This is the latest in a dramatic turn of events that began Tuesday night when President Donald Trump released theupper limit of $ 600 per person if ‘ and asked Congress for .
Trump’s video speech sparked a whirlwind of political analysis of what could happen next with the bill and theit contains, and what – if anything – Congress can do about it so close to the end of the session before the next Congress is inaugurated on January 3rd.
House Speaker Nancy Pelosi tweeted a response shortly after, “At last the president has agreed to $ 2,000 – Democrats are ready to take this to the floor with unanimous approval this week. Let’s do it!”
Currently, the House is scheduled for a pro forma session Thursday at 9 p.m. ET.
Even if the House of Representatives has passed a self-contained bill with afor up to $ 2,000 per adult, would it become a law? And when? What would that mean for the $ 600 stimulus check currently in limbo with the $ 900 billion stimulus package Trump now has ? This story is often updated with new information.
The amount of the $ 2,000 stimulus check is not new
Since the spring, several Democrats have proposed a $ 2000 incentive check, including Vice President Senator Kamala Harris, sens. Bernie Sanders and Ed Markey and a one-time presidential hopeful (and now hopeful New York mayor) Andrew Yang. Some supporters of this figure have even suggested sending checks on a monthly rather than one-time basis.
What if Congress doesn’t change the stimulus law?
There’s a lot of dialogue about this right now, but here are some simplified options:
- Either way, Trump could sign the $ 900 billion to avoid a government shutdown. The Incentive Act and the Financing Memorandum for 2021 are linked.
- Trump could live up to his threat by actively vetoing the stimulus package.
- He could passively refuse to sign it (aka a pocket veto). If Congress doesn’t deliver the full bill to Trump by the end of the day, they are not expected to have enough time to override the veto. This requires a two-thirds majority of votes in both the Senate and the House of Representatives, a margin that both houses have already freed.
- If the bill fails, the new parliamentary term, which starts on January 3, must start again.
Biden has already committed to a new incentive bill and third incentive check
Most American leaders seem like theas a stepping stone to a larger aid package in 2021, one that might be able to do that and other provisions that Republicans and Democrats agreed to omit this round to strike a critical deal.
“This bill is just the first step, a down payment, to address the crisis – crises, more than one – we find ourselves in,” President-elect Joe Biden said Tuesday, emphasizing that.
If the $ 900 billion stimulus bill becomes law, how soon could the benefits materialize?
Aid was likely to begin to go out within a week or two of the law being officially passed, with certain funding programs potentially getting financial aid before the end of 2020. On Monday, Treasury Secretary Steven Mnuchin gave the goal of sending payments through next weekto people who qualify for one to receive their payment intended to bring direct cash flow to tens of millions of Americans. And the $ 300 unemployment checks will restart on December 26.
If the bill signing is delayed, the timeline can shift as agencies need time to set up their processes and communicate with recipients about what to do or expect.
You can. Here’s what . This is what we know , and there are more details on this .
Why wasn’t a bigger second stimulus part of the deal?
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 advocated a different 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. At the time, Aides would have convinced him that making such demands would jeopardize a stimulus law, 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.
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.