Hi everyone, this is Dr. Nitin Chhoda
with Ignition Time and I have an
important announcement
about the stimulus package. This was just
announced by White House chief of staff
Mark Meadows. He said
that President Trump is willing to sign a
$1.3 trillion COVID stimulus relief
package. Now this is important because if
you remember
the democrats were at $3.4 trillion
with the Heroes Act.
They were willing to come down to
$2.4 trillion. The white house was standing
firm at $1 trillion
and it seems like they are about to go
to $1.3 trillion and the President
is willing to sign it. Now I believe that
White House chief of staff Mark Meadows
is trying to put pressure
on house speaker Nancy Pelosi to try and
create a deal to try and come to the
negotiating table and create
essentially some pressure
in the court of public opinion. Here's
what happened today, the White House
chief of staff did say that the
President was willing to sign
a package totaling $1.3 trillion
which essentially
is still $1.1 trillion off
from where the democrats are. He said and
I quote "the President right now is
willing to sign something
at $1.3 trillion." And he had previously
said this is White House chief of staff
Mark Meadows
that the White House was willing to go
north of 1 trillion but he had never
offered a precise number.
Now I do want my viewers and subscribers
to temper your expectations because again
i'm always going to be real with you, i'm
always going to give you
the truth. This number according to White
House chief of staff
was something that was offered privately
to democrats. So this was offered to
democrats and it's clear that they said
no because
house speaker Nancy Pelosi has stood
firm for her demand for right around
$2.4 trillion dollars. Now as you
probably know White House chief of staff
Mark Meadows and house speaker
Nancy Pelosi did speak
yesterday. They spoke on the phone for about
25 minutes. Unfortunately
that didn't go anywhere and both of
them essentially it was not a good
outcome. White House chief of staff Mark
Meadows actually told
republican lawmakers this morning that
it was a waste of time
and US trade secretary Steven
Mnuchin who's the other lead negotiator
on behalf of the administration
basically said that house speaker Pelosi
was not looking for a deal at this point
in time. And how speaker Pelosi
also basically stood firm with her with
her request and she did say
that she would come down to $2.2 trillion
down from $2.4 trillion the offer
that they made earlier this month. So
the democrats started at 3.4, they came
down to 2.4,
now they're saying they're going to come
down to $2.2 trillion.
The white house started at $1 trillion
and have come to $1.3 trillion. So
we're still apart by about
$900 billion and by the way the cost
of borrowing money right now is right
around 1.5%. So the interest cost of $900 billion
is maybe 10 or $11 billion a year
and that's the difference. That's how
far apart they are in terms of the
interest
borrowing cost of this entire
situation. They are getting close
but unfortunately, I think
house speaker Nancy Pelosi is standing
firm and so is
Mark Meadows. Now it is
encouraging i just want to be clear it
is encouraging that the president
is willing to go up and the democrats
are willing to come down but they are
still
far apart at this moment in time but i
do see the two sides gradually inching
towards each other because the pressure
to do a deal is increasing now this is
what house speaker pelosi told reporters
following the call with meadows
yesterday
we have said again and again that we are
willing to come down and meet them in
the middle that would be 2.2 trillion
and when they're ready to do that we'll
be ready to discuss and negotiate
the particulars that's what that's what
house speaker nancy pelosi said
and you know it's pretty clear that
she's standing firm
with uh with her position now i want to
know what you guys think about this
below comment below and let me know what
you think about this entire situation
because it is it is dragging on much
longer than it needs to
and both sides are are under pressure
in fact white house chief of staff mark
meadows said it is incumbent on
us to act he said that today and he
placed the blame on speaker pelosi for
holding up negotiations
by not agreeing to a smaller bill he
said we not only need to help with
enhanced unemployment
but small businesses aid to schools
making sure that daycare provisions are
augmented in this unprecedented time
so that's where things stand right now
everybody now again let me be clear the
two sides are still pretty far apart but
uh pressure is increasing
on both sides as we speak right now this
was actually originally reported by
reuters so i will provide you with a
link to the reuters article in the
description
below and again yesterday's called
meadows described it as 25 minutes
of nothing and uh house speaker nancy
pelosi as early as
as yesterday said the white house
continues to disregard the needs
of the american people she did also say
yesterday that the democrats were i
quote
not budging on on their on their latest
offer so that's where things stand right
now everybody it has been
it has been many many weeks since the
passage since the end
of the 600 weekly unemployment benefit
and
you know gop lawmakers did propose a
skinny version of the original proposal
they then called it a targeted bill
democrats have been trying have been
writing letters to house speaker pelosi
trying to pressure her
she she's clearly not budging and
right now the here's here's what i
believe is happening
i believe that the pressure for both
sides
to make a deal is going to increase
because when the numbers when the
unemployment numbers
when the actual retail numbers when the
actual numbers for the month of
august come out next month um they come
out
they're usually trailing by a month
we'll start to see a decline in the
economy
because the money from the cares act did
prop up the economy in may june and july
but now that the unemployment benefits
ran out we are now at the end of august
you'll start to see the numbers kind of
fall apart in september october november
with the presidential election coming up
so the pressure to do a deal
is increasing and i'm starting to see
both sides budge because there'll be
real world political consequences
to both sides if they don't do a deal
now again i hate
talking about political consequences
when lives are at stake here but
i mean let's call it what it is that's
what's going on here for me it's not
about the red or the blue it's about the
red white and blue
for me i want my fellow americans to get
help i want those who need help the most
to get it so
for me that's what that's what this is
about now again the fact that speaker
pelosi came down to 2.4 trillion and
down to 2.2 trillion
shows that she has some wiggle room and
the fact that the president went from 1
trillion to 1.3 trillion shows
that he's willing to negotiate now both
sides can start to blame each other the
longer this drags on and say
i compromised i compromised the other
side wasn't willing to do this or wasn't
willing to do that
but at the end of the day it is going to
require a consensus from both sides
let's be clear about that it is going to
require a consensus from both sides
for the federal unemployment benefit
extensions to continue
for the money to flow through seamlessly
so that we don't have to
we don't have to consider so that we
don't have to consider the uh
the 300 week benefit and its statewide
rollout
which essentially is impacting uh which
is essentially
slowing down the which is slowing down
the distribution
of the money throughout the country what
is actually happening is
the 300 a week is going is is going to
different states at different
speeds if you will it's not moving as
fast as we want it to
some states are not even going to pay
out the money some states are going to
take two months to pay out the money a
majority of states are only going to pay
out
the 300 a week and some states like
arizona have already started paying out
the money and a state like south dakota
said they don't even need the money
so it's been it's been quite chaotic
because
different states are approaching this
entire situation differently
and so it is critical it's absolutely
imperative that the 600
week unemployment benefits are
reinstated in some way shape or form
through an act of congress and that
requires the house speaker nancy pelosi
to say yes i agree with the
administration that then requires a bill
that goes from the house to the senate
that the president signs and then
you know then the help goes back out to
people now to be honest this should have
happened a month ago
it hasn't unfortunately that's where we
stand right now that's where we are
right now
and this was the update for everyone now
i don't want us to celebrate prematurely
even though there is wiggle room on both
sides because
they are still apart by about 900
billion dollars
okay so let's hope they come together uh
for all those of you who are in the path
of hurricane laura
please stay safe please listen to local
authorities shout out to one of my
subscribers leslie stay safe leslie i'm
rooting for you our whole ignition
community is rooting for everyone
in the path of hurricane laura and i
believe this is going to be the first of
more than one hurricane because this is
going to be an active hurricane season
that's what
that's what my research is telling me
and i hope i hope that's not the case
thank you so much for watching my name
is dr nitin showdown with ignition time
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