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Pelosi, Kudlow Signal Market-Moving US Stimulus May Wait Till After Election: Report

With a strong correlation between stocks and the bitcoin price in recent months, analysts say a stimulus package could boost BTC as well.

Oct 21, 2020 at 9:04 p.m. UTC
Updated Sep 14, 2021 at 1:48 p.m. UTC

U.S. administration officials and House Speaker Nancy Pelosi broached the possibility of passing the pandemic relief package after the Nov. 3 election, indicating a deal might not be reached before then, the Wall Street Journal reported.

  • With a strong correlation between stocks and the price of bitcoin (BTC) in recent months, analysts say a stimulus package could boost BTC as well. The godfather cryptocurrency surged to 2020 highs on Wednesday on confirmation of fintech giant PayPal adding the coin to its services.
  • White House economic adviser Larry Kudlow said on CNBC negotiators were running out of time to get a deal passed before the presidential election. The talks went on past a Tuesday evening deadline set by Pelosi.
  • The White House has proposed a $1.8 trillion stimulus package while the Democrat-majority House of Representatives are holding out for $2.2 trillion.
  • Should President Donald Trump lose the presidential election, the WSJ article noted, the chances for a quick passage post-election would be slim as the Democrats would likely want to wait until Joe Biden takes office to get a bigger package approved.

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