With skyrocketing coronavirus infection rates in every corner on the country and strict restrictions including complete shutdowns starting to pop up in select regions, the need for economic relief measures from the Federal government is more important than ever. Gulf Coast Bank and Trust President Guy Williams joined Newell on Monday morning to discuss where things stand as President Trump’s administration continues to stonewall President-Elect Biden’s efforts to begin the transition.
“It seems like not much has changed about this since last week in regard to a stimulus package or any other type of relief,” Newell began. “Unless you’re hearing anything differently?”
“There’s an interesting dynamic going on right now,” Williams said. “Most people playing poker would say, if you can take something sure now and maybe get more later, do it. That’s the position that Nancy Pelosi is in right now. McConnell has offered her $500 billion, and if by chance the two Georgia Senate races go the way she wants, then she can get pretty much whatever she wants next year. But if those races don’t go the way she wants, at least she’ll have that $500, and not risk getting nothing at all.”
“I say it all the time - the best and worst thing about this country is the two-party system,” Newell said. “We can reach compromise when we want to, but it’s really all about control, and the control here is the ruling ingredient as we contemplate what’s going to happen next. “But people out there are hurting and may not recover - we’re getting closer and closer to tipping points on so many different fronts. I’ve always thought a bird in the hand is better than two in the bush. Could McConnell move $200 billion? I think so. But he’s not going to go to $2 trillion!”
“No he’s not - absent the latest showdowns, the US economy is actually doing reasonably well,” Williams continued. “Unemployment is dropping, there’s a lot of optimism about the vaccines coming up. I really think it would probably be better for the Democrats to not have Nancy Pelosi as Speaker, and present someone from the younger generation. In a perfect world, I would pick a younger, more dynamic speaker. Im with you, I would take the $500 billion and hope to get more next year. Biden and McConnell are friends, like Tip O’Neill and Ronald Reagan, and behind the scenes they can work on a compromise… there’s a deal to be had next year, but I would take this one on the table right now.”
Hear the entire interview in the audio player below.
