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The time is ticking on the passage of next stimulus package.
There is a self-imposed deadline of August 7 that lawmakers have been working with but it’s not clear that anything will pass before that date.
According to Treasury Secretary Steven Mnuchin the goal now is to simply just reach an agreement by the end of the week.
“We are pleased to report that although we still have a lot of open issues — I just want to be very clear, we’re not at the point of being close to a deal — but we did try to agree to set a timeline that we’re going to try to reach an overall agreement, if we can get one, by the end of this week, so that the legislation could be then passed next week.”
“We’re going to work around the clock the next few days to see if we can bridge the issues. Some issues we’ve been able to agree on, some significant issues are still open,” Mnuchin said.
We know that some of the big outstanding issues are unemployment benefits, aid for schools and local governments, an eviction moratorium, and liability protections.
At this point, I think it would be safe to say that the second round of stimulus checks is pretty much a guaranty.
House Speaker Nancy Pelosi also confirmed Democrats interest in getting to an agreement.
“We agree that we want to have an agreement. And in that case, we then say, that’s our goal — lets engineer back from there as to what we have to do to get that done.”
Despite the big issues that still have to be worked out, it sounds like some concessions have been made on either side which points to real progress being made.
Senator Chuck Schumer stated, “They made some concessions, which we appreciated; we made some concessions, which they appreciated.”
Mitch McConnell also expressed his willingness to get something done even if certain parts were problematic.
“Wherever this thing settles between the President of the United States and his team that have to sign it into law and the Democrats, a not-insignificant minority in the Senate and majority in the House, is something I’m prepared to support, even if I have some problems with certain parts of it,” McConnell stated.
So it’s starting to sound like an agreement might be made by the end of this week which would mean that this would likely pass sometime next week.
According to White House representatives, the next round of stimulus checks could go out within a week of the bill becoming law so it is starting to look like some checks might hit as soon as mid-August with the bulk of them probably hitting early September.
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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.