The Democrats unveiled their new stimulus proposal Monday evening as they and Republicans try to reach an agreement that would put a new economic package on the table and cash in Americans' bank accounts before the end of the year.
The sides have been in agreement for months that a second round of stimulus payments was needed to keep the economy going and to help individuals struggling through the coronavirus pandemic. And while it looked like a package was a sure thing for months, talks began to stall in August and doubt was cast over whether payments would go out this year.
Now, we appear to be inching back toward an agreement that could make things happen, perhaps, even before the Nov. 3 election.
In the Democrats' latest scaled-down stimulus proposal, a second-round of stimulus checks is included as well as an extension of the $600 per week unemployment benefits through 2021. Yahoo.com reports it’s a $2.2 trillion deal.
Previously, Republicans have wanted to keep the package at around $1.5 trillion while Democrats have pushed for, nearly, a trillion more in aid.
One of the big changes in the latest proposal from Democrats appears to be slicing the amount offered for a dependent from $1,200 to $500. But, like March’s first round of stimulus payments, single adults who make $75,000 0r less annually could receive up to $1,200 in stimulus payments. Individuals who earn between $75,001 and $99,000 would receive reduced checks, Yahoo reported.
Meanwhile, married couples who earn up to $150,000 would be paid $2,400 and couples earning between $150,0001 and $198,000 would receive reduced checks. The $500 for dependents would apply to all dependents, not just children under 17, the website reported.
While it’s a promising looking package, it’s likely to face opposition because, again, the Republicans favor a lower amount of stimulus. Their latest proposal, which was rejected in the Senate, called for around $300 billion in stimulus payments.
But, while there is an obvious gap between the sides still, they are talking, and Treasury Secretary Steven Mnuchin told CNBC Wednesday that he is “hopeful” a new deal will be made.
Mnuchin said, according to CNBC, “the sides have found common ground in several areas including the Paycheck Protection Program, direct payments to individuals and school funding,” and said he plans to make a counter-proposal to the plan sometime Wednesday.
So, while they still appear to be apart on the amount of dollars needed, they are talking and they are finding some common ground this week rekindling the possibility of getting Americans money they need this year.
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