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Monday, November 30, 2020

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Since the Presidential election, the negotiations for Stimulus Check2 have resumed- but the legislators are still unable to come up with an agreement. Needless to say, this has left several Americans feeling quite bitter, and with no hope left of ever receiving another stimulus check to help them tide over after the pandemic. 

What Are the Hold-Ups in the Congress Regarding Stimulus Check 2?

The House Speaker Nancy Pelosi did mention that the Congress was continuing to push for her $2.2 trillion revised HEROES Act after the election. What is surprising is that the White House has apparently stepped back from these negotiations on Stimulus Check 2. Before the election, Steven Mnuchin, the Treasury Secretary had discussed the terms of the new stimulus check with Pelosi- but they couldn’t come to a middle ground. Now, it is the Senate Majority Leader Mitch McConnell who has to restart these talks with Pelosi yet again. 

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On the other hand, Donald Trump, who had promised to bring about a huge Stimulus Check 2 immediately after the election has now tweeted that the Congress needs to bring out a Covid relief bill immediately. Although he has been challenging the results of the election as we speak, he did ask for the support of the Democrats in getting things done. Before the election got underway, both Pelosi and the White House had already arrived at a consensus that the next package for stimulus would definitely include a stimulus check 2 for the American citizens. 

Stimulus Check 2
Stimulus Check 2

What Do the Republicans Think About the Stimulus Check 2?

The Senate Majority Leader McConnell has already acknowledged that there has to be another aid package. This then comes as a surprise when he still continues to reject the stimulus proposal of $2.2 trillion by the Democrats. His proposal has been a much smaller package of around $500 billion which the Democrats had rejected. Also, the bid from McConnell did not include the direct payment of $1200. Speaking about the Democrats in the Senate, and Nancy Pelosi, he mentioned that the Democrats are looking at a massive figure- which probably wouldn’t be achievable right now. 

Irrespective of the continuous tussles between them, McConnell has been quite insistent on the next Stimulus Check 2 resembling his $500 billion stimulus proposal. He believes this is necessary for the bill would have to be extremely targeted towards the residual problems. 

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The President Elect Joe Biden has currently been discussing the stimulus relief aid with Schumer and Pelosi the entirety of the week. The three have agreed upon the need for a stimulus package to come into existence before he officially takes his oath for swearing-in. 

According to the predictions made by Stimulus analysts, anything that would closely resemble the $1trillion proposal by Pelosi in the first quarter would be quite a reasonable expectation. The Analysts of Goldman Sachs have been a bit more optimistic, for they believe that a Stimulus Check 2 of $1 trillion might be heading straight for them even when the elections are being challenged.

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