Trump takes a dump on relief as markets flump

Quelle surprise. His Royale with Cheetos has decided at the last minute to squash the long awaited yet extremely underwhelming stimulus bill from the US Congress, wanting more money in the stimulus cheques ($2000 vs the paltry “let them eat cake” $600) and removing a lot of riders and other “unnecessary” spending.

From MSN:

The president’s tweet, which included a video of him discussing what he considers the bill’s many flaws, including funding headed overseas, came less than 24 hours after the Senate passed the measure. The foreign aid provisions are part of a $1.4 trillion measure to keep the government funded, which was paired with the Covid relief bill.

Trump did not threaten a veto in the video, and he had been expected to sign the legislation into law, along with the bill to keep the government open. The legislation passed both houses of Congress with veto-proof majorities.

The package includes increased jobless benefits, more small business loans, a direct payment of $600 to individuals, and funds to help distribute Covid-19 vaccines, among other things.

The size of direct payments were a key sticking point in the final bill, which came after months of failed talks and false starts, all while the economy struggled to recover and hundreds of thousands of Americans died from the coronavirus.

As constructive (yet late, since as leader of the GOP cult, he could have directed a much bigger package that actually aligns with the Democrats demands….) as that criticism is, he couldn’t let slip his delusion about being re-elected, adding:

If Congress doesn’t deliver the relief package he wants, it will be left to the next administration.

“And maybe that administration will be me, and we will get it done,” he said.

Markets aren’t happy, even though this refusal to sign is not yet a veto, its the kind of volatility you don’t want leading up to a low volume Christmas trading period. S&P futures have been rattled:

Asian stocks have been largely unaffected as have currencies, although Bitcoin saw a boost alongside gold prices in the wake of the Tweet.

 

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Comments

  1. If Trump refuse to sign, he can delay it for 10 days. Didn’t that mean government will shut down right before the Georgia election for the Senate?

  2. I hope he vetoes it. That stimulus is a joke. But agree, he can’t let it go… the election bit.

    • Wochenendlesung Bitter

      It’s stable 4D genius chess. Or an irrelevant 2-year old screaming for moar attention.

    • That would mean Trump has a brain that thinks past the need for fast food, sex, or attention from others to validate his worth on this orb [aka daddy issues].

      I would submit that its only a PR stunt to gizz his base up, those he used to screw over on his job sites, businesses, mock university, or anything else that has a net positive income flow into his back pocket and is a political threat to anyone that might come after him post him vacating the WH.

      This does not mean that the Biden DINO Neocon private prison [super predator (Executives excluded)] party wagon is a better option, its just a reflection of how bad things are ….

    • Regardless why he is doing it was right decision. Tulsi Gabbard voted against it and she explained on Twitter why.

    • He’s the weakest Russian strongman since the Tzar that got got. His whole family got got….

      • Why did you, then?

        Trump has been revealed to even the most obtuse of observers to be a monumental fraud, a threat to national stability, and a narcissist of intensity seldom found in sane persons.

        One of my main amusements in the last 4 years has been observing people reveal how delusional they are by sticking up for that loser.

  3. Jumping jack flash

    Anything short of a few trillion of “COVID stimulus” from a country as large as, and who needs debt growth as badly as, the US, is just plain inadequate and should be laughed out.

    1.4 trillion? It is relatively easy to determine whether that figure is enough: How much is their yearly mortgage interest bill? How much debt growth did they miss out on since peak debt growth?

    Our interest bill is around 200 billion every year, and at the end of 2019 we needed about 600 billion extra [debt] dollars in the economy to make up for the lost debt growth since 2007.

    Unsurprisingly since our “stimulus” was actually comparable to that total figure, it actually achieved something! Whether or not it was enough to propel our debt economy into self-sustainability remains to be seen.

  4. pro-scienceMEMBER

    The links I post keep getting removed. You don’t need to censor the opposing view unless you are wrong.

  5. Democrats are insisting of providing millions of dollars funding for trannies in all sorts of countries, while only $600 for americans… it will not fly!