Stimulus update: Congress enters critical week to make a deal

For the latest information on the ongoing stimulus negotiations, please check out our coverage here.

Congress is now truly down to the wire with only one week left to put pen to paper on a relief package.

On Friday, Congress passed a one-week spending bill to avert a government shutdown and to give leaders another week to hash out a stimulus package before crucial programs expire at year’s end. Both sides have said they’d prefer to come to an agreement this week for both an omnibus spending bill and another COVID-19 relief deal.

The stakes are high. Without action from Congress, a slew of pandemic benefits will expire this month—including some unemployment benefits and eviction moratoriums. That’s something the already-weakened economic recovery may struggle to absorb.

Of the more than 19 million Americans currently receiving jobless benefits, around 13 million would lose their benefits the week of Dec. 26 … Read More

Reddit to buy TikTok rival Dubsmash By Reuters

© Reuters. FILE PHOTO: Reddit mascots are displayed at the company’s headquarters in San Francisco

(Reuters) -Social network firm Reddit said on Sunday it would buy short-video platform Dubsmash, becoming the latest company to expand in a space dominated by Chinese-owned TikTok.

The financial terms of the deal were not disclosed, but a spokeswoman for Reddit said the acquisition was based on a combination of cash and stock.

The success of ByteDance’s TikTok has prompted many social media companies to add short-video services to their platforms, with Snapchat Inc rolling out “Spotlight” in November and Facebook Inc (NASDAQ:) launching “Instagram Reels” earlier this year.

Both Facebook and Snap (NYSE:) had approached Dubsmash about a deal earlier this year and talks had progressed far enough to include discussions of a price tag in “the hundreds of millions of dollars,” the Information reported in August.

Reddit said in a blog post

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