follow PPD Social Media
follow
1,000 Followers
follow
0 Followers
follow
People's Pundit Locals Community
Wednesday, January 8, 2025
SECTIONS
logo
mobile-logo
HomeStandard Blog Whole Post (Page 33)
Politics

Senate Previously Passed and President Will Sign ‘Phase 3.5’ Legislation

A graphic concept of the coronavirus on a yellow police tape against the backdrop of the Capitol Building in Washington DC. (Photo: AdobeStock)
A graphic concept of the coronavirus on a yellow police tape against the backdrop of the Capitol Building in Washington DC. (Photo: AdobeStock)

Washington, D.C. (PPD) — The U.S. House of Representatives will vote Thursday on a “Phase 3.5” coronavirus relief bill including funding for small businesses, testing and hospitals. The U.S. Senate passed the bill Tuesday night.

“I am encouraged that Democratic leaders have finally agreed to reopen the Paycheck Protection Program and abandon a number of their unrelated demands,” Senate Majority Leader Mitch McConnell, R-Kty., said in a statement. “We tried to pass additional funding a week before it lapsed. But Democratic leaders blocked the money and spent days trying to negotiate extraneous issues that were never on the table.”

As People’s Pundit Daily (PPD) previously reported, Democrats’ attempts to leverage the crisis to obtain concessions for unrelated progressive agenda items cost the U.S. economy valuable time. The Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act, was stalled by Democrats’ demands to include a laundry list of last-minute, leftwing provisions.

As People’s Pundit Daily (PPD) also previously reported, Senate Democrats blocked an earlier attempt by Senate Republicans to replenish the PPP to the tune of $251 billion. They demanded $150 billion for states, $100 billion for hospitals and $60 billion for lenders like Community Development Financial Institutions (CDFI).

Small businesses and their workers have been paying the price.

Last week, the U.S. Labor Department (DOL) reported initial jobless claims rose more than expected by 5,245,000 for the week ending April 16. A total 22 million workers have filed initial jobless claims and the advance seasonally adjusted insured unemployment rate rose another 3.1% to 8.2%, the highest level ever on record.

The weekly unemployment insurance report for April 25 is scheduled to be released tomorrow, or Thursday April 23 at 8:30 AM EDT.

The “Phase 3.5” coronavirus stimulus bill includes $320 billion in additional funding for small businesses in the PPP, an additional $75 billion to fund hospitals and healthcare providers, and an additional $25 billion for state-led COVID-19 testing.

Worth noting, hospitals and healthcare providers have not yet spent the funds appropriated in the CARES Act. Senate Minority Leader Chuck Schumer, D-N.Y., took a victory lap on Twitter after passage of the bill in the upper chamber, ignoring the impact from delaying assistance to small businesses.

“The experts are clear: To fight this disease, we need to dramatically expand testing capacity and frequency,” Senator Schumer tweeted. “Now, help is on the way because Democrats stood and fought for it.”

President Donald Trump said that he will sign the bill and begin discussions on a next round of stimulus. On Twitter, he urged Congress to pass the Paycheck Protection Program and Health Care Enhancement Act.

“After I sign this Bill, we will begin discussions on the next Legislative Initiative with fiscal relief to State/Local Governments for lost revenues from COVID-19, much needed Infrastructure Investments for Bridges, Tunnels, Broadband, Tax Incentives for Restaurants, Entertainment, Sports, and Payroll Tax Cuts to increase Economic Growth,” he added.

The U.S. House will vote Thursday on

Politics

Deal on Stimulus Bill Includes Funding for PPP Loans, Coronavirus Testing and Hospitals

A graphic concept of the coronavirus on a yellow police tape against the backdrop of the Capitol Building in Washington DC. (Photo: AdobeStock)
A graphic concept of the coronavirus on a yellow police tape against the backdrop of the Capitol Building in Washington DC. (Photo: AdobeStock)

Washington, D.C. (PPD) — The White House and U.S. Congress have reached a deal on a new coronavirus relief bill including funding for small businesses, testing and hospitals. Senate Minority Leader Chuck Schumer, D-N.Y., and House Minority Leader Kevin McCarthy, R-Calif., confirmed a deal had been struck.

UPDATE: The U.S. Senate passed a $484 billion coronavirus relief bill.

President Donald Trump said that he will sign the bill and begin discussions on a next round of stimulus. On Twitter, he urged Congress to pass the Paycheck Protection Program and Health Care Enhancement Act.

“After I sign this Bill, we will begin discussions on the next Legislative Initiative with fiscal relief to State/Local Governments for lost revenues from COVID-10, much needed Infrastructure Investments for Bridges, Tunnels, Broadband, Tax Incentives for Restaurants, Entertainment, Sports, and Payroll Tax Cuts to increase Economic Growth,” he added.

The U.S. Senate is scheduled to convene a pro forma session at 4:00 EDT. If all members of the upper chamber agree to unanimous consent and the text of the legislation is completed, a vote can be held.

“We do have a deal, and I believe we will pass it this afternoon at 4 p.m.,” Senator Schumer told CNN. “They are still dotting the i’s and crossing the t’s, but every major issue was resolved.”

House Majority Leader Steny Hoyer, D-Md., said early Tuesday the U.S. House could vote as early as Thursday if the U.S. Senate acts today.

As People’s Pundit Daily (PPD) previously reported, Democrats’ attempts to leverage the crisis to obtain concessions for unrelated progressive agenda items cost the U.S. economy valuable time.

The Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act, was stalled by Democrats’ demands to include a laundry list of last-minute, leftwing provisions. It also included a significant expansion of unemployment benefits, incentivizing many workers to remain out of the labor force at least until the summer.

As People’s Pundit Daily (PPD) also previously reported, Senate Democrats blocked an attempt by Senate Republicans to replenish the PPP to the tune of $251 billion. They demanded $150 billion for states, $100 billion for hospitals and $60 billion for lenders like Community Development Financial Institutions (CDFI).

Small businesses and their workers have been paying the price. 

The White House and Congress reached a

Markets

The price of WTI Crude oil is falling. A red zig-zag arrow with an oil well pumpjack behind the word WTI on a blue background shows downwards, symbolizing a price fall or drop of the commodity.
The price of WTI Crude oil is falling. A red zig-zag arrow with an oil well pumpjack behind the word WTI on a blue background shows downwards, symbolizing a price fall or drop of the commodity. (Photo: AdobeStock)

New York, New York (PPD) — Oil prices did the unthinkable yesterday as the Crude Oil WTI (CL) futures contract traded with a negative value. In fact, it traded with not just a whisker of a negative value of maybe -$0.20, or even -$1.00, but a whopping -$20.00 to -$37.00/bbl for most of the mid afternoon before mounting a furious rally in after hours trading to close out the day with a value of -$7.25/bbl.

Just to be clear, the May oil futures contract expires at 2:30 pm this afternoon and it represents the obligation, not the option to take physical delivery of a barrel of oil. The immediate issue is storage. With most of the world’s economies ranging from a partial to near complete shutdown, storage facilities for oil anywhere in the globe are topped to the brim.

Equity market investors were not amused.

Major stock market averages gave up a large chunk of their gains from Friday, almost entirely in response to historic plunge in oil prices. Most of the stock market selloff came during the afternoon as oil prices declined, first from +$10/barrel toward $zero, before descending negative by as much as -$37/barrel.

The Dow Jones Industrial Average (^DJI) declined -2.4% Monday after gaining +3% on Friday. The Dow settled at 23650.44, nearly +28% from the March lows.

The S&P 500 (^SPX) lost -1.8% to settle at 2823.16. At the end of last week the S&P 500 closed above its 50 day moving average for the first time since February 21, literally a day before the Coronavirus selloff began. Today the 50 day MA is at 2852.

The NASDAQ Composite (^IXIC) gave back -1% to settle at 8560.73. The NASDAQ is the only major market average above its 200 day moving average, having closed above that benchmark 4 of the last 5 trading sessions. With yesterday’s decline, the NASDAQ slightly less than +2% above its 200-day moving average (MA) of 8407.

The Russell 2000 (^RUT) outperformed the larger capitalization indices over the last 2 days. On Monday, a loss of -1.3% came after gaining +4.3% on Friday. The Russell, at 1213.35 really needs to post a string of closing prices above the 1250-1260 level to convince us that it’s turned the corner.

The Early Line

Stock markets in Europe are lower by -1.5% to -2.5% half way through their trading day. Let’s put in context that European stock markets had posted gains in 8 of the prior 9 trading sessions and were poised for a pause if not a mild pullback.

Early trading in U.S. Stock Index futures is projecting a decline for Major Market averages ranging from -1% for the NASDAQ Composite (^IXIC), to -2% for the Dow Jones (^DJI). There’s every reason to expect another volatile day of price action with investors keeping close watch on oil prices.

Oil Prices

Keep in mind that while today, the June contract becomes the “front month” for oil futures trading, some financial news outlets may still highlight the value of the May contract which expires at 2:30 pm for no other reason than a fascination with the shock impact of negative numbers.

Oil (CL) prices did the unthinkable yesterday

World

North Korean Chairman Reportedly Underwent Surgery

U.S. President Donald J. Trump shaking hands with North Korean Chairman Kim Jong Un during the US-DPRK nuclear summit in Singapore on June 12, 2018. (Photo: White House)
U.S. President Donald J. Trump shaking hands with North Korean Chairman Kim Jong Un during the US-DPRK nuclear summit in Singapore on June 12, 2018. (Photo: White House)

Speculation over the health of North Korean leader Kim Jong Un is running amok after two online reports suggested it was on the decline after surgery.

Daily NK, an online newspaper run mostly by defectors based in South Korea, reported that Chairman Kim received a cardiovascular system procedure on April 12. The report stated the surgery was due to “excessive smoking, obesity, and overwork.” It claimed he was now receiving treatment in a villa in Hyangsan County.

The news site reported doctors assessed that Chairman Kim’s condition had improved, and that most of the medical team returned to Pyongyang on April 19. A few of them remained in Hyangsan to oversee his recovery, according to the report.

“My understanding is that he had been struggling (with cardiovascular problems) since last August but it worsened after repeated visits to Mount Paektu,” a source was quoted as saying, referring to the country’s sacred mountain.

CNN reported the communist dictator was “in grave danger” after the surgery, citing a U.S. official with direct knowledge. Another U.S. official told CNN that the concerns over Chairman Kim’s health are credible, but that it is difficult to assess the severity of his condition.

People’s Pundit Daily (PPD) has been unable to independently confirm either report. Katy Tur at NBC News posted a tweet claiming Chairman Kim was “brain dead” before deleting it “out of an abundance of caution”.

Now-deleted tweet from NBC News' Katy Tur, claiming Kim Jong Un was "brain dead".
Now-deleted tweet from NBC News’ Katy Tur, claiming Kim Jong Un was “brain dead”.

“I’ve deleted that last tweet out of an abundance of caution,” she wrote. “Waiting on more info. Apologies.”

Also citing multiple U.S. officials, Jack Posobiec of One American News Network posted in a tweet that Chairman Kim had caught the coronavirus (COVID-19) from a Chinese doctor. He reported he was “in stable condition for now.”

Chairman Kim last appeared on North Korean state-run media on April 11. He presided over the Workers’ Party’s politburo. On April 15, North Korea held a national holiday marking the anniversary of the birthday of its founding father, Kim Il Sung.

But Chairman Kim was not in attendance for the ceremony celebrating his grandfather. Of note, the regime fired multiple short-range missiles during the ceremony, an event typically observed by the chairman.

In 2008, Kim Jong Il was absent from North Korea’s 60th anniversary, leading to similar speculation. It was later revealed he had a stroke. His health never fully recovered and in fact continued to decline until his death in 2011.

Worth noting, intelligence gathering and media reporting on North Korea are notoriously difficult. The communist government keeps information close to the vest, particularly when dealing with leadership.

Speculation over the health of North Korean

Politics

President Donald Trump and members of the Coronavirus Task Force, along with Attorney General William Barr, hold a press conference on March 23 2020. (Photo: People's Pundit Daily)
President Donald Trump and members of the Coronavirus Task Force, along with Attorney General William Barr, hold a press conference on March 23 2020. (Photo: People’s Pundit Daily)

Washington, D.C. (PPD) — President Donald Trump announced on Monday he will be signing an executive order to temporarily suspend immigration to the U.S. amid the spread of the coronavirus (COVID-19). The announcement on Twitter comes as the nation is suffering from rising unemployment due to mitigation efforts.

“In light of the attack from the Invisible Enemy, as well as the need to protect the jobs of our GREAT American Citizens, I will be signing an Executive Order to temporarily suspend immigration into the United States!” the president tweeted.

The move goes further than his prior decision to impose travel bans on China and Europe to prevent the spread of the coronavirus (COVID-19).

Overwhelming majorities across nearly all demographic blocs — to include partisan identification — supported the decision. A Rasmussen Reports survey conducted March 15-16 found 8 in 10 Americans agreed with that decision.

That included 91% of Republicans, who were more likely than Democrats (78%) and voters not affiliated with either major party (75%) to support the travel ban. Still, all three groups are in at least three-fourths agreement.

An Ipsos Poll conducted March 10-11 similarly found nearly 8 in 10 Americans support pausing immigration amid the coronavirus (COVID-19) crisis and rising mass unemployment. Seventy-nine percent (79%) of Americans said they wanted immigration to the U.S. temporarily suspended.

Seventy percent (70%) of Americans said they support halting all international flights to major U.S. cities including New York City, New York; Detroit, Michigan; and New Orleans, Louisiana.

Further, a Harvard/Harris Poll conducted March 24-26 found 83% — or roughly five-in-six — said they favor ending all immigration from Mexico at the time. That was up from 76% who said they supported temporarily suspending immigration in early March.

The support for ending immigration from Mexico by race was across-the-board, including 75% of Hispanics and 77% of African Americans. Overall by party, 73% of Democrat voters said they support ending immigration from Mexico, while 84% of independents voters and 93% of Republicans, agree.

Washington, D.C. (PPD) — President Donald Trump

Economy

Production- and Employment-Indicators Drove Down Chicago Fed National Activity Index (CFNAI)

U.S. Economy. Import export business. Stacked cargo containers. Flag of the United States. 3D rendering. (Photo: AdobeStock)
U.S. Economy. Import export business. Stacked cargo containers. Flag of the United States. 3D rendering. (Photo: AdobeStock)

Chicago, Ill. (PPD) — The Chicago Fed National Activity Index (CFNAI) fell to –4.19 in March from +0.06 in February, fueled by declines in production- and employment-related indicators.

All four broad categories of indicators used to construct the index made negative contributions in March, and three of the four categories decreased. The CFNAI-MA3 — the three-month moving average — fell to –1.47 in March from –0.20.

Following a period of economic expansion, an increasing likelihood of a recession has historically been associated with a CFNAI-MA3 value below –0.70.

The CFNAI Diffusion Index — also a three-month moving average — fell to –0.32 in March from –0.21. Eighteen (18) of the 85 individual indicators made positive contributions to the CFNAI in March, while 65 made negative contributions and two made neutral contributions.

Twenty-two (22) indicators improved in March, while 63 indicators deteriorated. Of the improved indicators, 9 made negative contributions.

The Chicago Fed National Activity Index (CFNAI)

Policy

Vista, CA / USA - March 17, 2020: Sign at Lake Elementary School in San Diego alerting school closed due to the coronavirus (COVID-19). (Photo: AdobeStock)
Vista, CA / USA – March 17, 2020: Sign at Lake Elementary School in San Diego alerting school closed due to the coronavirus (COVID-19). (Photo: AdobeStock)

The fears children could be asymptomatic carriers of the coronavirus (COVID-19) led to school closures all around the world. But data from the first serological tests in Switzerland looking for traces of antibodies indicate adults infect children, not the other way around.

Daniel Koch, the head of the OFSP crisis cell, discussed the results in a press conference on Friday. Data were collected from pediatricians and infectious disease specialists in the field.

In Switzerland, 104 children under the age of 10 out of roughly 27,000 cases have tested positive for coronavirus (COVID-19). Of roughly 3,200 people hospitalized, only 18 are less than 10 years old. Of roughly 1,300 deaths, none are in this age group.

Italy and France each recorded one death in this age group, but the number remains low. In Switzerland, there are few hospitalizations in the 10 to 19 age group and no deaths.

As People’s Pundit Daily (PPD) previously reported, the U.S. Centers for Disease Control and Prevention (CDC) recorded only 4 and 1 deaths for the 15-24 and 1-4 age groups, respectively. Two of those in the 15-24 age group and the single death for the 1-4 age group, also developed pneumonia.

At least 3 of the 5 are believed to have had underlaying conditions and other comorbidities.

While Koch noted that there was not yet a large-scale study, virologists say it is consistent with other related data. Children who tested positive for the virus had a very low viral load, or the number of viruses in their body.

Research at University College London (UCL) suggests school closures do little to mitigate the spread of coronavirus (COVID-19). Further, researchers are warning about prolonged school closures due to long-lasting, negative consequences for students.

“We know from previous studies that school closures are likely to have the greatest effect if the virus has low transmissibility and attack rates are higher in children,” Russell Viner, researcher at UCL’s Great Ormond Street Institute of Child Health who co-led the research, told Reuters. “This is the opposite of COVID-19.”

Mr. Viner’s research was published on Monday in The Lancet Child & Adolescent Health journal. It reviewed 16 previous studies, to include 9 that looked at school closures during the 2003 outbreak of Severe Acute Respiratory Syndrome in China, Hong Kong and Singapore.

SARS is a respiratory disease caused by a coronavirus similar to the one that causes COVID-19. In summary, the research team concluded the data suggested school closures “did not contribute to control of the epidemic”.

Data from the first serological tests in

Politics

Closed small businesses for coronavirus (COVID-19) pandemic, closure sign on retail store window banner background. (Photo: AdobeStock)
Closed small businesses for coronavirus (COVID-19) pandemic, closure sign on retail store window banner background. (Photo: AdobeStock)

Washington, D.C. (PPD) — Democrats blocked an attempt by Republicans to add $251 billion to the Paycheck Protection Program (PPP), and small businesses are paying the price. The program was established as part of the $2.3 trillion coronavirus (COVID-19) relief bill to provide forgivable loans to small businesses to cover payroll.

The Small Business Administration (SBA) ran out of funding to make new loans on Thursday morning, only one day before the two-week mark after it began taking applications. Democrats blocked Republican Senate Majority Leader Mitch McConnell, R-Kty., by unanimous consent, demanding $150 billion for states and another $100 billion for hospitals.

Democrats also wanted $60 billion for lenders like Community Development Financial Institutions (CDFI). A principle largely supported by lender and small business lobby in D.C, it sets aside funds for those who not have an existing relationship with a lender.

The National Federation of Independent Business (NFIB), the leading small business advocacy organization in the nation, said the situation for many small businesses is now dire.

“Small businesses, which account for half of the American economy and nearly half of all jobs, are fighting for their survival every day that this crisis continues” said NFIB President Brad Close. “Efforts by the Administration and Congress, while well intentioned, have been met with significant challenges to this point.”

The NFIB released a plan on Thursday that called on Congress to appropriate another $400 billion, of which no less than $200 billion should
be allocated to small businesses with 20 or fewer employees.

Mr. Close said Congress needs to take action “that will help give small businesses a fighting chance.”

Republicans have argued that the proposal, which essentially would require SBA to earmark funds, would take too long to distribute. The former head of the SBA during Barack Obama’s first term, agrees.

On Thursday, Karen G. Mills, told RollCall that she supported the provision, but that speed is more important.

“Congress has to act as soon as possible,” Mills said, adding that she recently had spoken with Democratic senators and the office of House Speaker Nancy Pelosi, D-Calif. “What I’m saying is: Number one, get the money replenished.”

While negotiations continue, Speaker Pelosi has refused to commit to getting back to work in D.C. until at least the first week in May. SBA data released 10 days after the program found her home state of California was the second biggest recipient of funding.

Small businesses in the Golden State received a total $20.9 billion across 54,922 loans. Texas businesses received the most loans at $21.8 billion across 88,434 loans.

The efforts to mitigate the spread of the coronavirus (COVID-19) have devastated what was a historically strong economy. Recent labor market data would indicate at least some of the loans were not received in time to achieve the program’s stated goal — to protect payrolls and preserve jobs.

As People’s Pundit Daily (PPD) previously reported, Democrats’ attempts to leverage the crisis to obtain concessions for unrelated progressive agenda items such as cost small businesses and workers valuable time.

The Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act, was stalled by Democrats’ demands to include a laundry list of last-minute, leftwing provisions. It also included a significant expansion of unemployment benefits, incentivizing many workers to remain out of the labor force at least until the summer.

On Thursday, the U.S. Labor Department (DOL) reported initial jobless claims rose more than expected by 5,245,000 for the week ending April 16. A total 22 million workers have filed initial jobless claims and the advance seasonally adjusted insured unemployment rate rose another 3.1% to 8.2%, the highest level ever on record.

“As Congress debates the next steps for providing funding for small businesses, it is crucial they do it in a manner that truly aids the smaller firms in this country,” Mr. Close added. “These are the ones that faced the most challenges accessing PPP and disaster loans, something we can’t afford to let happen again.”

Democrats blocked an attempt by Republicans to

People's Pundit Daily
You have %%pigeonMeterAvailable%% free %%pigeonCopyPage%% remaining this month. Get unlimited access and support reader-funded, independent data journalism.

Start a 14-day free trial now. Pay later!

Start Trial

Subscribe