With Congress leaving town for Memorial Day, the House or Representatives and the Senate remain at loggerheads over if, when and how to proceed with the next round of coronavirus relief. Last week the Democratic-controlled House passed a $3 trillion package but it arrived at the Senate with a thud as Senate Majority Leader Mitch McConnell and the President showed no interest in proceeding with the House bill. McConnell said further legislative action was on hold and that the House bill was dead on arrival. President Trump declared he’d veto the bill.

As the Senators left town last week, policy disagreements were brewing within the Republican conference as the unemployment numbers leveled out at over 2 million new claims a week. Of the 35 Senate seats being contested this year, 23 are currently held by Republicans.

Susan Collins of Maine and Cory Gardner of Colorado always knew they would have tight races as they are the only two of the 23 Republicans from states that Hilary Clinton carried in the previous election. Recent polling is showing close races for Republicans in Arizona, Montana, North Carolina and Iowa. Republican incumbents in these states are reportedly putting pressure on leadership to start work on virus relief legislation in June.

My view is that som...

Unlock this article with a FREE 30-Day Trial!

No Credit Card Required! Limited time only!

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 3/3

🎁 Unlock 2 extra articles by joining our Community!

You’ve reached your limit of 3 free monthly articles. Please enter your email to unlock 2 more articles.

Already have an account? Sign In

Want to receive Regular Market Updates to your Inbox?

I am your default error :)