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Original Caption: The Last Fight Before Congressional Break, The United States Announced Details Of The $ 908 Billion Stimulus Bill! If the vote doesn’t pass this week, gold may be in recession for a while.
On December 14 (Monday), the United States multi-party congressional group announced details of the $ 908 billion aid bill. Panel co-chair Josh Gottheimer said he hopes the bill will help Congress make a decision this week. The majority party whip in the US Senate declared that the US government must vote on this before December 18, because the holiday will start on the 21st and end the year. Earlier, a person familiar with the matter said there is “no guarantee” that Congress will pass the plan.
The US multi-party congressional group announced details of the $ 908 billion aid bill, of which $ 6 billion will be used for vaccine distribution.
The relief bill of $ 908 billion is divided into two parts. The first is a $ 748 billion bailout plan, which includes about $ 300 billion in small business relief funds, $ 6 billion to be used for vaccine distribution, and a further $ 300 Unemployment Benefit.
The second part of the bill has only two elements, namely the $ 160 billion in state government assistance requested by the Democratic Party, and the liability clause that the Republican Party believes should be included in the assistance program. However, the implementation of these provisions still depends on negotiation between the leaders of the two parties in Congress on the legislative provisions.
The pressure on the United States Congress this week is greater than ever, and its goal is to pass a new round of aid bills and a spending package before government funding expires this Saturday. Republicans and Democrats have yet to reach an agreement on these two bills.
It is worth noting that as Christmas approaches, the US Congress will suspend the session on December 21 until the end of the year.
Members of both parties stressed the need to pass the aid bill before the Christmas holidays, and they have not been able to reach consensus since April this year.
The time remaining for the US Congress is very limited According to information released in the office of Majority Leader Steny Hoyer, the House of Representatives is not expected to vote before December 16.
Senior Democrats Support Consensus on Epidemic Assistance Bill
Senator Dick Durbin, the second leader of the US Democratic Party and one of the bipartisan negotiators, said that while state and local aid and debt are critical, he supports a $ 748 billion increase before Christmas. Consensus proposals are voted on.
He said the bill includes a $ 300 billion relief fund urgently needed by small businesses, $ 180 billion in additional unemployment benefits, and a $ 45 billion transportation assistance program, including $ 17 billion. million dollars in aid for airlines and 82 billion in education. US dollars and assistance in housing, vaccine distribution, child care, postal services and rural broadband.
The majority party in the US Senate, John Cornyn, hinted that the aid deal could be reached by the middle of this week.
He noted that McConnell and Pelosi have been discussing how to reach an epidemic assistance agreement. He believes that negotiations must be concluded quickly to incorporate the package into the government spending bill approved by Congress before December 18.
Corning hinted that he would be surprised if he did not see something very specific before December 16, because the United States government must vote on it before December 18 and then leave Congress on vacation.
In addition to the 11 senators who attended the inauguration ceremony on December 14, the $ 908 billion aid bill also received support from the co-chairs of the House Problem Resolution Caucus.
Huitong.com recalled that the United States has announced the details of the $ 908 billion aid bill and has received support from Democrats. However, the analysis above believed that the bill was split in two for approval, which in itself reflects the serious differences between the two parties. Some people familiar with the matter said there is “no guarantee” that Congress will pass the plan. Thus, there is still a lot of uncertainty about whether the bill can be passed this week. As Christmas approaches, Congress will take a holiday on the 21st until the end of the year. Therefore, if there is still no progress this week, the probability that a new round of fiscal stimulus will be approved during the year is relatively low, and spot gold may remain under pressure and within a narrow range.
(Daily spot gold chart)
At 10:16 a.m. on December 15, Beijing time, spot gold was trading at $ 1,831.45 an ounce.
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