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Trump reverses course on Stimulus relief

Yahoo Finance’s Rick Newman joins the On the Move panel to share the latest news on a new Stimulus bill.

Video Transcript

ADAM SHAPIRO: I want to start with Rick Newman. We got a series of back-and-forth tweets last night from the president, and this morning we're hearing different people say, maybe it's the result of what we saw from some of the medications he's on right now. What can you tell us about what's going on?

RICK NEWMAN: Don't know about his medications, but he does seem to be negotiating with himself in order to figure out what to do about a so-called fourth stimulus bill. And we know yesterday we were talking about this. At the end of the day yesterday, Trump said, OK. I'm not dealing with Nancy Pelosi anymore. We're going to wait until the election is over.

And I think Trump was actually right about one thing he said yesterday. He said Nancy Pelosi is not negotiating in good faith. And I think Nancy Pelosi has been very crafty, making it look like she does favor this big stimulus deal that the Democrats have passed. But what she probably wants is to wait until after the election, hope Joe Biden wins, hope Democrats take the Senate, and maybe get an even bigger deal.

At any rate, she is winning the messaging battle here without a doubt because Trump made it look like he was the one throwing in the towel, not the Democrats. And we've even got some Republicans in the House now saying, we-- come on. We've got to get back to a deal. So now Trump is proposing a series of one-offs such as a bill that would just provide some aid for airlines, a bill that would just provide another round of $1,200 stimulus checks. And I just don't think we're going to see anything by the end of-- before we get to the election day because this is just a chaotic procedure.

ADAM SHAPIRO: Why not? I realize it's chaotic, but we've got more than 32,000 airline folk who are desperate now. So why not do it piecemeal?

RICK NEWMAN: Because it's politics. It's not a business. If this were-- if you were trying to run a business this way, you would be pragmatic. You would do the small bits you can do today and try to do more later. But that is not what's going on here.

They call this the silly season in politics for a reason because everybody is posturing in the months and especially the weeks now leading up to a big election. And everybody wants to see how they can get credit for something while blaming the other side, and that is the dynamic right now.

So for those reasons, I just don't think we're going to get anything. We could get something fairly quickly after November 3rd, and if Democrats do sweep, we'll probably get something very large in early 2021, but probably not during the next month.