Saturday, July 20, 2024

Stimulus Update: $ 600 Checks Gain Support

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Tuesday the White House unveiled $ 916 billion stimulus package that would send most Americans a stimulus check of $ 600.

This proposal was quickly rejected by Democratic leaders, since it did not include money for improved unemployment insurance for the more than 19 million Americans who still receive unemployment benefits.

“He’s going to step in and give a stimulus check – but then he’s going to cut unemployment. It would be a disaster for the workers, ”said Democratic Senator Ron Wyden told Yahoo Finance.

Still, the White House’s addition of $ 600 stimulus checks marks a turning point in the debate, as it reignites the idea that checks could possibly be included in the next aid package. Previously, this prospect had diminished considerably: last week, a a bipartisan group of senators presented a $ 908 billion package– which did not include stimulus checks – a plan that House Speaker Nancy Pelosi said could be a framework for a final deal. It was the first time that Democratic leaders have publicly suggested that they would be open to adopting a package that did not include direct payments.

Democratic leaders reaffirmed this week that they would still prefer the next package to include direct payment. But whether or not it ends up in the final package, Pelosi said this week will be “To the president.” Last week, President-elect Biden told reporters that stimulus checks “may still be in play”.

And while some grassroots lawmakers on both sides are pushing for the checks to be added in the next package, there is no guarantee that it will make the final bill. Keep in mind that Senate Majority Leader Mitch McConnell has yet to support a proposal that called for a second round of checks.

But if Congress ultimately included stimulus controls in the economic aid package they pass, help could come quickly if the latest go-around is any indication. After the $ 2.2 trillion CARES law was passed on March 27, Americans began receiving their stimulus checks as early as the week of April 13.

Long waits shouldn’t happen this time around. In the spring, millions of Americans, including those on Social Security, saw their checks deferred until they provide additional information. Since this payment would be based on the same tax year, it is unlikely that more information will need to be verified, at least among those who received their first round of payments.

And Trump’s White House might even ask the Secretary of the Treasury to speed up the distribution of checks since the system is already in place. This is exactly what the Trump White House discussed before losing the election.

More to read absolutely financial cover of Fortune:


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