قالب وردپرس درنا توس
Home / Tips and Tricks / Would you like a third stimulus check? America’s next Congress could be key

Would you like a third stimulus check? America’s next Congress could be key



102-cash-money-dollars-bills-stimulus-check-congress-pass-mail-banking-finance-desperate-poverty-us-treasury

Shall

Sarah Tew / CNET

A second stimulus control can still be included in the latest stimulus package of the year, but it can be worth half the maximum of $ 1,200 of the first check. President-elect Joe Biden is pushing for more stimulus measures early 2021 – possibly in the form of a third stimulus check for those who meet the eligibility requirements.

“The stimulus package has taken place,” Biden said Wednesday, referring to the state of negotiating a new $ 900 billion stimulus bill and a second stimulus control. And it looks like something is going to happen direct cash payments. But it’s a down payment – a major down payment – for what needs to be done in late January and early February. “

While both the House of Representatives and the White House will be headed by Democrats, two second elections in Georgia on Jan. 5 will determine which party controls the senate. It will also determine whether or not Congress is considering a larger stimulus package and perhaps a third payment in the new year.

Whoever controls the Senate can make or break a bigger stimulus check

Biden has called on Congress to provide more assistance now, in the lame-duck session, before taking office January 20th. But the president-elect said anything Washington is now sending would be “at best just a down payment” for more substantial aid. he intends to make a proposal as soon as he takes office.

As a Democrat, Biden’s path to approval of economic aid – including a second check – could be much smoother if Democrats also hold both houses of Congress in the new year. In the next Congress, which begins in the first days of January, Democrats will retain a narrow majority in Parliament.

However, control of the Senate will depend on the second election in Georgia on Jan. 5 for two Senate seats. If the Democrats win both elections, the party will rule the Senate with 50 seats – 48 Democrats and two independents consulting with the party – and Vice President-elect Kamala Harris has the power to cut ties.

If Republicans win one or both seats in January, the GOP will retain control of the Senate and Biden will begin his term with a divided government, with a Republican party led by McConnell that could oppose a second check for costs.

078-cash-money-dollars-bills-stimulus-check-congressional-pass-mail-banking-finance-desperate-poverty-us-treasury

Does Congress still have time this year to approve another direct payment?

Sarah Tew / CNET

Stimulus control is popular and expensive

The IRS has said it spent about $ 270 billion to send 160 million incentive checks, but once catch-up payments are added, the total number is likely to be closer to $ 300 billion. According to a report by the Washington Post, that’s enough money to keep a second stimulus out of the current stimulus bill.

Many economists argue that now is not the time to keep federal spending in check, as the economy is struggling to get back on its feet. Instead, the federal government should try to send more aid to support the economy.

“It would be a mistake to be shy with our policy solutions during this crisis,” wrote William Gale, senior fellow in the Economic Studies program at Brookings Institution. “Congress needs to allocate more resources – trillions of dollars – for emergency relief and incentives to support people and businesses.”


Now playing:
Look at this:

Following stimulus checks: what to expect


3:03

For tens of millions of taxpayers, the majority of the incentive money paid for food, rent and utilities and debts, a quarter of which is going towards savings, according to a Census Bureau survey this summer. With Biden’s warning, the country faces a “dark winter” – facing a spike in coronavirus cases in the US and an economy that continues to lose jobs – a second check would likely yield similar applications.

However, as of this summer, some Republicans in Congress have refused to fund another major aid package as the US deficit has soared, and Senate Leader Mitch McConnell has said repeatedly that any bill should have a significantly lower price tag than the $ 2.2 trillion. proposal pushed by House Democrats through the fall to gain Republican support from the Senate.

If Republicans retain control of the Senate, the following can happen

While the group of Republican and Democratic senators who worked on December bipartisan stimulus package points to a possible path of collaboration between Biden and the next Congress, it is just as likely that Senate Republicans could try to contain spending if they maintain control of the upper house.

When faced with a divided Congress, Biden will most likely do what each president has done when one or both chambers are in the hands of the other party, looking for areas where the two sides can find common ground. The passing of a new large-scale stimulus package may be off the table, but smaller aid proposals were aimed at specific needs – such as an increase in the minimum wage or another stimulus check strongly focused on the most deprived – could find support from two parties.

Biden could watch too executive actions to achieve some of his goals, just like President Donald Trump did this summer a series of implementing decrees. But without spending power (only Congress has that), Biden would be limited in what he could accomplish without the help of Congress – he wouldn’t have access to the money to send a second check.

While we wait for the new Congress and Biden’s government to perform next year, here is true negotiations are on a different stimulus check, which benefits are renewable if Congress decides to pass another bill and how soon you could expect to receive a second payment once approved in Washington.


Source link