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Friday, December 4, 2020

Mnuchin And Pelosi Plan To Release Pre-Election Stimulus Package As Democrats Introduce A $2.2 Trillion Bill

After months of non-agreement, Democratic speaker Pelosi and Steve Mnuchin, the treasury secretary, have finally decided to resume coronavirus relief bill talks. As we near the November presidential elections, the lawmakers in Washington scramble to release a stimulus package. 

The US economy has been hit hard by the COVID-19 pandemic. The first round of stimulus checks came as a relief to everyone. However, the first stimulus money is running out, and time is also running out as the House is to go into recess soon for campaign works. Under these circumstances, millions of Americans are desperately waiting for the second round of the stimulus package. 

Mnuchin And Pelosi To Hold Stimulus Package Talks Today

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Treasury Secretary Mnuchin and Speaker Pelosi have had several meetings in the recent past. Their last coronavirus relief bill talk was on Monday night. They are scheduled to talk about the stimulus package again today. 

While many lawmakers have expressed skepticism over a deal, both Mnuchin and Pelosi have vested interests. Several lawmakers have stated that there is too little time. However, Speaker Pelosi has consistently indicated that the Democrats will not until a stimulus package has been passed prior to the presidential elections.

Moreover, Steve Mnuchin represents the White House. And the Trump administration, as per reports, are desperate to pass the second round of stimulus checks before the elections. 

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As the election campaigns get heated up, a stimulus package could make all the difference for Trump. 

Even as the talks continue, the Democrats have introduced a $2.2 trillion stimulus bill. It’s significantly lower than the previous $3.4 trillion proposed stimulus bill. Even so, it’s very unlikely that the Republicans would agree to it. 

Democrats Stimulus Bill Will Largely Include Heroes Act Pillars

As per reports, the Democrats’ new stimulus package largely resembles the Heroes Act. 

Eligible citizens will receive a $1,200 stimulus check. More funds will be directed towards small businesses, US postal service, unemployed individuals, and coronavirus testing and tracing. Furthermore, state, tribal, and local governments will receive a $436 billion stimulus package. 

Speaker Pelosi released a statement saying that the new stimulus bill is needed to ensure the functioning of a democratic country. 

On Monday, Speaker Pelosi and Mnuchin met to strike a stimulus package deal. However, if a new stimulus bill reaches the House this week, it will mean that talks between the White House and Speaker Pelosi have collapsed once again. Hopefully, the Democrats can pass a bill before the House goes into recess early next month. 

One thing to watch out for, then, would be the irritated Democrats from the bipartisan caucus, who had introduced a $1.5 trillion stimulus package but was brushed off by Speaker Pelosi.

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