Legislative Update

Legislative Update, October 5, 2020 

• President Trump and First Lady Melania Trump have tested positive for the COVID-19 virus. They have begun quarantine. We wish them and all who are infected a full and swift recovery.
• In a largely symbolic gesture, the United States House of Representatives passed the Democratic leadership’s $2.2 trillion coronavirus relief and stimulus bill on Thursday, October 1, which the Republican-led Senate will not consider. Talks have again stalled between House Speaker Pelosi and Treasury Secretary Steven Mnuchin. The Trump Administration is offering a $1.6 trillion package that would, among other things, provide $400 in enhanced unemployment payments and $250 billion in aid to state and local governments. Jerome Powell, the Chair of the Federal Reserve, and colleagues have called for additional stimulus to aid in the recovery and prevent further economic damage. Whether it will be forthcoming remains to be seen. 
• Friday’s monthly jobs report indicated slower hiring than was forecast as nonfarm payrolls rose by 660,000 versus the 800,000 that Dow Jones economists had predicted. The unemployment rate was however 7.9 percent, which is better than the projected 8.2 percent. To date, roughly one-half of the 22 million jobs lost during the lockdown have returned.
• On September 22, the U.S. House of Representatives passed a continuing resolution funding the government through December 11. The Senate followed suit on Wednesday, September 30. Early disagreement between Democrats and Republicans on agricultural funding were resolved before the House vote. Passage of the resolution was essential as the fiscal year 2021 for the federal government began on October 1.