Why Jim Cramer Doesn't See Even Small Stimulus Deal Getting Done
The stimulus talks are deadlocked.
House Speaker Nancy Pelosi said she received an “overture” from Treasury Secretary Steven Mnuchin to meet but turned down the offer since the White House hadn't budged from its stimulus demands.
“We have made clear to the administration that we are willing to come down $1 trillion if they will come up $1 trillion,” Pelosi said Wednesday in a joint statement with Senate Democratic leader Chuck Schumer. “We are willing to resume negotiations once they start to take this process seriously.”
Mnuchin, however, said it was Pelosi who was "unwilling to meet to continue negotiations unless we agreed in advance to her proposal, costing at least $2 trillion."
"The Democrats have no interest in negotiating," he added.
Jim Cramer said he simply doesn't see even a small deal getting done due to a "toxic" environment on Capitol Hill, and yet he noted that markets don't seem to care.
And this comes as we get the weekly jobless claims data which shows that less than 1 million Americans filed for first-time unemployment benefits last month.
The Labor Department reported Thursday that 963,000 Americans filed for first-time jobless benefits in the week ended Aug. 8, down from a revised 1.186 million claims the week earlier. Economists polled by FactSet had been expecting claims of 1.15 million.
Continuing claims, which are the number of people not just filing but staying on unemployment benefits, came in at 15.486 million for the week ended Aug. 1, down from a revised 16.09 million the week before. The continuing claims numbers are reported with a one-week lag, but are considered a better gauge of the labor market.
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