What’s going on, guys? And welcome back to another topic. So we got a lot of stuff to get to today. First, we got to discuss how our congressional leaders are admitting that they’ve been so preoccupied with other things instead of testing on getting the government funding bill passed. We also finished dive into what Senator Joe mention is really being pushed for because according to the White House, there is some support to try to sanction Russia’s oil.
Now, let’s get into the topic. What we know is congressional leaders are now telling us that they’ve been extremely focused on the State of the Union address. It was a big one, which I don’t know why they’re so focused on that there wasn’t really anything new. They have also been extremely focused on conflicts in Ukraine, because what’s happening in Ukraine is impacting us here on U. S.
Oil. Therefore, they have been not focused at all at negotiating the government funding bill. This is a real issue. They are now saying that it’s going to be extremely tight in order to get this bill passed before March 11. That’s a deadline in eight days.
Here’s what we could see. We’re not going to see corner reports and a funding bill for the rest 2022. We could see another short-term extension, maybe 30 days, probably not. The expectation is we’re going to see a ten day, very short-term continuing resolution to hopefully push it back a little bit further so that we can actually pass a bill. Now, I think this is where the American people get so frustrated by all this lawmakers know about this deadline for quite some time, but it just kept expanding it for the past year.
It’s approaching. Everything else seems to take priority, except for what’s important here in the US and to the American people just looking at the reset poll, about 60% of Americans are better with being pushed to the back burner. For the talks of this afternoon, we run a $32.5 million that would like to get pushed into whatever they’ll get past. Thus, $10 billion is going to go to Ukraine, help them for humanitarian efforts in aid and food and stuff like that. The other 22.5 billion would actually go towards corporate funding.
That is precautionary measure. In case we see another variant or surge of cases in the summer or next year or two years down the line, then money will be there. Now, with the summer issues near out of the Senate today, the Senate earlier this week passed the bill called the Strengthening American Cybersecurity Act. Now, this bill should require its companies in critical sectors to alert the government, and they simply alert the government officials or a potential House ransomware or things like that. But what we heard today is that senior officials at the Department of justice are saying that this deal has serious fault, and they are criticizing the lack of reporting that would go to the FBI they believe that the FBI should be more involved, which according to this bill, they wouldn’t be.
So what we do know is that this bill obviously had bipartisan support in the past, but it had false. And I just wanted to bring this up because this is what a lot of people have been asking for, is strengthening our cyber security. And a lot of people are worried about Russian hackers. Are they going to hack into our bank accounts and freeze our assets like the United States is doing to some events? Now I see it could happen.
This is exactly why in the week before that, I actually give you multiple warnings to put a little bit of money out. If you worry about what if something were to happen, at least you had a little bit of money sitting there. Now, today, the White House press Secretary, Jen Sparky, stated that the White House wants to impose maximum pain on Vladimir Putin, but they want to do it by providing minimal pain to the American people. And she says this because more and more lawmakers have questioned why President Putin is waiting so long to sanction Russian oil. According to reports, this sanction would be the final straw right before a wall.
So if we sanctioned Russian oil, many it’s that this is going to get done here’s the only problem this is going to increase gas prices here in the US and in Europe as well. We got inflation and rising gas prices, two things hurting the American people. So reports indicate that the administration is looking for different ways to limit the hurt and rising oil prices. And once a solution is found, the Cassandra Russian oil. Today, the Federal Reserve chairman, Jerome PowellWell stated that they appear to be behind an inflation.
What we know is that the Federal Reserve is going to raise rates by 25 basis points. So chances are we’re going to see seven to nine rate increases over the next year. So, understand, with the tackle inflation, with the green inflation down, it will at least limit how fast it’s been going up. It’s going to bring it all the way back down to 2%. But that’s a very long-term approach.
So that’s not going to completely shut the markets and inflation all the way back down. So the expectation is we could be in a recession very soon. Now, I want to let you know about a new bill that the Senate Republicans passed today. This bill by the Senate Republicans would actually terminate the national emergency declaration for COVID. It passed in Senate 48 to 47.
Now, President Biden has already threatened to veto this bill if it does come to his desk, but this is very unlikely because we have to pass the Democratic left House. And the assumption is it wouldn’t. But the White House stated that there was a reckless and costly mistake to try and end the emergency declaration. Now, ending the emergency declaration would actually end. Some stimulus as well.
I believe snap benefits would take a hit. You wouldn’t get the supplemental benefits. That is like the $90 to $100 per month many families are getting. Health coverage would most likely end for millions of Americans and much more. There’s a lot of stuff in there that is still going on because we have this emergency declaration in place and this is why so many people are pushing Senator Joe Manchin to get the high another similar still, let’s get into the news on Russia and Ukraine for a second.
One official stated that Putin is determined to carry on with the ongoing war until the end. We do know that Ukraine has received more than $54 million in Bitcoin and this estimated as more and more donations keep on rolling in. According to JP Morgan, they’re estimating that Russia’s economy will shrink by 35% simply due to the sanctions imposed on the country and their upper class. So essentially what’s happening there will be a long-term effect. It’s going to hurt the economy for quite some time now.
Some good news Ukrainians who are here in the United States will actually be given temporary legal status. I know it got a lot of people that asked about this that does every single Ukrainian gets to come to the United States. The answer is no. If you’re a Ukrainian here in the United States and you’ve been here since this March 1, then you will have temporary legal status. But if you start coming or trying to get into the US now, you would have no legal status.
So that’s what we know at this time. But as always, as I know more, I’ll come back and share all the latest news and updates. Thank you guys for reading. Have a wonderful day.