Stimulus Check Update 10-20-20: BREAKING NEWS Today Is The Day To Pass New Stimulus Package!

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Here’s your daily stimulus check, your second stimulus check, your executive action, order, memorandums, moratoriums and stimulus package update for Tuesday, October 20th, 2020 (10-20-20).

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Senate Minority Leader Chuck Schumer made some bold statements regarding Senate Majority Leader Mitch McConnell and his plan to pass a $500 billion stimulus package for small businesses

According to The Hill, Schumer called McConnell’s “skinny” $500 billion stimulus package a “stunt” and a “sham.”

Schumer also called the new proposal: "inadequate, just up and down the line," stating that he doesn’t know any of the bill’s specifics because: "we just don’t know what [McConnell] plans to do."

With a vote planned in the Senate today on the stimulus package that would provide another round of funding for small business loans through the PPP, we’ll see if these two sides can finally get on the same page, or if they continue to clash.

Meanwhile, President Trump continues to promote his huuuuge stimulus package, explaining on Fox News today that he’s in favor of a disaster relief bill that exceeds even the Democrats’ $ trillion proposal.

Trump stated: "Let me just explain, I want to do it even bigger than the Democrats. Not every Republican agrees, but they will. I want to do it even bigger, because this is money going to people who did not deserve what happened to them."

The President continued: "I would rather go bigger than that number, but we'll see. [House Speaker Nancy Pelosi] doesn't want to do anything until after the election, because she thinks it helps her. I actually think it helps us, because everyone knows she's the one who's breaking up the deal."

While a stimulus package worth over $2 trillion is not likely to fly with Republicans in the Senate, I’m glad Trump is pushing for a bigger disaster relief package instead of siding with Mitch and his skinny bill.

Finally, today is the final day to reach an agreement on a Phase 4 disaster relief bill, according to House Speaker Nancy Pelosi.

Pelosi and Treasury Secretary Steven Mnuchin are set to speak once again today, following productive talks yesterday as the sides “continued to narrow their differences.”

While it remains to be seen whether or not a new stimulus package can be crafted before the end of the day, economists are hopeful that a deal can be reached before tonight.

Tom Lee, founder and head of research at Fundstrat Global Advisors, explained: “Over the next 24 hours ... arguably the most important issue to watch for is a resolution on fiscal stimulus.”

He continued: “While markets might see this as less significant, it is a big deal for those Americans with expiring benefits. So, we think it is very important for Washington to get a deal done.”

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