Hi everyone, this is Dr. Nitin Chhoda with Ignition Time,
and welcome to my channel.
In this important video,
I'll give you some important comments
and some important announcements
from the US Treasury Secretary,
Steven Mnuchin, who speaks
on behalf of the President.
In fact, he specifically said he
and the President wanted more stimulus.
I'll give you some of the latest updates
about the stimulus negotiations and where
things are likely to be headed
in the coming days and weeks.
Thank you so much for watching.
My name is Dr. Nitin Chhoda with Ignition Time.
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With that being said, let's jump right in.
The US Treasury Secretary Steven Mnuchin
was testifying before a House subcommittee
that was investigating the federal
response to the pandemic.
And he specifically told
the committee that he supports extending
federal unemployment benefits.
And he also said that a second round
of economic impact payments,
which is specifically the second stimulus
check, were critical
to the economic recovery.
These were his words.
He described these benefits as critical
to the economic recovery.
We'll actually show you a clip
of the US Treasury secretary speaking
so you can see that for yourself.
But he did defend the administration's
use of executive powers,
the executive powers that the President
implemented,
the Lost Wages Assistance Program,
and he said that those actions
provided critical relief.
So essentially,
as all of my viewers and subscribers know,
the $600 a week
enhanced federal unemployment
benefit ended over a month ago.
At the time I'm recording this,
I'm actually outside on my patio and it
was raining earlier, so hopefully doesn't
start raining as I'm recording this.
And now the way where we stand right now
is the President does not have,
the President simply cannot authorize new
spending at this point in time
because he did what he could.
And right now it's going to be dependent
on Congress, which means that there
needs to be a consensus.
Otherwise there's going
to be no more funding.
And you can start to see
the President already went up from a
trillion to 1.3 Trillion.
The US Treasury secretary has been eager
to speak with House Speaker Pelosi
to sort things out.
So you can see that there is essentially
a willingness on the part
of the administration to try
and get something done.
Now, both Democrats and Republicans have
supported a second round of stimulus
payments, and there have been
disagreements, unfortunately, over many,
many other aspects of the bill,
including the amount of extended
enhanced unemployment benefits.
The Democrats wanted
$600 all
the way through next year.
Whereas Republicans only wanted to do $300
or $400 and they
wanted to do $600
just for a couple of weeks.
So the Democrats weren't
really buying that.
And the Republicans didn't want to do
they didn't want to do a whole lot.
Also, there's been a lot of contention
about aid to state and local governments,
and that contention has prevented any any
negotiations from actually
materializing into an actual bill.
So that's where things stand right now.
Now, Mnuchin did reiterate that he was
willing to negotiate
with House Speaker Nancy Pelosi any time.
That's what he said.
And keep in mind that Speaker Pelosi has
criticized the White House for being
unwilling to compromise
on the actual size of the bill.
She actually said that they don't
understand the needs
of the American people.
That's what Speaker Pelosi said.
And Speaker Pelosi specifically said that
they needed to raise the raise,
that top line number,
which currently stands at one point
three trillion dollars at the time.
We are recording this video.
And Manoogian also said that a much more
faster targeted assessment based on what
both sides agree on, would make sense.
He said, we should agree on areas
where we can agree and move forward.
In other words, they wanted
something a lot more targeted.
Now, initially, the Republicans proposed
something called a skinny bill.
But, you know, skinny
doesn't sound very good.
And so that's why they came
up with the word targeted.
And we will see some sort of a proposal
in the Senate next week based
on the recent announcements
from Mark Meadows and based on something
that the Senate majority leader
also alluded to earlier.
However, it's likely to be largely
symbolic because although the Senate can
introduce a bill, although the Senate can
pass a bill,
there is no chance that that bill can
become law unless the House also debates
it and unless the House also supports it.
Both chambers of Congress are required
to support a bill before the bill goes
to the president to become law so
the Senate can essentially
pass whatever they want.
And by the way, the Senate is not going
to pass a one point three trillion dollar
bill because a lot of Senate Republicans
are not in support of a lot of stimulus.
So that's why the Senate will consider
a scaled down version of the bill,
a targeted bill, if you will.
But any discussions about this targeted
bill, in my opinion,
are a complete waste of time.
Why?
Because the Democrats are
highly unlikely to support it.
In fact, if Speaker Pelosi is not willing
to come down from where she is right now
at two point two trillion,
she's not going to agree to she's not even
going to entertain a debate about the five
hundred six hundred billion
dollar targeted bill.
So, again, the Senate can pass the bill.
They can do whatever they want,
but if the House is not willing to.
Abated and not willing to engage
in the discussion and support,
it is not going to go anywhere.
It's going to be a largely
symbolic gesture.
Keep in mind again that if the Senate
passes a bill
and the House doesn't support it, it's
simply going to be a symbolic gesture.
It's going to be a line
in the sand, if you will.
And it's going to be a statement of public
statement from the Senate saying, hey,
we passed this,
but the Democrats didn't support it.
And we know what the Democrats will say.
The Democrats will say, wait a minute,
we passed the Heroes Act in May.
What were you doing since May?
So this is where things
stand right now for me.
Keep in mind, it's not
about the red or the blue.
It's about red, white and blue.
I'm not Democrat or Republican.
I'm American.
I want my viewers and subscribers
to understand both sides of the argument.
And you I believe my view is
in subscribers,
you guys know enough and you guys have
enough insight, have enough knowledge
and you folks have enough intelligence
to come to your own decision.
So where we stand right now is
that Speaker Pelosi has not supported
a piecemeal approach that would include
multiple bills, which, by the way, is what
would US Treasury was referring to.
And he said, we've done
multiple deals before.
We can do multiple deals again.
That's what that's what
the US Treasury said.
He also said we will continue to work
with the Senate and House on a bipartisan
basis for a Phase four relief package.
I believe a bipartisan agreement
should still be added.
So you can see that that is that optimism,
if you will,
from the US Treasury secretary.
In fact, his specific words were
more fiscal response is needed.
The president and I want to move
forward with more fiscal response.
And we are concerned about the expiration
of the enhanced unemployment insurance.
He's referring to the six hundred dollar
federal LOUSTEAU,
which ended in the end of July.
And he said that I'm very proud
of the last two bills we passed
with the Senate majority.
And he said that is a definition
of bipartisan support.
He's referring to the case.
Unfortunately, since the Carers Act was
passed in March,
the the political environment has
become very partisan, very divided.
And so we are not at the level
of agreement we will.
And I say we I mean,
the Democrats and the Republicans are not
at the level of agreement
that they will back in March.
So that's just where
things stand right now.
And he said that I believe Republicans
and Democrats need to work together
to have additional support.
As you know, as you know,
I've been working on this very closely.
And he said I've been prepared.
I'm prepared to sit down with the speaker
at any moment, at any time to negotiate.
And he said, I think the issue
is not what is a top line.
By the way,
the speaker said that the issue was
a problem and he said the issue
is that we need support quickly.
That's what's important
to the American economy.
We can come back again later.
And I want to emphasize that the president
and I want to do
additional fiscal support.
We've been working hard to try and reach
a negotiation on a bipartisan basis.
So for the speaker, the top line numbers
very important for Secretary Manoogian.
He's indicating that for him,
getting something done,
getting it done quickly,
even if it's a smaller,
more condensed bill, is more important.
Let me know what you think
in the comments below.
I'm very keen to know what my community
thinks about about the House,
about the House speaker's position.
House Speaker Nancy Pelosi's position
and about the US Treasury
secretary's position.
Which position do you agree with?
I know there's one thing we agree with,
which is that there should be a bill,
but what is the best path to get there?
Is it the House speaker's part,
which is I'm going to stand firm.
I want a big number,
because if we if we agree to if we agree
to a small number of these guys,
I'm going to come back and do anything
which is essentially
the speaker's position.
Or do you agree with us
and Steven Mnuchin and the White House,
the president's position, which is, hey,
let's do something small now what we agree
with and let's come back and do
some of the stuff later.
This is not about the top line.
No.
Let's take what is fundamentally
a piecemeal approach, because there is
no consensus on the top line number.
In fact, they should not be
about the topline numbers.
What President Bush said.
In fact, let's listen
to mention right now.
Let's roll the tape and see exactly what
he had to say for fiscal
response is needed.
The president and I want to move
forward with more fiscal response.
And let me just say the expiration
of enhanced unemployment insurance is
something that we are concerned about.
I am very proud of the last two bills
in the Senate passed ninety six,
two zero and one hundred to zero.
That is the definition
of bipartisan support.
I said in my opening testimony,
I believe that Republicans and Democrats
need to work together
to have additional support.
As you know, I've worked very
closely on these before.
I'm prepared to sit down with the speaker
at any time to negotiate.
I think the issue is not
what is the top line.
I think the issue is we
need now support quickly.
And that's what's important
to the American economy.
And if we need to do more,
we can come back.
So, again, I want to emphasize
the president and I do support additional
fiscal response, and we've been working
hard to try to get a negotiated
agreement on a bipartisan basis.
So that said, everybody let me know in the
comments section below what you think.
Do you agree with Steven Mnuchin or
do you agree with Speaker Pelosi?
Where do you stand on this issue?
Please comment on.
And let me know, it does sound like we are
inching closer and closer
to some sort of a consensus.
The reason I say that is because I have
seen both sides budging and I see
Stephen Manoogian more and more wanting
to come to some sort of a consensus,
some sort of an agreement,
which is a good sign.
I've seen the president raise his number,
which also is an encouraging sign.
Now, it really depends on what's best.
This is the way our system works.
This is our system of government.
Ideally, the people should
get the best of both worlds.
The people should get the best ideas
from the Republicans and the best
idea from the Democrats.
And I believe people who need
help the most should get it.
And right now, there are a lot
of individuals who need help.
Thank you so much for watching.
My name is Dr.
Nitin Chhoda.
If you don't know anything about me,
check out my introductory story.
I have the fortune, the honor, the
privilege of living the American dream.
I want to help you live
your American dream.
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