EXPLAINER: What's a SPAC, the latest craze on Wall Street?
In the two years since the office-sharing company’s failed IPO, a new way to launch a stock on Wall Street has become fashionable: SPACs. Special purpose acquisition companies have been embraced by big institutions and small-pocketed investors alike. The goal is to use those millions of dollars to take a private company public without using the traditional initial public offering process that’s been around for decades. Management has a financial incentive to find an acquisition target — most often management receives a 20% stake in the newly public company. An exchange-traded fund consisting of SPACs and companies taken public through SPAC acquisitions, the Defiance Next Gen SPAC fund, jumped 55% between early November and mid-February.
New White House offer adds $600 checks to COVID-19 relief
Treasury Secretary Steven Mnuchin made the offer to Pelosi late Tuesday afternoon, he said in a statement. Mnuchin reached out to Pelosi after a call with top congressional GOP leaders, including Senate Majority Leader Mitch McConnell, who remains at odds with Democratic leaders over COVID-19 relief. The $916 billion Mnuchin offer, the separate ongoing talks among key rank-and-file senators, and the shifting demands by the White House all add up to muddled, confusing prospects for a long-delayed COVID-19 aid package. McConnell said Congress will not adjourn without providing the long-overdue COVID-19 relief. Pelosi blasted McConnell's offer as an attempt to undercut the bipartisan group whose framework she supports as a foundation for the negotiations.
Virus talks drag on liability as Congress preps stopgap aid
WASHINGTON – Lawmakers are giving themselves more time to sort through their end-of-session business on government spending and COVID-19 relief, preparing a one-week stopgap spending bill that would prevent a shutdown this weekend. House floor leader Steny Hoyer, D-Md., said on Twitter that the temporary government funding bill is slated for a vote on Wednesday, when it is sure to easily pass. Disagreements flared Monday over one key provision — a proposed liability shield from COVID-19-related lawsuits for businesses, schools and organizations that reopen. Republicans initially proposed a sweeping five-year liability shield, retroactive to December 2019, to protect companies and organizations from COVID-19-related lawsuits. Negotiators suggested a scaled-back liability shield, but a six-month proposal was panned by Republicans and there is no agreement yet from Democrats.
Trump, who never admits defeat, mulls how to keep up fight
WASHINGTON – President Donald Trump never admits defeat. But he faces a stark choice now that Democrat Joe Biden has won the White House: Concede graciously for the sake of the nation or don’t — and get evicted anyway. “He intends to fight,” Trump economic adviser Larry Kudlow said as it was becoming clear that the president was headed for defeat. “What I would tell President Trump is: Don’t give up. “For all those of you who voted for President Trump, I understand the disappointment tonight.
The Latest: Trump meets troops involved in al-Baghdadi raid
— Trump paints an apocalyptic portrait of life under a Biden presidency— Trump Cabinet members fan out to states, blending politics and policy. ___HERE’S WHAT ELSE IS GOING ON:8:45 p.m.President Donald Trump has met with rap star Lil Wayne at his resort in Doral, Florida. The Trump campaign and the company didn’t immediately respond to requests for comment from The Associated Press. The Minnesota Department of Health has linked 28 coronavirus cases to other recent Trump campaign events in the state. Mrs. Trump warmed up the large crowd outside Raymond James Stadium in Tampa for President Donald Trump.
White House virus aid offer is panned by Pelosi, Senate GOP
Scott Applewhite)WASHINGTON – A new White House coronavirus aid offer got bad reviews from both ends of the political spectrum on Saturday. House Speaker Nancy Pelosi, D-Calif., rejected the most generous Trump administration plan to date as “one step forward, two steps back." The White House had boosted its offer before Treasury Secretary Steven Mnuchin and Pelosi spoke on Friday afternoon. The White House says its most recent offer before that was about $1.6 trillion. It's clear from Saturday's Senate GOP conference call that the skepticism or outright opposition hasn't changed.
Cavalier White House approach to COVID catches up to Trump
Crowds of people gathered shoulder to shoulder on the White House South Lawn. Instead, he flouted his own government’s guidelines and helped create a false sense of invulnerability in the White House, an approach that has now failed him as it did a nation where more than 200,000 people have died. And their use, while technically required, wasn’t enforced in the White House either. Even in the hours after the president’s diagnosis, senior White House staff, including chief of staff Mark Meadows and economic adviser Larry Kudlow, walked around the White House complex without wearing masks. The White House, even now, says the face coverings are a matter of “personal choice” for most staffers.
House easily passes stopgap funding bill, averting shutdown
The final agreement gives the administration continued immediate authority to dole out Agriculture Department subsidies in the run-up to Election Day. This is cash flow to mom and pop businesses all over rural America," said Texas Rep. Michael Conaway, top Republican on the House Agriculture Committee. Trump announced a new $13 billion allotment of bailout funding at a political rally in Wisconsin last week. But the financial fix had been passed before, and other Democrats, including endangered House incumbents in states like Iowa and Minnesota, pressed for it. In the past, both Democrats and Republicans have sought to use government funding deadlines and must-past temporary funding bills as leverage to try to win concessions elsewhere on Washington's agenda.
What virus? At GOP's convention, pandemic is largely ignored
Only those the White House expected to be in "close proximity to the president and vice president had been tested for COVID-19. But few convention speakers made reference to the virus, while others have discussed it in the past tense. Health and economic impacts were tragic, said White House economic adviser Larry Kudlow on the conventions second night. The White House and campaign refused to say how many in attendance at the events had been tested for the virus. White House spokesman Judd Deere said only that those in close proximity to the president and vice president are screened.
States on hook for billions under Trump's unemployment plan
Equally up in the air is whether states, which are necessary partners in Trump's plan to bypass Congress, will sign on. Many Republicans have expressed concern that a $600 weekly benefit, on top of existing state benefits, gives people an incentive to stay unemployed. But under Trump's plan, the $400 a week requires a state to commit to providing $100. Asked at a news conference how many governors had signed on to participate, Trump answered: If they don't, they don't. I dont think there will be a huge delay.
Trump's pandemic relief orders are limited in scope
NEW YORK President Donald Trump's new executive orders to help Americans struggling under the economic recession are far less sweeping than any pandemic relief bill Congress would pass. A payroll tax deferral may not translate into more spending money for workers depending on how employers implement it. White House economic adviser Larry Kudlow estimated Sunday that the payroll tax deferral could save employees about $1,200 through the end of the year. Trump is proposing that Congress pass a permanent payroll tax cut, but the prospects of such a measure is uncertain. Democrats and some Republicans are against any change to the payroll tax because it could deplete the Social Security and Medicare Trust funds.
Trump's national security adviser recovers from COVID-19
WASHINGTON President Donald Trump's national security adviser, who tested positive for the coronavirus, returned to work Tuesday after recovering from a mild case of COVID-19, the White House said. Robert O'Brien has resumed his meetings with the president, said National Security Council spokesman John Ullyot. During his quarantine at home, Ambassador OBrien worked his normal duties. The administration said there was no risk of exposure to the president or Vice President Mike Pence. White House economic adviser Larry Kudlow said earlier that OBriens daughter also contracted the virus and that that is how officials think he was exposed.
White House, Senate GOP try again on $1 trillion virus aid
White House chief of staff Mark Meadows speaks to reporters at the Capitol, Thursday, July 23, 2020, in Washington. Republican senators and the White House are at odds over various items, including how to cutback the jobless benefit without fully doing away with it. Its our goal to make sure that its not antiquated computers that keep people from getting their benefits, Meadows said. The White House and Senate Republicans were racing to regroup after plans to introduce a $1 trillion virus rescue bill collapsed Thursday during GOP infighting over its size, scope and details. Apart from jobless benefits, Mnuchin said Saturday that new $1,200 direct payments would be based on the same formula from the earlier aid bill.
White House pushes narrow virus aid; Pelosi blasts GOP delay
Treasury Secretary Steven Mnuchin speaks with reporters about the coronavirus relief package negotiations, at the White House, Thursday, July 23, 2020, in Washington. (AP Photo/Evan Vucci)WASHINGTON House Speaker Nancy Pelosi on Sunday assailed Republican disarray over a new pandemic relief package as the White House suggested a narrower effort might be necessary, at least for now. Its our goal to make sure that its not antiquated computers that keep people from getting their benefits, Meadows said. House Democrats passed a $3 trillion relief package a couple of months ago, with the aim of jump-starting negotiations. Apart from jobless benefits, Mnuchin said Saturday that new $1,200 direct payments would be based on the same formula from the earlier aid bill.
Mexico's Lpez Obrador sees Lincoln Memorial, Juarez statue
2019 file photo, Mexico's President Andres Manuel Lopez Obrador speaks during an event to sign an update to the North American Free Trade Agreement, at the National Palace in Mexico City. (AP Photo/Marco Ugarte, File)WASHINGTON Mexicos Andrs Manuel Lpez Obrador began his trip to the United States his first foreign trip as president with visits Wednesday to the Lincoln Memorial and the statue of Benito Juarez, a former president and national hero in Mexico. But Lpez Obrador has had a surprisingly warm relationship with Trump. Trump economic adviser Larry Kudlow said Lpez Obrador and Trump will sign a joint declaration of friendship and cooperation. You know, were looking for growth following the pandemic.Its not a state visit, but Lpez Obrador will be treated to a special dinner at the White House attended by business leaders from both nations.
Trump signs extension of COVID-relief fund for businesses
President Donald Trump speaks during a news briefing at the White House, Thursday, July 2, 2020, in Washington, as White House chief economic adviser Larry Kudlow, left, and Treasury Secretary Steven Mnuchin, look on. (AP Photo/Evan Vucci)WASHINGTON President Donald Trump on Saturday signed into law a temporary extension of a subsidy program for small businesses battered by the coronavirus,The legislation extends the June 30 deadline for applying for the program to Aug. 8. About $130 billion of $660 billion approved for the program remains eligible for businesses to seek direct federal subsidies for payroll and other costs such as rent, though demand for the Paycheck Protection Program has pretty much dried up in recent weeks. The Democratic-controlled House voted on Wednesday to approve the extension of the program after the Republican-controlled Senate did the same. Trump had been expected to sign the measure.
Trump turns virus conversation into 'US vs. THEM' debate
They hate rallies and its all because they hate the idea of MAKING AMERICA GREAT AGAIN! Trump said in a recent fundraising email. But he said that Trump is clear-eyed that if the economy isnt roaring by October, his reelection hopes are dim. Trump is really concerned about the news cycle and the next news cycle and hes worried about his reelection. But I dont think his legacy or what the history books are going to say enters his cortex.With his rally, Trump is also flouting Centers for Disease Control and Prevention guidelines that, for now, discourage large indoor gatherings. Trump aides say the campaign will conduct temperature checks of rally-goers and supply hand sanitizer.
Tables turned, Ocasio-Cortez plays defense in primary fight
Ocasio-Cortez began airing a TV spot this week that underlines the importance of turnout in what's likely to be a low-turnout primary. Caruso-Cabrera has cast Ocasio-Cortez as a divisive elitist who ignores the district, which also covers parts of the Bronx. Caruso-Cabrera said that after Congress approved the coronavirus bill and the pandemic was ravaging New York, Ocasio-Cortez stayed in a luxury apartment in D.C. with a Whole Foods in the lobby." Caruso-Cabrera, 51, has vulnerabilities in the overwhelmingly Democratic district. The organization tangled with Ocasio-Cortez in a Texas primary in March, when she backed an unsuccessful liberal challenger to pro-business Democratic Rep. Henry Cuellar.