The HEROES Act that the House passed in May calls for $3 trillion in spending across a variety of areas, from unemployment benefits to student loan relief, rent and mortgage assistance and testing and tracing programs related to the coronavirus pandemic.- Advertisement – – Advertisement – As the question remains over who will capture the hotly contested presidential race, one casualty quickly emerging from fallout is the massive stimulus package Democrats were hoping to get to boost the economy.A blue-wave victory in Tuesday’s elections was expected to cement funding as high as $3 trillion.Instead, the likelihood that the Senate will stay in Republican hands, combined with a presidential race that at least is tilting to Democrat Joe Biden, likely translates into something smaller – or no deal at all.- Advertisement – The U.S. Capitol is seen in the morning on November 4, 2020 in Washington, DC. The nation awaits the results of a historic presidential election between President Donald Trump and his Democratic challenger, former Vice President Joe Biden with swing states still too close to call.Al Drago | Getty Images Republicans, though, seek a smaller, more tailored approach aimed mostly at enhanced help for displaced workers and limited aid elsewhere, to the tune of less than $1 trillion.With the mixed bag of results off the election, Wall Street consensus quickly formed around a package that would be closer to what the GOP is proposing, with uncertainty over when it could get passed.“We’re still likely to see a fiscal support package, but I would suspect the total size to be no more than $1 trillion,” said Steve Friedman, senior macroeconomist at MackKay Shields. “We’re much lower now in this divided government scenario.”What it means for the economyThe stakes around the size of the stimulus are considerable with the economy on uncertain footing heading into the winter.While GDP rose at a 33.1% annualized pace in the third quarter, employment gains are slowing and overall growth is expected to pull back. The economy is still in a technical recession that began in February, and whether negative growth returns could be contingent on how much more fiscal juice is needed and when it arrives.“If you just didn’t do anything, it would clearly be a tremendous toll on many, many households, but it wouldn’t necessarily cause a double-dip recession,” Friedman said. “It would just slow the pace of the recovery in an aggregate sense.”The political rancor comes at a time of heightened concern over the coronavirus spread.Daily case growth has been around the highest of the pandemic, and hospitalization rates are climbing as well. European nations are again shuttering businesses to battle Covid-19, and if that should come to the U.S., it would complicate the recovery.“It’s a little bit unsettling because of course we’re all watching what’s going on with Covid-19 and in Europe seeing the containment measures coming in,” said James Knightley, chief international economist at ING Investment Management. “We could be entering a period where we could be talking about negative growth once again in the U.S. That political backdrop doesn’t make it easy to see a swift fiscal response to this.”Lacking action from the fiscal side, financial markets again could turn their eyes to the Federal Reserve for more monetary help.Though the central bank’s arsenal is somewhat limited, it still has some weapons to deploy. The Fed could increase its monthly asset purchases and extend the duration of the bonds it is acquiring as part of more aggressive quantitative easing. It also could use stronger guidance about what it will take to raise rates, and use its purchases to control the yield curve.What the Fed could doThe Fed concludes its two-day meeting Thursday. Markets don’t expect much in terms of action, but Chairman Jerome Powell could indicate what measures if any officials are considering to aid in the recovery.“The Fed could consider easing terms to facilitate the flow of credit. The Fed could also ramp up the QE program, buying Treasuries and [mortgage-backed securities] at a faster rate, as well as corporate credit as needed, particularly if it sees concerns over market liquidity,” Michelle Meyer, U.S. economist at Bank of America Global Research, said in a recent note. “The Fed has tools and will use them, in our view.”Meyer said a Biden victory combined with a split Congress likely would see stimulus of $500 billion to $1 trillion “passed after inauguration but with some delay. There is also some chance of continued gridlock in this scenario.”Markets didn’t seem to mind any of it Wednesday, rallying strongly despite the uncertainty hanging over the election.Prospects of the kind of gridlock that Wall Street seems to prefer combined with continued likelihood of some form of stimulus helped fuel the strong move higher.“What the market tends not to like the most is when you have one-party controlling the presidency, the House and the Senate. That blue wave that was talked about earlier clearly is not going to happen,” said Randy Frederick, vice president of trading and derivatives at Charles Schwab. “Markets have the tendency to move more on what they expect than what actually happens. Some of what has kept the market buoyant is the continued commentary from Nancy Pelosi and Steve Mnuchin that they’re still taking and still negotiating.” – Advertisement – “That’s the most dangerous arrangement of variables from an economic perspective, precisely because it makes the stimulus less likely,” said Eric Winograd, senior economist at Alliance Bernstein. “The economy still needs stimulus. The way things are going now is that it’s unlikely it will get stimulus and certainly it won’t get large stimulus.”House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin have been representing their respective sides in negotiations that occasionally show promise but mostly reflect just how far apart the two sides are when it comes to the extent of help needed.
The 25-year-old made his first appearance of the new season on Saturday when introduced as a substitute against Aston Villa at the start of four minutes’ stoppage time and almost snatched victory with a close-range header which was somehow clawed away by visiting goalkeeper Brad Guzan. Carroll, signed by the Hammers in a club-record £15million deal from Liverpool in June 2013, is targeting his regular place back in the starting XI after recovering from pre-season ankle surgery. West Ham boss Sam Allardyce has deployed summer signings Diafra Sakho and Enner Valencia to great effect in the first part of the season, with the form of supporting midfield playmaker Stewart Downing earning him an England recall. At 6ft 3in, some would suggest the only role Carroll can play is as the physical target man in a more direct style, but the former Newcastle man disagrees. “I have got enough quality on the floor as well as in the air,” he said. “People have got that image of me, just on the end of long balls. They have got the image of Sam and long balls. It just does not work like that. “The gaffer knows he can play both ways and he has shown that this season. “I think I am capable of doing that as well. I think it is a tag that we have both got that is not justified.” Carroll, though, accepts there should be no guarantees of selection. “We have got a fantastic squad with great technique. The work rate is great and I am delighted to be involved in this squad and to be fighting for my position,” he said. “It is a great feeling to be a part of something like this. The team moving forward, the club moving forward. It is a fantastic time to be a West Ham player.” Allardyce believes Carroll has to put his well-documented off-field problems firmly behind him, having recently become engaged to former The Only Way Is Essex star Billi Mucklow. “With (the time off because of) injuries and me settling down, I think it shows,” the striker said. “I have matured a lot off the pitch and in training, on the pitch, it shows.” Carroll had been an integral part of the international set-up before his injury setbacks, and there remains hope he could end next season at the European Championship finals. “England is always on my mind, but it is not the first thing that I think of. (The first thing) is me being back and fit and being back for West Ham,” he said. “If things like England then knock on the door, fantastic, but I have got to do well for West Ham first.” Allardyce is glad to have Carroll as another potent attacking option once again, but will not rush things. The Hammers boss said: “The squad we have today is working fantastically well, so it is slowly but surely with Andy. “That is not to say he won’t play (from the start) in three or four games, but it might be five or six. We will gauge it each week.” Press Association Andy Carroll insists he is far more than a mere target man and is confident he can slot right into West Ham’s new-look forward line.
By Joe ChapmanBOTOFAGO got their act off to a winning note with a 4-1 brushing aside of Hi Stars, while Net Rockers ended the quest of Amelia’s Ward Panthers for a berth into the next stage with a 2-2 result, as this year’s Upper Demerara Football Association’s (UDFA) 5th GT Beer Christmas football championship continued on Sunday night at the Mackenzie Sports Club ground.The night began with Botofago facing Hi Stars who were handed a loss for their abandoned game when they were trailing with six minutes left in their game against Eagles United when a scrimmage had broken out.That loss and now Botofago’s hammering out a 4-1 victory behind goals from Jashwan Moore, who netted early in the 11th minute and Jamal Haynes’ 31-minute strike sending them into a 2-0 half-time lead, were early warnings of how the game would end.But two minutes after play resumed, Hi Stars found the back of the net in the 47th minute through Jason Monah. The lead was increased, however, when Botofago’s Jamal Haynes connected again in the 60th minute making it 3-1.Then Haynes club mate Amar Jones pushed Botofago to a 4-1 lead in the 80th minute, as they shut down the hopes of Hi Stars. and now await their other group match against Eagles United to decide which club will advance to the semifinals from that group.In the other game Ward Panthers, after losing out in their first game to Blueberry Hill, were hoping for a positive result to make it to the next round, but they were unable to get the necessary win.In fact, Denzil Pryce first sent Net Rockers into the lead in the 31st minute but the Panthers were able to square things through a 37th minute goal by Matthew Whyte before the first half ended 1-1.But Clarence Huggins again gave the Rockers the edge when he scored in the 52nd minute. It seemed that the Panthers were down and out but Omalli Webb was able to convert from close range after a relentless offensive play bore fruit in the 83rd minute and raised hopes of the Panthers.However, a non-call for handle ball that went against Panthers as they were on the look-out for that winning goal in the dying moments of the game did not help the Panthers’ cause and they had to settle for a draw which eradicated any hope of reaching the next round.On Friday, other matches are set for the tournament venue – the MSC ground – where Kwakwani Strikers meet Silver Shattas, the defending champions, and the other match pits Botofago against Eagles United in key encounters.