A major win for proponents of the bipartisan package, the new incentive law includes oneand unemployment controls intended to bring direct cash flow to tens of millions of Americans. (You can . Here is and which .)
“We’re putting this bill today as a first step,” home speaker Nancy Pelosi said in a statement Monday. “We have new hope, coming from the vaccine and from the commitmentscience must follow. We are ready for the next step. “
The coronavirus relief package is set to at least partially refresh criticallyat a time when the nation is seeing rising infections, hospitalizations and “gruesome” deaths from COVID-19. Without federal action, tens of millions and .
Along with the text of the bill, more details emerged about the, including new limits on the number of people eligible to receive it. While the formula remains the same for determining the total amount a household could receive, the numbers aim to exclude more families from a subsequent round of .
A broader economic bailout, like the $ 2.2 trillion, will likely return to the table in early 2021, top U.S. leaders have suggested. It’s too early to say if that sweeping package would do that .
How soon can the aid of a stimulus package come out?
The aid was likely to start to release in a week or two, with certain funding programs potentially getting financial aid before the end of 2020.
This is what we know. These are the details for that .
Why was a $ 1,200 second stimulus not part of the bill?
Ahas had widespread bipartisan support since the CARES Act was passed. In recent months, everyone from President Donald Trump and to members of Congress, economists and ordinary people has called for another direct payment.
Last week, Trump called for “more money than they are talking about” in stimulus checks, as high as $ 1,200 or $ 2,000 per person. Aides would have convinced him that making such demands would jeopardize a stimulus bill, The Washington Post reported.
While many are in favor of a direct payment of $ 1,200 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 Monday Senator Mitt Romney, a Republican involved in drafting the bipartisan stimulus proposal, predicted a cost of $ 300 billion if the checks. once were charged again for $ 1,200 per person. Republicans have reportedly curbed the charges.
A variety of factors could have contributed to a second stimulus check making its way into the final bill at all, from popular opinion and presidential bias to complicated negotiations that cut $ 160 billion from elsewhere, enough for a smaller stimulus check than before.
Could there be a bigger stimulus bill in 2021?
Biden, McConnell and others have repeatedly described this December legislation as an emergency relief rather than a comprehensive economic stimulus package, and have committed to a new stimulus law in 2021.
“It’s a down payment,” Biden said on December 16. “A major down payment for what needs to be done in late January and early February. But it’s really important to get it done.”
Here’s everything we now know about the.
For more information on stimulus controls, here, and what you need to know about the proposals for incentive laws that can help inform a final package.