Speaker Nancy Pelosi said the House Democrats will pass the ‘Families First Coronavirus Response Act’ on Friday, though she did not mention support from Republicans or the White House.
The aid package secures paid sick leave, free testing, and strengthens food security initiatives, but the future of the bill remains unclear as House Republicans await a signal from the president. Pelosi added that the bill will also strengthen unemployment insurance. This bill is meant to expand upon the $8.3 billion dollar coronavirus package already signed by President Trump.
Pelosi, who delivered her remarks from the rarely-used speakers balcony, said the three most important parts of the bill are “testing, testing, testing” providing free tests to everyone including the uninsured and noted the legislation is “focused directly on providing support for America’s families, who must be our first priority.”
"Sadly, and prayerfully, we have learned of the tragic death of at least 41 Americans from this public health emergency so far," Pelosi said. "The American people expect and deserve a coordinated, science-based, and whole-of-government response to keep them and their loved ones safe."
Pelosi and Treasury Secretary Steven Mnuchin have been negotiating on the deal for days, and the Speaker’s office has been publicly tracking the calls between them to show the evolution of the negotiations.
President Trump, slated to speak Friday afternoon, could deliver a statement that will either signal to the GOP bipartisan support for the measure or leave the bill to face the hurdle of a Republican-controlled Senate.
Updated March 17 to clarify that $8.3 billion price tag refers to the initial coronavirus relief bill, not the ‘Families First Coronavirus Response Act.’
Sam Stovall, Chief Investment Strategist at CFRA Research, joins Cheddar News' Closing Bell where he dives into the factors contributing to Monday's market plunge and what could be in store when February's CPI data comes out on Tuesday.
Derek Shearer, former U.S. Ambassador to Finland and contributing writer for Washington Monthly, joins Cheddar News to discuss the latest developments in the Russia-Ukraine conflict.
Americans continue to feel the pain at the pump as a result of Russia’s invasion of Ukraine. Patrick DeHaan, head of petroleum analysis at GasBuddy, joined Cheddar News to discuss how prices are being affected by the war and how much worse it could potentially get for drivers. "It's obviously a fluid situation. In one field today, I might feel differently in a half hour. But for now, I think we could see the national average realistically go somewhere into the mid $4 range, maybe $4.40 to $4.65 based on what we're seeing," he said.
Russia’s invasion of Ukraine has entered its 12th day following what Ukrainian authorities described as increased shelling of encircled cities and another failed attempt to evacuate civilians from the port city of Mariupol.
Gasoline prices are pushing even farther above $4 a gallon, the highest price that American motorists have faced since July 2008, as calls grow to ban imports of Russian oil.
Jay Hatfield, Chief Investment Officer at ICAP, believes a lot of the bad news regarding the fighting in Ukraine and Fed is already priced into the market and looming uncertainty factored into Friday's movement. However, he also believes the upcoming Fed decision will be good news for Wall Street.
News of Russian forces taking control of a Ukrainian after artillery bombardment of a nuclear power plant raised concerns this week. Nuclear policy expert and Quincy Institute Distinguished Fellow Joe Cirincione joined Cheddar News to discuss the implications for a potential disaster. “I’m with the director general of the IAEA, the International Atomic Energy Agency. He says that he is extremely concerned, and that this Russian attack is a severe risk and that Russia clearly violated the fundamental principle of preserving the integrity of nuclear power plants," Cirincione said.
Amid Russia's attack on Ukraine, major businesses from BP to Big Tech like Apple have been pausing their business dealings with the invading nation. Brian Walker, chief strategy officer at commerce software company Bloomreach, joined Cheddar News to discuss how some companies are showing support for Ukraine and what this could mean for consumers. "Whether it be impacts on energy or operational costs, shipping and logistics, or frankly impacts on the financial services industry, these will have long term implications on retail prices," he said.
