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The Senate is scheduled to begin a month-long recess that will start this Friday and so there is a lot of pressure to get the fifth round of stimulus funding figured out in the next couple of days.
The problem is we are starting to hear that some lawmakers are doubtful that an agreement can be made that quickly. (This is despite the fact that lawmakers have literally had months to get these negotiations going.)
We know that lawmakers on both sides of the aisle have come together along with the White House to support an additional round of stimulus payments.
These payments will likely be the same or very similar to what went out in the spring although they may also have expanded eligibility for dependents.
Things are getting tricky when it comes to the expanded unemployment benefits, aid for local states and governments, aid for schools, relief for renters and landlords, and liability protection.
This past weekend key negotiators made progress in the sense that they were able to better identify what items were agreed to and not agreed to.
But in terms of arriving at a solution for those disagreements, it appears that there still is a long way to go.
According to CNN, lawmakers and the White House “are as far apart as they’ve ever been in talks on the next emergency aid package.
One person involved in the negotiations told CNN on Sunday night: “No clue how we get this done at this point. Just so much outstanding.”
Experts believe that it will take at least a few days for the Senate to process and pass any final package due to inevitable opposition from at least some Republican senators.
Until we start to see action from the relevant committees involved in the negotiations, things probably are not on the cusp of happening.
The outlook is starting to look so bad that President Trump is even considering taking executive action to get something passed.
How exactly would that work?
Well, two White House outside economic advisors recently suggested in The Wall Street Journal that the White House could declare a national economic emergency which would reportedly give them the powers to impose things like a suspension on federal payroll taxes.
It would not be a full solution to the next stimulus package but it would be something to help some people.
I don’t think it will come down to that but I am starting to get a bit worried about an agreement being reached before the end of this week.
At the rate that it is going, it looks like the Senate may have to hold off on their recess in order to pass something. It feels like if they chose to go forward with a month-long break in the middle of all of this uncertainty, they would catch significant backlash.
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Daniel Gillaspia is the Founder of UponArriving.com and creator of the credit card app, WalletFlo. He is a former attorney turned full-time credit card rewards/travel expert and has earned and redeemed millions of miles to travel the globe. Since 2014, his content has been featured in major publications such as National Geographic, Smithsonian Magazine, Forbes, CNBC, US News, and Business Insider. Find his full bio here.