Yahoo Finance’s Jessica Smith joins Zack Guzman to discuss the latest on stimulus package negotiations between the White House and Congress amid the coronavirus pandemic.
ZACK GUZMAN: But when we look into what other avenues are out there right now, obviously, PPP is just one lever being pulled to support businesses and people during the pandemic. You heard from the White House earlier today that it's pushing to get Congress to pass phase four of the next stimulus round by the first week of August. How realistic does that sound, based on what you're hearing out of DC, and the fact that we still have Democrats and Republicans pretty far apart?
JESSICA SMITH: Yeah, well, negotiations really have not started in earnest at this point. We expect lawmakers to really start talking after they get back from their Independence Day break, which they're on now. We did hear from the vice president's chief of staff Marc Short in an interview today. He said that the administration is hoping to get something done by the first week of August, before Congress goes on their August recess.
So the House would leave the first week of August, the Senate the week after. Short says that liability protections are essential in this phase four deal. And that is something we've heard from a lot of Republicans. They want to have those liability protections included in the phase four bill. Majority leader Mitch McConnell also spoke this week in Kentucky, and he says he wants the next round of stimulus to be much more targeted. He floated the idea of direct payments for people making less than $40,000 per year. So again, we do expect lawmakers to really start negotiating toward the end of this month once they get back to Washington. So we'll keep you updated on how that plays out.
ZACK GUZMAN: All right, Jessica Smith bringing us the latest from Washington, DC-- appreciate that.