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States mull their own coronavirus stimulus packages as D.C. talks stall

Yahoo Finance's Denitsa Tsekova discusses how states are mulling their own coronavirus stimulus packages as D.C. talks stall.

Video Transcript

KRISTIN MYERS: Well, stimulus negotiations, as we have been discussing on this show, have gone nowhere. And states have decided to pick up the slack from Congress themselves. We have Yahoo Finance's Denitsa Tsekova here with all of those details. Hi, Denitsa.

DENITSA TSEKOVA: Hi there. So what we've seen so far is Colorado, Minnesota, New Mexico, and Washington state, they all proposed a smaller economic relief package similar to this stimulus package, as many of the stimulus provisions are expiring. So at the end of the year, we have around 12 million Americans without any-- left without any unemployment benefits. We have eviction moratoriums ending, student loan forbearance programs ending, and all that.

So what those four states did is they introduced packages which include similar measures. So they have a smaller stimulus check. They extend unemployment benefits. They give grants to smaller businesses. They also have housing rental assistance. It varies state by state, obviously.

And what we see here is, again, during this pandemic, we've seen a lot of states acting before the federal government does. And this is, again, happening with the stimulus as the federal government relief, it's unclear what's going to happen. The two parties are not even negotiating at the moment.

But the big problem with states doing it on their own is that they have to pay for it or repurpose money. So in some cases, those states are repurposing money from the CARES Act. But in other instances, they're tapping money from their state revenues. And as we know, this pandemic has been very tough on many states. And they're struggling a lot. So you can imagine spending more on stimulus would put even more strain on their very, very stretched budgets.

KRISTIN MYERS: Denitsa, I want to quickly ask you if you're hearing of more states possibly wanting to join, like Colorado, for example, to come up with their own stimulus plans since we have nothing from the federal government.

DENITSA TSEKOVA: Well, these are the only four we have heard so far. And this is only from this week. And I've talked to other experts. And they say that when time passes, and especially if we don't see any stimulus-- which until the end of the year, we haven't seen any signal that there will actually be stimulus-- maybe more states will join. But it's important to-- those states either have to have left over money from the CARES Act, which is not that much money. Or they have to-- their budgets have to be in pretty good shapes, which is not the case for many states.

KRISTIN MYERS: Right. All right, Yahoo Finance's Denitsa Tsekova, thank you so much for bringing us all of those details.