President Donald Trump's end run around Congress on coronavirus relief is raising questions about whether it would give Americans the economic lifeline he claims and appears certain to face legal challenges. Democrats called it a pre-election ploy that would burden cash-strapped states. "When you look at those executive orders ... the kindest thing I could say is he doesn't know what he's talking about or something's wrong there," House Speaker Nancy Pelosi said.
Whether President Donald Trump has the constitutional authority to extend federal unemployment benefits by executive order remains unclear. Equally up in the air is whether states, which are necessary partners in Trump's plan to bypass Congress, will sign on. Trump announced an executive order Saturday that extends additional unemployment payments of $400 a week to help cushion the economic fallout of the pandemic.
President Donald Trump isn't telling the full story when it comes to executive orders on coronavirus relief payments and health care. Over the weekend, the president suggested that his move to bypass Congress with executive action calling for up to $400 in weekly unemployment assistance would mean immediate cash in hand for laid-off Americans during the pandemic.
Spot gold was down 0.3% to $2,028.90 per ounce by 0336 GMT. U.S. gold futures rose 0.6% to $2,039.20. Gold hit a record high of $2,072.50 on Friday before retreating nearly 2% as the dollar bounced on data showing U.S. nonfarm payrolls increased 1.763 million in July.
White House economic adviser Larry Kudlow doesn't have the best track record when it comes to predictions. And CNN anchor Poppy Harlow was more than ready with the receipts when he came on her show to talk about the coronavirus fallout Friday morning. Harlow began her interview by asking Kudlow if he and President Donald Trump are "worried" about the slowdown in the recovery. "I don't know that there's a slowdown. These job numbers will go up and down," Kudlow replied. When Harlow noted that only 1.8 million jobs were added in July compared to 4.8 million in June, he said, "That is true, and it's going to be uneven as it always is." Kudlow continued to push the administration's argument...