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Democrats unveil new $2T stimulus proposal

Democrats unveiled a revised $2.2 trillion dollar stimulus bill on Monday evening, but investors aren’t holding out any great hope that we’ll get more relief from the government before the November elections. Yahoo Finance’s Jessica Smith joins The First Trade with Alexis Chrisotoforous and Brian Sozzi to discuss.

Video Transcript

ALEXIS CHRISTOFOROUS: House Speaker Nancy Pelosi is scheduled to speak with Treasury Secretary Steven Mnuchin this morning to discuss the new Democratic stimulus bill. And our DC correspondent, Jessica Smith, is joining us for more. Good morning, Jess. So what exactly is in this plan?

JESSICA SMITH: Good morning, Alexis. This plan is really the scaled back version of the Heroes Act, that $3.4 trillion package that the House passed back in May. So in this bill, you'll see a lot of familiar provisions, more than $430 billion in state, local, and tribal aid for those governments. The bill would revive the Paycheck Protection Program designed to help small businesses.

It would also bring back the $600 per week in enhanced unemployment benefit. It would extend that to January. It also would send another round of $1,200 stimulus checks to Americans, and it has $75 billion for coronavirus testing and tracing. It has billions of dollars for education and for child care.

And then it also has new money for airlines and restaurants, clearly industries that have struggled since the Heroes Act was originally passed in May. But both sides remain very far apart on this. Speaker Pelosi and Treasury Secretary Mnuchin spoke yesterday, and we expect them to speak again this morning, as you mentioned. So we'll see what comes of that conversation.

BRIAN SOZZI: And Jess, what are the chances that this ultimately does get passed? The House Democrats have come down in their ask, and President Trump recently, about, I think, I believe a week and a half ago, said he'd be willing to accept 1.5 billion.

JESSICA SMITH: Well, 1.5 trillion is still--

BRIAN SOZZI: Trillion.

JESSICA SMITH: --so far apart from the 2.2 trillion. So there is still this big gap between the two sides. I think we'll get kind of an idea maybe over the next 24 hours or so. We'll see if Speaker Pelosi actually puts this bill on the floor, if there is actually a vote.

I don't think that's a good sign because they're showing that they're doing something, but we know that this bill is not going to pass the Senate, the Republican Senate, as it is right now. So if the House moves forward on it, that's probably a bad sign for the chances of a stimulus deal before the election.

ALEXIS CHRISTOFOROUS: All right, Jessica Smith, our DC correspondent, thank you.