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Now that we know both Democrats and Republicans, along with the White House, support an additional round of stimulus payments, it’s (mostly) a matter of when and not if they will go out.
(It’s possible that lawmakers could fail to come to an agreement and that the stimulus checks will never go out but I think most agree that that is a very unlikely outcome.)
This delay in Washington is now pushing back the expected arrival time of these stimulus checks.
But just how far back are the payments getting pushed?
According to Chad Hooper, the national president of the Professional Managers Association, this Friday is a key deadline for getting more checks out this month.
If no agreement is made in the next couple of days then we most likely will not see stimulus checks go out until September.
The good news is that the infrastructure is already in place to administer the payments.
Therefore, as soon as the bill is signed into law you would think that checks would begin to be processed and they could start going out in as soon as one week according to some officials.
As far as what’s not getting agreed to, the decision on how to move forward with unemployment benefits is still a major point of contention.
Also, there are other areas getting looked at by the White House.
White House economic adviser Larry Kudlow told reporters on Wednesday:
“We are looking at middle-class income-tax cuts and capital-gains tax cuts to spur investment and jobs and liquidity… We’ve been looking at that. Those things surfaced a while back. In another era we used to call them ‘tax cuts 2.0.’ The president has never lost those thoughts.”
There are now complaints that the White House is not going far enough to meet the demands of Democratic leaders and that is proving to be a new pain point.
The White House is not budging,” House Speaker Nancy Pelosi and Senate Democratic leader Chuck Schumer said in a joint statement.
“It is clear that the Administration still does not grasp the magnitude of the problems that American families are facing… We have again made clear to the Administration that we are willing to resume negotiations once they start to take this process seriously.”
So negotiations are still currently stalling and there is no clear signal that an agreement will be reached by the end of this week.
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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.