Stocks Slide After McConnell Says No Relief Bill By Next Week
Tue, 07/21/2020 – 15:23
Senate Majority Leader Mitch McConnell (R-KY) told Politico on Tuesday that he doesn’t expect Congress to pass the next relief bill by next week, in stark contrast to a prediction by Treasury Secretary Steven Mnuchin.
McConnell said earlier that there are some ‘differences of opinion’ over a payroll tax cut wanted by the White House, and instead said that the GOP would introduce a bill over the next few days which would be a starting point for negotiations with Democrats.
McConnell did say that another round of direct payments to US citizens was in the cards.
Stocks began sliding following McConnell’s comments.