Economic Impact Payment via CARES Act provided checks of $1200 for individuals. Joe Biden is in support of additional financial support.
On Friday Joe Biden discussed with Nancy Pelosi, House Speaker, and Chuck Schumer, Senate leader at his transition headquarters located in Delaware, Wilmington. The meeting focussed on the way of response towards COVID-19. They all agreed that a large-scale stimulus check 2 should be of utmost importance.
Earlier on Friday, Jen Psaki, Biden’s secretary warned him that time is running out. Pelosi commented that negotiations with Republican Senators would bear results. They have released the summary of their meeting which states the decision made by the members present that Congress should pass an emergency bipartisan aid package during the session of lame-duck.
Stimulus Check 2 Package
The package is set to be the most important news of economic support legislation to be passed since the CARES Act of March 27th by the central government. Most of the funds have been used up while the remaining benefits of unemployment end on December 26. The report of the meeting indicates that Joe is hopeful of replicating several CARES Act aspects. However, he didn’t give specifications about stimulus check 2.
The package will include relief for small businesses and working families, support for local and state governments for keeping workers on complete payment, an extension of unemployment insurance, health care which is affordable for around a million families, and resources for fighting the pandemic.
The CARES Act distributed $1200 checks for American people earning less than $100,000. The HEROES Act proposed by Democrats includes an additional round of Economic Impact Payment. In recent times, Biden has asked for the enactment of the HEROES Bill in the form of law but has faced strong opposition from Republicans.
Will Stimulus Check 2 Be A Part Of The New Package?
Joe and his group are focused to pass this new bill in the session of lame-duck, which is the remaining time of Trump’s era before Biden gets inaugurated. Instead of losing the election, until 20th January, Trump remains the President. A certain level of cooperation would be required for him to get this bill passed, which is unlikely.
The President has already conducted few governmental businesses since the election with his energy focussed on lawsuits regarding vote frauds. On early Saturday, he was absent from the virtual conference of G20 on pandemic containment. Instead, he was found golfing on the Trump-branded resort.
Trump will possibly be unwilling to support the Democrat’s HEROES Bill of $2.2 trillion and will be inclined to go for a smaller package in line with Republican senators. Before the 2020 election, McConnel, Majority Leader, Senate pushed for a skinny bill of $500 which was dismissed by Pelosi as insufficient to contain the economic damage done by the pandemic. Stimulus check 2 was not a part of McConnel’s targeted package. Biden is determined to provide an additional round of payments but it wouldn’t be possible before he takes the President’s office in late January.