Jim Cramer Says Passing Stimulus Is a Dream
Will there be a stimulus bill passed before the end of the election?
Democrats in the House have begun drafting a stimulus proposal of about $2.4 trillion. The package is smaller than a previous $3.4 trillion plan the House passed in May, but remains above what Senate Republicans have said they would accept. President Donald Trump said he wouldn't go higher than $1.5 trillion.
The bill could get passed by the House next week, according to Bloomberg.
This comes after Treasury Secretary Steven Mnuchin told the Senate Banking Committee that a targeted stimulus package is still needed and that he would work with House Speaker Nancy Pelosi to resume talks.
This comes as the U.S. has surpassed 6.9 million cases, and over 202,000 deaths. Worldwide there are 32.2 million cases and 983,000 deaths.
However, Republicans have made it clear that they are gaining for a $1 trillion stimulus package.
And this comes after Federal Reserve chair Jerome Powell told lawmakers on Capitol Hill yesterday that, while American savings rates have increased during the coronavirus pandemic, "the risk is that (people) go through those savings, and they haven't been able to find employment ... Their spending will decline, their ability to stay in their homes will decline."