Rossen Reports: What's next for you after failed stimulus bill?

Where do we go from here?


You need relief, but all hope seems to be lost.


After the newest stimulus bill proposal just died, what’s next?

We've seen this before. Washington just can’t get it done right now. People are angry. No new stimulus check. No new unemployment benefits beyond the limited money from the Federal Emergency Management Agency. Own a small business? Well the Paycheck Protection Program program is dead for now, too.

So, where do we go from here?

Here to help is Pete Dunn, host of the "Pete the Planner Show" and CEO of "Your Money Line" and "Hey, Money."

Jeff Rossen: This Republican proposal didn’t include a new stimulus payment even if it did pass. Democrats say the bill didn’t go far enough so they got rid of it. Where do we go now?

Pete Dunn: I don’t think we go anywhere, Jeff. I think the big challenge is, they’re not going to do anything. Because the Republicans say, 'Look, let’s take a more measured approach. Let’s piecemeal this. Let’s build a bill.'

And, frankly, I don’t think the Democrats believe that’s possible, so they’re going for the whole salami in one big bill — $3 trillion. They’ve even talked about taking it down to $2 trillion, but this $300 billion proposal that was shot down rather quickly in the Senate this week never really saw the light of day.

JR: And do we expect another proposal before election day? Or are we just going to be hanging high and dry?

PD: I think unfortunately we’re high and dry on this one. I think here’s what’s going to happen: It’s possible that the president continues to put out executive orders and especially if he does so, they will be overreaching in the sense that he may not have the authority to issue a stimulus check to all Americans. But there’s thought that he might just do that and force Congress’ hand. Now, he legally can’t do that. But I don’t think he’ll get a lot of trouble from the American people if he tries that and I really think that’s what he’s going to do.

JR: Regarding unemployment benefits without a new bill, states have to take what they can get from FEMA. But now, states like Texas and Tennessee are saying that they’re already stopping the enhanced benefits after this week. How long will the $300 a week last for everyone else?

PD: Not very long. I think you and talk about this every week. In thought – that executive order to extend that benefit, reasonable idea. However the consequence is the money is already gone by the time they got the program up and running.

JR: On top of all this as if that’s not enough, we have a government shutdown looming. The federal government runs out of money at the end of this month. So the Republicans and Democrats at the very least — I mean we’re setting the bar way down here — need to pass something to keep the government open. Are we confident that’s going to happen? And if not, what does a shutdown look like during a pandemic?

PD: I think earlier this week Vice President Mike Pence said he can assure the American people that won’t happen. And no disrespect to Vice President Pence, it’s just kind of hard to believe anyone right now. It’s no fault of his own, but it’s just hard to believe that’s the case. My fear is that one side, or both, will use the shutdown as leverage to get their bigger point across, so if we have a government shutdown in the course of an election, a pandemic, a recession, all of these other things, that’s a disaster.

JR: And nothing is impossible in 2020 as we have seen.