Stimulus Check 2: New Proposal Demanded Unused Funds Of Fed

Stimulus check
stimulus check

The citizens of the US are eagerly waiting to hear updates on whether or not they will receive the stimulus funds from the stimulus check 2 since millions of Americans are undergoing severe crises owing to the coronavirus pandemic situation. Steven Mnuchin, Treasury Secretary, has proposed a new approach that allows the immediate provision of relief aid. On the other hand, Nancy Pelosi, House Speaker (Democrat) has been conducting the negotiations for the stimulus package with Mitch McConnell, Chuck Schumer, Joe Biden, and Kamala Harris.

Stimulus Check 2 Status

The lawmakers of the US have been taking an active step while discussing stimulus check 2 since the last week for the sole purpose of helping their citizens in coping with this extreme crisis of COVID-19 pandemic. Several beneficial coronavirus economic relief funds are going to expire towards the end of 2020. Many jobless aids are also expiring on the 26th of December.

Stimulus Check 2
Stimulus Check 2

Nancy Pelosi has been continuously pushing to approve the $2.2 trillion package according to the Heroes Act. On the other hand, Mitch McConnell, Leader of Senate Majority, has suggested a stimulus bill including $500 billion that will be aiming to fulfill some particular needs. However, Pelosi’s suggestion for the stimulus package will be offering Americans a stimulus check 2 which is not included in the recommendations of McConnell’s stimulus package.

On 20th November, Friday, Mnuchin along with Mark Meadows, Chief Staff of the White House, had a meeting with the leaders of the Republicans in order to discuss important points of the stimulus check 2 support. After the meeting, Mnuchin stated that they will be discussing their points with Pelosi and other Democrats and try to find a middle ground to get one specific bill passed as soon as possible for the Americans.

Mnuchin also said that the unused $580 billion stimulus funds under the CARES Act will be withdrawn from the Federal Reserve in order to sustain the economy of the country. McConnell supported this move and announced on Friday that this amount of taxpayers’ money will be redirected for more urgent and essential relief funding. He added that Republicans are considering immediate aid which is being halted by the Democrats for many months.

The Thursday negotiations with Pelosi, McConnell, and others also failed to reach any satisfactory conclusion.

President-elect, Joe Biden, has assured the citizens that Congress is trying to pass the stimulus check 2 funds prior to 20th January when he will take-over the office. Consequently, he is working towards fulfilling his promise of providing necessary aids to each American which is their right.