I give up!
— Donald J. Trump (@realDonaldTrump) December 23, 2020
Trump indicated yesterday that he will block the stimulus bill based mainly on the "fact" that it included other things besides Covid relief (it's also a $1.4Tn budget bill to keep the Government running) and the President says he wants to raise the direct payments from $600 to $2,000 per person, which would add another $400Bn to the bill, completely breaking the budget.
It took two months of fighting to get this bill on the desk and suddenly Trump sounds like a Democrat, demanding a much bigger spending bill than the compromise that was finally passed on Monday with a 92-6 vote in the Senate and a 359-53 vote in the house. If he vetoes it, lawmakers would need to either pass new legislation meeting his demand for larger stimulus checks or vote to override his veto—which requires a two-thirds threshold for passage in each chamber.
The stock market doesn't seem to care (about anything) as it's flat this morning. I think there's a nice percentage play in shorting the S&P (/ES) Futures below the 3,685 line with tight stops above and we could try again, of course, if we get to 3,700. While Congress clearly has the votes to override the President – do Republicans have the will to do so?
IN PROGRESS
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