The number of those filing this week are still worse than any single week during the Great Recession over a decade ago, Chris Rupkey, chief financial economist at MUFG, said in a note. The recession battle is not over as this year ends with millions and millions of jobless workers left behind.
Republican Senate Majority Leader Mitch McConnell on Tuesday blocked an attempt to unanimously pass a bill to increase direct payments in the year-end coronavirus relief package to $2,000.
McConnell faces pressure to act after the House with nearly all Democrats and a few dozen Republicans on board voted Monday to increase the cash deposits to $2,000 from $600.
Jim Watson/AFP
Senate Majority Leader Mitch McConnell introduced a bill Tuesday linking $2,000 stimulus checks to a repeal of Section 230 and the creation of a new commission to study election fraud, a move likely to doom the increased direct payments.
McConnell s proposal came just hours after he blocked a House-passed bill that would have also boosted the direct payments but without tackling the other two items, both of which are top priorities of President Donald Trump.
Trump and some other Republicans have repeatedly railed against Section 230 which shields internet companies from being sued over user-posted content and made baseless accusations about election fraud, while Democrats have opposed them on both issues.
McConnell faces pressure to act after the House with nearly all Democrats and a few dozen Republicans on board voted Monday to increase the cash deposits to $2,000 from $600.
Senate Republicans wary of spending more on pandemic aid are looking for a way to both meet the demands of a president who called the year-end coronavirus relief and funding bill a disgrace and hold on to their majority during races overshadowed by the crisis.
On the data front, advance economic indicators for November are scheduled to be released at around 8:30 a.m. ET. Chicago Purchasing Managers Index (PMI) data for December and pending home sales for November will both be released slightly later in the session.
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Top Republican McConnell finally acknowledges Biden s victory
US President-elect Biden (left) is set to meet with Senate Majority Leader Mitch McConnell (right). PHOTOS: REUTERS, EPA
Dec 17, 2020 06:00 am
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ATLANTA: US President-elect Joe Biden spoke with Republican Senate Majority Leader Mitch McConnell on Tuesday and said that the two had agreed to meet soon, after the lawmaker ended his silence on the results of the presidential election held six weeks ago.
Mr McConnell congratulated Mr Biden and Vice-President-elect Kamala Harris on their victory during remarks on the Senate floor on Tuesday, a day after the Electoral College formalised the Democrats Nov 3 win.