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Trump: 'After the election we'll get the best stimulus package you've ever seen'

Yahoo Finance's Rick Newman joins Kristin Myers to break down the latest on the 2020 election front, as President Trump touts a second stimulus package following the election.

Video Transcript

KRISTIN MYERS: President Trump saying just moments ago, quote, "After the election, we'll get the best stimulus package you've ever seen." So to chat more about this and a potential Biden presidency, we're joined now by Yahoo Finance's Rick Newman. Hey, Rick.

RICK NEWMAN: Hey.

KRISTIN MYERS: All right, so talk to me about what we just heard Trump say right now. Because obviously, hopes are fading. Yesterday, we saw that huge sell-off in the markets essentially as stimulus was-- those hopes were dashed before the election.

But now we see that we'll get a great stimulus package after the election. I mean, when I heard that comment, I figured that, implicitly, Trump was saying, listen, you guys have to vote for me. And then you guys can get some money. Are you reading it the same way?

RICK NEWMAN: It could actually end up being the opposite. Trump probably doesn't even realize that. But of course, any stimulus package after the election would be better than the nothing burger we got during the last four months when Congress was not able to pass even a single dollar of new stimulus spending.

I mean, we've been talking about this a lot. Markets now seem quite comfortable with a Joe Biden win even if it's a Joe Biden win and a Democratic Senate, because the first thing they probably do in 2021 if Democrats run the whole show is pass a giant stimulus package close to what the House passed back in May, which was around $2.4 trillion.

The irony here is even though Trump is saying this, if Trump wins, then we may get nothing more than the $500 billion package that the Senate indicated it was willing to sign off on. You know, once-- we do need to get through the election because it's just been all posturing on both sides, trying to gain advantage, leading up to November 3rd.

That will not be as much of a problem once we get past the election. And Congress will be-- have a little more ability just to do what needs to be done, instead of trying to pose for the cameras at their dueling press conferences.

KRISTIN MYERS: All right, so let's talk about November 3rd, only a week away for those that have not marked their calendars for that momentous occasion. You've been looking at some of the biggest challenges that would be facing a Biden administration if he wins. Talk us through those.

RICK NEWMAN: Yeah, I mean, you're hearing a lot of chatter already about who would be in a Biden cabinet. And a lot of progressives, boy, they want payback for supporting Biden more thoroughly than they did, let's say, that Bernie Sanders wing did supporting Hillary Clinton back in 2016.

Back then, 12% of Bernie Sanders supporters, people who voted for him in the primaries, actually voted for Trump in the general election. That was a real fissure in the Democratic bloc which was just not very united back then.

Biden has done a better job of keeping the Democratic Party united. He has made a nod to some progressive priorities, such as the targets of the Green New Deal, if not the specific language of the Green New Deal-- climate change, other things like that.

But I think Biden will have a problem if he wins. The first problem for Biden, if he wins, is the number one thing that is unifying all the Democrats right now, along with some independents and probably even a few conservatives, is they want to send Trump packing. And if they beat Trump, that single unifying feature is not there.

And I think the Democratic Party is going to go back quickly to looking like what it did during the Democratic primaries, which I followed closely. And there were some major disagreements about what to do on policies such as healthcare-- should we have Medicare for All or just an incremental improvement to the system?

Climate-- should we have the gargantuan Green New Deal, or, again, something more incremental? Should taxes go up double or triple on the wealthy? Or do we just need to get a little bit more revenue from them?

And I think there could be some actual bitterness here as Joe Biden naturally has to put new policies in place and try to get legislation through Congress if he becomes president and if Democrats do take control of Congress.