Even though we are closing in on the November presidential elections, the Democrats and Republicans are yet to agree on a new stimulus checks deal. How much time do they have? If they agree on a new stimulus package since, when will you receive your stimulus checks? Here’s everything you need to know about it.
Nancy Pelosi Says The House Will Be In Session Until A Deal Is Finalized
Speaker Pelosi told her Democratic counterparts during a conference that they will extend their session until a new stimulus package deal is finalized. On Wednesday, Federal Reserve chairman, Jerome Powell reminded the authorities that over 11 million Americans have lost their jobs due to the COVID-19 pandemic.
3rd November Is The Deadline For A New Stimulus Checks Deal Currently
While the Senate will go on election break from the 9th of November, they can technically still pass a bill after the break.
The Senate will resume its affairs on 9th October. If a new stimulus package deal is reached by then, Mitch McConnell, the Republican majority leader, can compel an early vote or extend the Senate’s term stay.
If a second stimulus package deal is reached by mid-October, the government can begin sending out stimulus checks before the 3rd of November, as per Steve Mnuchin m, the Treasury Secretary.
The stimulus package negotiations broke down last August. After this, it hasn’t really picked up. Although the White House, Republicans, and the Democrats are in agreement that the second wave of stimulus checks is necessary to invigorate the US economy, they cannot seem to agree on the price tag of the stimulus package. Democrats initially proposed a $3 trillion stimulus package, which they have agreed to scale down to $2.2 trillion. Reports suggest that the Trump administration is willing to go for a $1.5 trillion stimulus package. However, the stimulus package proposes by the Republican Party had a price tag of $650 billion and $300 billion.
Congress Could Approve A Series Of Small Bills
Many in the Capitol Hill believe that a series of smaller bills could possibly be a solution to the current stimulus checks problem. Increasingly, Democrats are also supporting this idea. However, reports suggest that House Speaker Nancy Pelosi is determined to secure a comprehensive and bigger stimulus package.
Can Trump Sign An Executive Order For The Second Round Of Stimulus Checks?
After negotiations broke down in early August, President Trump signed an executive order and 3 memorandums. Technically, the President can still sign a series of executive orders.
On 4th September, Trump told media sources that his administration is looking into releasing $300 billion as stimulus checks to aid Americans during this trying time. However, no further update has been revealed on this announcement.
It has also been speculated that lawmakers are going to wait out till after the elections. Any shift in the numbers could mean a clear win for one party or the other in this battle of stimulus checks.