On Wednesday, Senate Majority Leader Mitch McConnell said that the top priority of the Senate will be passing a new economic stimulus bill before the end of the year. McConnell won reelection on Tuesday and will remain on the senate for his seventh six-year term. In a press conference on Wednesday, McConnell promised that a relief package will be the main thing on the agenda when the Senate reconvenes next week.
“As I’ve said repeatedly in the last few months, we need another rescue package. Hopefully, the partisan passions that prevented us from doing another rescue package will subside with the election. And I think we need to do it and I think we need to do it before the end of the year,” McConnell said, according to NBC.
“I think that’s job one when we get back. Hopefully, we get a more cooperative situation than we’ve had,” he added.
McConnell says new stimulus bill is top priority when Senate returns next week https://t.co/REoNyyaK1G
— The Washington Post (@washingtonpost) November 4, 2020
However, Democrats have argued that the bill will likely be far less than they initially requested. Democrats were hoping to be able to pass a stimulus package of up to $3 trillion, but only expected to do so if they took control of the Senate, which doesn't appear to be happening. Instead, experts expect the final stimulus package to be a third of that, less than $1 trillion.
“We’re still likely to see a fiscal support package, but I would suspect the total size to be no more than $1 trillion,” said Steve Friedman, senior macroeconomist at MacKay Shields. “We’re much lower now in this divided government scenario.”
This week, The Internal Revenue Service (IRS), state tax agencies, and the tax industry are warning taxpayers about a new scam where people are receiving text messages claiming to offer a stimulus check and then requesting bank information that allows the scammer to access the bank account, according to Forbes.
The message looks something like this: You have received a direct deposit of $1,200 from COVID-19 TREAS FUND. Further action is required to accept this payment into your account. Continue here to accept this payment.
The message also includes a link where the recipient is asked to fill out sensitive financial information.
The government will never be contacting anyone through text, they already have your information if you pay taxes. Generally, it is always a bad idea to click on any links that are sent to your phone from unknown numbers or email addresses.
Unemployment claims continue to rise throughout the United States. Last week, the US Department of Labor announced that there were 751,000 new claims for the week ending in 10/24. Insured unemployment was 7,756,000, but earlier this month the Bureau of Labor Statistics estimated that there are about 12.6 million people unemployed in the US.
Unemployment Insurance Weekly Claims
Initial claims were 751,000 for the week ending 10/24 (-40,000).
Insured unemployment was 7,756,000 for the week ending 10/17 (-709,000).https://t.co/ys7Eg5LKAW
— US Labor Department (@USDOL) October 29, 2020
Also, it is important to note that the official unemployment numbers are only representative of a small portion of the market, there are many people who worked in the informal economy or people who otherwise don't have access to unemployment benefits who aren't counted in these figures. Unemployment figures only count people who have applied and been accepted for unemployment, not everyone who is out of work.