Articles

Coronavirus stimulus: Surprise jobs report adds doubt to second round

Washington, June 5, 2020

Once Washington absorbed Friday’s surprise jobs report showing a gain of 2.5 million jobs in May (after forecasts for 8 million jobs lost) many turned the question of how the news impacts the long awaited negotiations for an additional phase 4 stimulus deal.

"We'll be asking for additional stimulus money,” President Trump said Friday morning as some speculated that a deal might now be off the table. The president did leave open many questions about what would be in a package. Trump focused most of his remarks on his idea for a payroll tax cut, something Democrats have repeatedly said is a non-starter.

He also talked about additional provisions for restaurants and the entertainment industry. "We'll be announcing it pretty soon," he said. Before the employment numbers came in, the White House was reportedly pushing for about $1 billion in stimulus, a much lower level than what Democrats say is necessary.

Democrats, by and large, continued their push for a big stimulus package

The number “validates the stimulus we had in place,” said Rep. Don Beyer (D-VA) in an interview with Yahoo Finance. Beyer, who serves as the Vice Chairman of the Joint Economic Committee, tried to say that the bump this month, which Trump was quick to take personal credit for, was a result of the “wholly bipartisan” legislation.

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