FINALLY! Second Stimulus Package Update: PASSED By The House, Now What? Sunday, May 17th

Описание: This is your Sunday, May 17 stimulus check and stimulus package update. 📱Join My Chat To Talk:   / discord   ✅Join The Power Of Finance Investor Group: https://bit.ly/3aNRzAn

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Key Financial News & Economic News
1. Oil prices have started to make a recovery. On Friday, U.S. oil futures climbed more than 7 percent to nearly $30 a barrel, which is just enough for some oil wells in the United States to break even. This is huge because on April 20, U.S. oil futures fell below zero for the first time. Oil is starting to make a recovery because:
1. Driving in the United States and Europe is picking up a little as people are leaving their homes more
2. Refineries in China are buying more oil as that country’s economy reopens.
3. Saudi Arabia and Russia ended their price war and slashed production
4. American oil companies are decommissioning rigs and shutting wells because they can’t breakeven
2. There could be another dip in oil prices if reopening doesn’t go according to plan so keep an eye out for that
3. More than two-thirds of states have significantly relaxed restrictions, 
4. The Food and Drug Administration granted its second emergency use authorization for a personal coronavirus testing kit, allowing people to swab themselves for the virus at home and send the specimens to a laboratory. Made by a company called Everlywell and it should be available later this month
5. On Tuesday, Steven Mnuchin (the secretary of the trueasury) and Jerome Powell (the chair of the federal reserve) will testified. Both of them will report to congress on whether its relief package is working. Expect different opinions on its adequacy, and what should be done.
1. Powell has given congress a dire warning that more stimulus needs to be passed soon in order to help the economy rebound. He said it will help businesses that would otherwise go out of business
2. Treasury Secretary Steven Mnuchin disagreed, and said that “next year we’ll be back to having a great economy just like we had before.”

New Stimulus Check:
1. While McConnell and many of his members have conceded that another bill is likely at some point, he says that he doesn’t yet feel the “urgency” to spend more money after Congress has delivered nearly $3 trillion in aid already
1. There are some signs of activity. McConnell and Sen. John Cornyn (R-Texas) are working on legislation that would exempt some businesses and employees from liability during the coronavirus pandemic — which McConnell says is a must-have in any relief bill. But Cornyn said it might be several weeks before the proposal is completed.
2. “In terms of what the timing would look like, I suspect that doesn’t happen until sometime after Memorial Day,” said John Thune (R-S.D.).
3. Many on Capitol Hill say that a fifth coronavirus response measure is inevitable given an unemployment rate of nearly 15 percent and no sign of an economic recovery.
4. “I do think we need to be working on an alternative to the House’s $3 trillion wish list bill,” said Susan Collins, who faces a tough reelection campaign.
5. Republican named Rob Portman from Ohio said, “We’re going to have to do more,” adding that “no money has gone to his state’s small and midsize cities yet. “The question is: Should we do it without the benefit of information or should we get the information first?

Whats in the package:
$1200 for each adult and for each dependent
The $3 trillion legislation would also include funding for: extending the $600 per week unemployment benefits in CARES 2 through January 31, 2021

#StimulusChecks #StimulusUpdate #HereoesAct
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