GOP supports more stimulus checks but suggest tighter proposal

Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. UponArriving has partnered with CardRatings for our coverage of credit card products. UponArriving and CardRatings may receive a commission from card issuers. 

We just heard some pretty noteworthy comments from Senate Majority Leader Mitch McConnell regarding a second round of stimulus checks.

Mitch McConnell announced today that the GOP supports the second wave of stimulus checks.

“We want another round of direct payments, direct payments to help American families keep driving our national comeback,” McConnell said.

This is significant language because most of the comments that we have heard from McConnell and from other Republicans have stated things like, we are “considering more stimulus checks” or “more checks are being discussed.”

But now, it is clear that the GOP actually wants to send out an additional round of direct payments. That is a pretty big breakthrough.

So given the GOP support and the ongoing support from the White House, I think it is safe to assume at this point that more stimulus checks will definitely happen.

There still is the large looming question regarding eligibility, though.

A potential proposal of a $40,000 income cut off for the second wave of stimulus checks was brought up a few weeks ago and started to gain traction, especially within Republican circles.

Shortly after that, we heard that it was not likely that a $40,000 a year income would be implemented. That came from an anonymous insider.

But it looks like senators like Mitch McConnell are still very much focused on providing a very tailored approach which I think could affect the eligibility of check recipients.

“The legislation I have begun to sketch out is neither another CARES Act to float the entire economy nor a typical stimulus bill for a nation that’s ready to get back to normal,” McConnell said on Tuesday.

Those comments make a pretty clear that this package is currently being drafted to be much less substantial than the packages we have seen before. To me, it absolutely suggests that fewer individuals would be eligible for the next round of checks or that the checks would be a smaller amount (or potentially both).

But remember that is just the package that is being proposed by Republicans and that will inevitably be met with some level of resistance from Democrats who would prefer a more comprehensive package, likely with much bigger payouts.

So overall, it’s great to see the support of the GOP now being explicitly stated. However, there are words from McConnell that still suggest a potential heavily targeted approach when it comes to more checks.



Republicans meet with Trump regarding more stimulus checks

Stimulus check update: Still no details from Republicans and why that’s good news

Final push for monthly stimulus checks

UponArriving has partnered with CardRatings for our coverage of credit card products. UponArriving and CardRatings may receive a commission from card issuers. Responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.

One comment

  1. The gop wants 3 trillion for their bank and big business friends and for failed bankruptcstates a psyroll tax cut thatvwill eliminate Social Security and Medicare for seniors and the elimination of the enemployment cash and no stymulis money for people above 40,000. While 50 million people are out of work still

Leave a Reply

Your email address will not be published. Required fields are marked *