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Stimulus Bickering Continues in DC; Deal Still Expected in Aug.

It was a more chaotic week than usual in Washington, D.C., as party differences over Covid-19 relief bill allowed for the expiration of the $600 weekly supplemental unemployment benefit and lapse of the eviction moratorium on July 31. We were also treated to an unusual if not irregular suggestion by the President that Election Day be delayed.

Treasury Secretary Steve Mnuchin and the White House have been negotiating with Speaker of the House Nancy Pelosi and Senate Democratic Leader Chuck Schumer all week but with little progress to show for it. With weekly new unemployment claims still above 1 million, an estimated 17 million unemployed, and the spreading virus slowing a return to work; voter patience is likely to run thin with partisan bickering in DC. While I expect an agreement in the next two weeks, the political landscape is messy.

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