The New Normal: Marty Cantor breaks down coronavirus stimulus plan
This morning, the New Normal show focused on the economy.
Markets were down this morning as investors are concerned with rising COVID-19 cases, and wait for a breakthrough in a stimulus plans that could revive the economy.
Congress is looking to pass a one-week spending bill. That bill will keep the government running through Dec. 18. The move gives lawmakers more time to strike a coronavirus relief deal and avoid a shutdown.
CPA and economic development consultant Marty Cantor joined News 12's Elizabeth Hashagen to break down what's included in the plan, and what continues to be a sticking point.
Lawmakers in Washington have been deadlocked over another stimulus package for months. Last week, key lawmakers appeared to make concessions in hopes a bill could pass before both chambers leave for the holidays. This is what Cantor had to say about the stimulus package:
The Republican and Democratic negotiators continued to butt heads over aid for states and localities as well as the coronavirus liability protection for businesses.
Republicans have blasted state assistance as a bailout for mainly Democratic areas, while Democrats have refused to give employers a shield from lawsuits over poor protection against the spread of COVID-19.
A potential deal is coming down to the wire as 12 million Americans are set to lose their unemployment benefits the day after Christmas. Eviction moratoriums for renters and protections for student borrowers are also set to expire, as well as a federal program for paid family leave.
The proposal is expected to include about $300 per week in bonus federal unemployment payments for roughly four months, providing relief just as emergency aid payments at regular benefit levels are set to expire at year's end.
The package is expected to leave out another round of $1,200 stimulus checks.
Watch the full show below: