This week was yet another disappointing week for negotiations related to the next round of stimulus funding.
In fact, it may have been the worst week we have seen yet.
Lawmakers initially set a self-imposed deadline on August 7 for reaching an agreement on this fifth round of funding to help boost the economy.
However, no agreement was made by that date and negotiations extended out to this past week where they broke down even further.
Now, the Los Angeles Times reports that the Senate has officially recessed as of yesterday and will remain in recess until after Labor Day. The House of Representatives also left as of last week.
Now there is reportedly little hope that leaders will be able to arrive at a deal in the coming days although it is still a possibility.
If an agreement is made then lawmakers would most likely return to Washington to place their votes unless some sort of remote voting was allowed.
Because presidential conventions are beginning next week, many are doubtful that leaders will hold serious negotiations until after Labor Day.
This fifth round of stimulus funding is beginning to play out in a disastrous way.
First, millions of Americans are in serious need of financial aid whether it comes in the form of unemployment benefits or stimulus checks.
They have been waiting all summer and as deadlines have approached, lawmakers in Washington have not been able to get things done.
Now the Senate is going on a recess, White House officials have left the negotiation table, several executive orders have been issued with questionable legality, and other political events may push the timeline out several more weeks for getting anything done.
There is even talks about wrapping in the coronavirus relief package to the next spending bill since funding for the government is set to run out September 30.
The idea would be to avoid a government shut down but at this point one wonders if that is even guaranteed. And could you imagine what will happen if the government enters into a shut down because of all of this?
On top of that, the elections are coming up shortly and there are serious discussions taking place about voter fraud, mail-in voting, etc., which may both be tied into the next stimulus package.
It’s truly a mess and time is running out quickly.
Yet, some leaders still have hope that an agreement will be reached soon.
Senate Majority Leader Mitch McConnell (R-Ky.) said he hopes a compromise would be found soon. “I’m still hoping we’ll have some kind of bipartisan agreement here sometime in the coming weeks,” he said.
Things are starting to really fall apart with this last round of funding. At this point, I don’t think anybody knows what is going to happen or how long it is going to take.
The best guess seems to be that an agreement may be made in early September but that could also drag out towards the end of September based on what we have heard.
So if you were hoping to receive your next stimulus check in September, you should be prepared to wait even longer and also be prepared for the potential outcome of no stimulus checks going out since that is still a possibility at this point.
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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.