President Donald Trump today signed four Executive Orders to implement the next round of stimulus proposals, after the talks between Congressional Republicans and Democrats for a new package broke down yesterday. The Democrats were demanding a $3 trillion-plus bill, the Republicans only $1 trillion, rejecting the Democratic $1 trillion for local governments , and an extension of the $600 extra unemployment benefits.
One of Trump’s Executive Orders extends the extra unemployment benefits, but at $400 rather than $600, the argument being that $600 was a disincentive to return to work. He is calling for the states to pay 25% of this, although the states are mostly totally broke at this point and cannot print money as the Fed does. Trump did not explain where the federal funds for the unemployment extension will come from, although there are unspent funds from the earlier stimulus packages.
The other three Orders will: direct the U.S. Treasury to allow employers to defer payment of employee payroll taxes through the end of 2020 for Americans earning less than $100,000 annually, retroactive to Aug. 1; a ban on evictions in federal housing; and a postponement of student loan repayments until the end of the year.
