Second stimulus package negotiations off for now, Rochester reacts – KTTC

ROCHESTER, Minn. (KTTC) — It’s been nearly seven months since the passage of the Coronavirus Aid, Relief, and Economic Security Act or CARES Act. Now, government leaders seem gridlocked on a second stimulus bill.

The House of Representatives narrowly passed a $2.4 trillion bill while the White House and Republicans countered with a $1.6 trillion offer. With the sides not budging, the president told the Senate to instead focus on the hearings for Supreme Court Nominee Amy Coney Barrett.

However, hours later, the President sent out a barrage of tweets saying the government needs to act.

These comments come after the Federal Reserve Chair Jerome Powell reiterated Tuesday the economy needs this stimulus package.

“Too little support would lead to a weak recovery, creating unnecessary hardship for households and businesses,” Powell said. “By contrast, the risks of overdoing it seem, for now, to be smaller.”

Mark Williamson, Vice President of Wealth Enhancement Group, agreed with Powell saying the economy could use a boost and that the government is in a good spot to do it with interest rates being so low.

Williamson also said there was a hunch that a recession would come but no one foresaw COVID-19 coming. However, he also said the economy is doing well right now.

“I believe the economy is pretty strong out there,” Williamson said. “There are a lot of companies making more money than they ever dreamed of.”

With stimulus package talks in limbo, one Rochester business owner said the first package helped her business stay afloat after being forced to close but this second package is more so about the people.

“People who are unemployed need this money to buy food and pay rent so yeah I think it’s awful they’ve decided to do nothing,” said the owner of Healing Touch Spa Mary Jo Majerus.

Other Rochester residents agreed that the inaction is hurting people.

“I wouldn’t say I’m too upset but it would be nice to see some responsibility,” said Cole Peterson.

Mary Beth Magyar said, “They need to be understanding and stop the politicizing of it and just help people.”

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Author: The Covid-19 Channel