The COVID-19 pandemic has left many people and businesses with economic stress ever since the first, and currently only, round of stimulus checks. Democrats and Republicans took a step in the right direction this past week by resuming negotiations to pass a new economic relief package.
What We Know:
- Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi each indicated that a deal might finally come to fruition with the White House on another relief package. This new package has the potential to be another much needed second round of stimulus checks and other benefits to millions of qualifying Americans.
- “I am hoping for a deal,” Pelosi said Sunday on CNN. “I’d rather have a deal to put money in people’s pockets than to have a rhetorical argument.” Pelosi and Mnuchin reportedly spoke on the phone on Friday to continue the conversation.
- House Democrats are currently making preparations for a new proposal which will amount to $2.4 trillion in aid. This new number is about $1 trillion less than the Heroes Act that was proposed back in May. The new bill would see the return of unemployment benefits, stimulus checks to eligible Americans, Paycheck Protection Program for small-business loan funding, and aid to airlines. This could be ready for a vote as soon as October 2nd.
- The deadline comes as time is running out to pass this bill before the general election on November 3rd. The last day a new bill could pass is still unclear, since the schedules to break after this current session can be extended by the leaders of the Senate and House of Representatives, according to CNET.
- It’s worthy to note that Richard Neal, The Ways and Means Committee Chairman, stated a draft bill of least $2.2 trillion was in the works by Democrats on Thursday. Pelosi later said on Sunday that there is “definitely a possibility” that a bill regarding COVID-19 relief was in the mix heading toward this week.
- Despite the motion, a Democratic-led House legislation is weary to advance on a Republican-controlled Senate, of whom a majority support the Trump administration. Pelosi has made it clear that she desires a relief deal be made and sent out than be stuck having a “rhetorical argument” with the White House.
As a result of that mindset, the original proposal of a $3.4 trillion relief package by Pelosi and Senate Democratic leader Chuck Schumer was consequently revised. This was due to an effort to not delay proceeding with the package and find quicker common ground with the Trump administration.
