While I have been an optimist about the chances for a pre-election agreement between Speaker of the House Nancy Pelosi and Secretary of the Treasury Steven Mnuchin, the clock seems to have run out.

Last night the Speaker said that her fellow House Democrats don’t want to return to vote on a deal if the Senate won’t take the bill up; and Senate Majority Leader Mitch McConnell has said the Senate opposes a pre-election vote. I think that by invoking the position of the House Democratic Caucus, the Speaker is telegraphing the no bill message.

Both sides will talk about a bill in the lame duck session of Congress; but that could be tough. If President Trump is defeated, he is unlikely to devote time to a deal. And a big deal requires his personal lobbying of Senate Republicans.  Defeated members usually show their dejection by not coming back to Congress for weeks.

If Biden wins, there may be pressure from Democrats to just wait until there is a new President.  This is all bad news for the 23 million Americans who don’t have jobs, testing programs that need money, schools that are in need of funding to bring kids back; the list goes on and on. The debate was at least more civil: between a moderator who did her job, and the new mute mic policy helped a lot by...

Unlock this article with a FREE 30-Day Trial!

An FSI Pro, or FSI Macro subscription is required in order to access this content.

*Free trial available only on a monthly plan

Disclosures (show)

Get invaluable analysis of the market and stocks. Cancel at any time. Start Free Trial

Articles Read 2/2

🎁 Unlock 1 extra article by joining our Community!

You’ve reached your limit of 2 free monthly articles. Please enter your email to unlock 1 more articles.

Already have an account? Sign In

Don't Miss Out
First Month Free