In a rare moment of non-partisan politics, releasing a second round of stimulus checks was the one thing both Democrats and Republicans agreed upon. While the beginning of the month seemed hopeful, there is once again a bi-partisan fly in the ointment.
Although both parties are in support of a second stimulus bill, Democrats and Republicans remain divided on the relief programs included within its next iteration as well as the actual fiscal amount the payments should be. At September’s start, Senate Republicans introduced a financial relief bill that authorized small business loans and put money toward schools as well as COVID-19 testing, treatment and vaccines. It ended up being a no-go for the blue corners of the room.
The dealbreaker for Democrats was that the bill reduced the federal unemployment insurance rate from the original $600 to $300. Along with this, the GOP bill failed to include another $1,200 in direct payments to individuals; money for rental and mortgage assistance; and food aid. The legislation was voted down unanimously by Democrats as well as one Republican—Rand Paul.
- More: Does the IRS owe you money? Millions have yet to receive payments, but time may be running out
“It is beyond insufficient. It is completely inadequate,” said Senate Minority Leader, Chuck Schumer (D-NY), regarding the bill. Although the Congressional testimony that took place on Tuesday seemed to be a step in a positive direction, more concrete information has yet to be revealed.
Time to reach a compromise for the next stimulus package is running out—the House and Senate are only days away from a break leading up to the election. Many had hoped for another stimulus bill to be quickly approved, as payment could be printed and sent out to individuals within a week of the bill’s passing. As such, the decision—as well as a solid timeline and monetary amount for the stimulus checks—remains up in the air.
However, many are hopeful that this stalemate will soon abate, including none other than President Trump himself. The POTUS initially encouraged fellow Republicans to vote for a stimulus bill that leans on the larger side. In a moment that indicates that place down below has possibly frozen over, House Speaker Nancy Pelosi appears to be on the same page.
Forbes reported that Pelosi and other Democrats are now cooking up a coronavirus relief bill hitting over $2.2 trillion. This makes it a little over a trillion dollars shy of the HEROES Act passed back in May, which clocked in at $3.4 trillion. However, perhaps the reduction in price is an effort by Democrats to find some sort of middle ground with Republicans. Only time will tell—Democrats are looking to bring this latest draft up for a vote before Oct. 2.
“We look forward to hearing from the President’s negotiators,” stated Pelosi. “[And] that they will finally meet us halfway with a bill that is equal to the massive health and economic crisis gripping our nation.”
As the general population waits for this stalwart to end, you can still find out how much you may be owed should the second stimulus checks come to fruition. CNET provides a calculator that takes into account factors that could affect the overall amount, and notes that how one receives the check—be it direct or otherwise—could also affect your check.
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