White House counter offer to Democrat stimulus bill $1.5-$1.6 trillion

Fox News has reported that the House Democrats have offered a $2.2T bill but the White House is floating a package worth just $1.5-1.6 trillion.

The new package, which is being referred to as the updated HEROES Act, proposes to restore popular assistance programs such as the $600 weekly federal unemployment benefits boost and another round of stimulus payments. 

However, it’s uncertain whether the Senate would consider taking up the revised bill if it clears the House this week.

Market implications

Stocks have been on the bid at the start of the week, but are fading into the forthcoming first of three rounds in the US election debate that gets underway on Tuesday night at 9 ET.

Stocks do not like uncertainty and there is plenty of it around.

The S&P 500 is down some 0.22% at the time of writing in the final hour of the session on Wall Street.