So where are youtoday, and what does it mean for one , which president-elect Joe Biden has already said he supports?
Just like, it’s complicated. We’ll do our best to break down the biggest takeaways you need to know and why the next three weeks could be key to yet another incentive bill, one with a that is greater than the current ceiling of $ 600 per person.
Second stimulus payments now run through January 15th
Since thethat includes the will not be changed, the IRS and the US Treasury through , and . Here is . Most importantly, the bill , after which no more payments will be sent. Instead, you’ll need a .
The fate of two Senate seats could set the tone for a third check for $ 2,000
There is clearly support for a $ 2000 check from all over the government, but as usual, politics is heavily involved. The results of awill determine which party controls the Senate, and several key committees. That is expected to set the pace for more stimulus aid in 2021.
If Republicans win either of the two disputed seats, they will maintain Senate dominance, and are expected to reel in spending and hinder Biden’s agenda to pass a much larger stimulus bill. If Democrats win both seats, they’ll win the Senate by a razor-thin margin, increasing the likelihood of goals like a bigger check, moreand funding for .
A larger amount of incentive checks have received support from the Republican side, with Sens. David Purdue and Kelly Loeffler – both on the ballot in the Georgia second round election – reversing their previous stances and now tweeting their newfound support for $ 2,000 checks.
The House of Representatives passed the CASH Act (PDF) on Dec. 28 to allow $ 2,000for every , but it has not been passed for a vote in the Senate.
Biden has filed a third stimulus check and a new bill
Many in Washington see the currentas a precursor to a larger aid package in 2021 that would be expanded to include provisions Republicans and Democrats agreed to omit this round in order to succeed in the crucial deal.
“This bill is just the first step, a down payment, to address the crisis – crises, more than one – we are in,” Biden said on December 22, emphasizing that. Again, whether there will be a larger or smaller bill, and if it happens quickly or slowly, it may depend on the .
Could the raise to a $ 2,000 check take place before Biden takes office?
There is a theoretical chance that the new Congress could introduce a bill to overcome theup to $ 2,000, during Trump’s last days – with the IRS and the US Treasury making the adjustments afterwards.
This is unlikely for several reasons:
- The upcoming congress will be sworn in on January 3.
- The results of the January 5 outflow in Georgia could take days or even weeks to count.
- The Jan. 6 confirmation of Biden’s presidency through electoral vote is expected to be the next political battleground to draw attention.
- The IRS close of January 15 means that any bill passed after that date would cause the IRS and the Treasury to create a new process to send the payment difference.
- The new Congress is unlikely to usher in a new bill days before a presidential switchover.
Why didn’t the December bill include a second $ 1,200 or $ 2,000 stimulus check?
Ahas had widespread bipartisan support since the CARES Act was passed. In recent months, everyone from Trump and to members of Congress, economists and ordinary people have argued for another direct payment.
Trump has previously called for “more money than they are talking about” in stimulus checks as large as $ 1,200 or $ 2,000 per person. Aides allegedly convinced him at the time that making such demands would jeopardize a stimulus bill, The Washington Post reported, and the White House offer was officially extended to $ 600.
While many are in favor of a $ 1,200 direct payment in theory, a second, smaller stimulus check has helped keep costs below the $ 1 trillion mark that Republican lawmakers said in the past they would support.
Stimulus control isn’t cheap. The IRS said this summer it had spent $ 270 billion sending 160 million checks, and on Dec.15, Senator Mitt Romney, a Republican involved in drafting the bipartisan stimulus proposal, predicted a cost of $ 300 billion if the checks would be rerun. included for $ 1,200 per person. Republicans reportedly curbed the charges.
For more information on stimulus controls, here, and how .