There have been significant updates on the stimulus check round 2. As per Speaker Pelosi, the House Democrats and the White House are very close to reaching an agreement. However, concerns have arisen over whether Congress will let a $2 trillion pass through.
On Tuesday, Speaker Pelosi and Steve Mnuchin, who is representing the White House, spoke on the phone for over 45 minutes discussing the plight of the stimulus bill. With the November elections just two weeks away, many are worried that time is quickly running out of hand.
While both parties and the Trump administration agree that stimulus check round 2 is necessary for the US economy, the lawmakers cannot seem to agree on certain clauses. Currently, the Democrats led stimulus package has a price tag of $2.2 trillion. Meanwhile, the stimulus bill led by the White House has a price tag of $1.9 trillion.
What Would A Delay In The Stimulus Check Round 2 Mean?
If the stimulus package is delayed beyond the November presidential elections, it would mean that the stimulus check round 2 will not be discussed again until 2021.
While both the Democrats and the Republicans disagree on many things, both agree that a second stimulus check needs to be released for all eligible Americans.
A policy analyst, Garrett Watson, said that a stand-alone stimulus check round 2 is very likely. If the lawmakers decide to go with just direct payments, chances are that the amount of stimulus money and method will resemble the first stimulus bill.
Pelosi Cautions On A Possible Delay By Congress
Earlier in the day, Speaker Pelosi told media sources that the House Democrats and the White House are very close to reaching a stimulus package deal. However, she cautioned that Congress might take long to actually pass the stimulus bill.
She also indicated that the President’s indecision has further deteriorated the negotiations process. Earlier this month, President Trump tweeted that he ordered all his representatives to stop all stimulus package negotiations. Just hours later, he backtracked and said that he wants to “go big” on a stimulus package.
While things seem positive from the Trump administration and House Democrats, the GOP senators have made it very clear that they are unhappy about the price tag of the proposed stimulus bills. The price tag is one of the major deterrents of the stimulus check round 2.
However, some Republican senators, like Rubio from Florida, have indicated that they are willing to compromise for the sake of the US economy.
Several experts, including Federal agent Jeremy Powell, have warned the lawmakers that any more delay in stimulus check round 2 would push the US economy into a deeper recession.