Breaking the silence surrounding the next coronavirus relief bill, Treasury Secretary Steve Mnuchin declared on Wednesday that both, the Democrats and the Republicans, have agreed to the second round of stimulus checks that is to be included in the bill. While specific details are still under speculation, the Trump administration informed a Fox official that the schemes will be reflective of the first round of checks provided for the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
With no definitive execution of the plan proposed in the bill in sight, Americans have grown restless with the parliamentary politics. Both sides have used the pandemic to further their own politics and blame the opponent for their failure to pass a stimulus package amidst this wrecking pandemic.
What’s the Plan?
While both the parties have left no opportunities to call out each other on grounds of inadequate funding, the proposed plans so far have panned out as follows:
Starting in March, the $2 trillion CARES Act, proposed to provide $200 billion to over 130 million Americans, in accordance to the category they belonged in. Individuals with an annual income of $75,000 were to receive $1,200 and married couples could receive up to $2,400 who had a combined income of $150,000. $500 was even promised to dependents under the age of 17. The second $2.2 trillion stimulus package has however been criticized and has been put into further deliberation as House Speaker Nancy Pelosi informed.
The Democrats, on the other hand, have come with the HEROES Act 2.0, similar to the $3.6 trillion HEROES Act 1, toning it down just by a margin. The first proposal having been severely criticized by the Republicans for appearing like a “wish list” because of the exorbitant amount suggested, they have been mindful the second time around. This Act also includes stimulus checks of $1,200, and also adds weekly federal supplement for unemployment insurance.
However, Leader Mitch McConnell has already hinted at the impossibility of this bill being passed on account of it still being extremely hefty. The Republicans, playing slightly smarter, have proposed a far smaller package of rough $500 billion which can still be taken up for consideration.
Either way, the biggest thing to look out for right now is whether this package passes before the Presidential elections. If not, the elections and its consequences can negatively impact the stimulus and worsen the economy further. So what will Congress do?