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Monday, November 30, 2020

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As jobs and businesses get hurt by a surge in infections and public restrictions, Congress has failed to pass the Stimulus check 2 bill on Tuesday. Democrats and Republicans refuse to pass the second stimulus package and change their positions as coronavirus fills hospitals and force local and state officials to restrict any economic activity

Since the election, Speaker Pelosi and Senate Leader Schumer did not hold any talks with McConnell about Stimulus check 2.Both Democrats and Republicans have their pre-election stance, with the former in favor of a $2.2 trillion package and the latter asking for a $500 billion package.

Stimulus Check 2 Negotiations

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Schumer and Pelosi wrote a letter to McConnell urging him to return in negotiations and work together towards a bicameral, bipartisan Stimulus check 2 to destroy the virus. While demanding money for small businesses, local and state governments, and schools, they expressed that the recession and pandemic won’t go away without an initiative.

The Democratic leaders and Biden are in favor of a $2.5 trillion package.McConnell is asking for a package of around $500 billion targeted towards PPP, liability reform, school and healthcare providers.

Both Pelosi and McConnell are unwilling to budge from their conditions making legislation to pass through very difficult. Trump has devoted more energy to fighting his reelection rather than governing this type of crisis.

stimulus check 2
stimulus check 2
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McConnell has stated his reasons for narrow targeting as the economic recovery is gathering pace. On Tuesday, McConnell blamed the Democrats for trying to block bills that the GOP has tried to get through in weeks.

Difference Between Demands Of Democrats And Republicans

The Republicans are looking for including a $300/week unemployment benefit, liability protections, and more Paycheck Program Protections in Stimulus check 2.They are against sending another round of direct payments.

However, Pelosi is pushing for a larger package as she believes Democrats have more leverage because of Biden’s election. They are asking for the same bill as the HEROES Act.

The Democrat Bill pushes for $600/week jobless benefit, another $1200 as checks, $400 bn to local and state governments, and approval of small loans for businesses

Lockdowns are getting reinstated. But policymakers are moving slowly as they are trying to balance issues regarding people slipping into poverty and businesses failing. The unemployment insurance is getting expired by early 2021. Also, the order to curb relief and evictions for student federal loan borrowers is getting expired. The promise of vaccine trials is raising hopes but it is likely to get most of the Americans vaccinated around mid-2021.

Getting people vaccinated will take federal help. Senator Rob Portman has asked for a narrower stimulus check 2 than Democrats. He is urging Congress to push for legislation now to prepare for vaccine distribution. It is expensive and significant to prepare the resources needed for it, he said to CNBC.

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