The Day at a Glance | October 21 2020

The Top

· Pelosi optimistic that a fiscal agreement could be reached this week; the Republican Senators reiterate their opposition to the package negotiated between Democrats and the White House.

· Reaching a Brexit deal is still possible: Michel Barnier, European chief negotiator.

· Mexican representatives approve Fiscal Miscellaneous, which proposes a flat rate for income tax (ISR) to digital platforms.

· Economic indicators: Unemployment in Mexico slightly decreases to 5.1% in September.

Economic environment

Nancy Pelosi and Steven Mnuchin will have conversations today in order to finalize a fiscal agreement. Pelosi recognized that the deadline helped reach important decisions and start the start the process to type the fiscal proposal, which is why she decided to keep negotiations going throughout the week. The Democratic leader said that the proposal must be typed up by this weekend if voting is to occur next week; something essential if the package`s approval will be approved before November 3rd. According to Mark Meadows, White House Chief of Staff, the differences are reduced to only the language used for the final proposal and a reduced amount of resources that must be defined. However, there is a radically opposite stance in the Senate. Republican Leader in the Senate, Mitch McConnell has urged the White House to avoid reaching an agreement before the election; meanwhile, Senator Mitt Romney joined those who oppose approving a package over $1 trillion dollars. Additionally, McConnell assured that legislators will concentrate on approving the nomination of Judge Amy Coney Barret for Supreme Court Justice before discussing a fiscal agreement; which makes the time to approve a fiscal package before the election very limited.

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