Proposed $2.2 trillion stimulus package to be voted next week by the House of Representatives, according to Reuters. Legislative efforts garnered momentum this week after Fed Jerome Powell urged lawmakers to offer further support to the pandemic-hit economy. Kevin McCarthy, a House Republican, termed the new initiative as partisan. Moderate Democrats want bipartisan aid proposals with chances of legislation.

  • New deal set to be $ 2.2 trillion after Pelosi and Schumer scaled down demands from an initial $3.4 trillion relief package.
  • Senate Republicans not involved in negotiations proposed a $ 1 trillion bill.
  • Many Republicans rejected Senate Republicans’ bill because it is too large, while Senate Democrats said it is too small.
  • Senate Republicans unsuccessfully initiated a smaller $ 300 billion bill.

The relief package has caused positive reactions in stocks, with S&P high before the market open. S&P is up 0.30%, DXY is up 0.13%, XAUUSD is up 0.23%, SPY is up 0.27%