New stimulus proposal increases stimulus checks

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In my six years of blogging, I don’t think I have ever covered a topic quite as dynamic as this latest round of stimulus funding.

There have been so many 180s, unexpected events, and ups and downs that it’s been very difficult to track.

But there is some good news coming out of the White House that could suggest that we are one step closer to seeing another stimulus package with more stimulus checks going out soon.

As mentioned yesterday, stimulus check negotiations are reportedly progressing.

President Trump tweeted yesterday:

 “Covid Relief Negotiations are moving along. Go Big!” 

Also yesterday, the White House had another conversation with House Speaker Nancy Pelosi.

Reportedly, a new offer valued at about $1.8 trillion has been made.

This is a key amount because it approaches the $2.2 trillion price tag that Democrats have insisted on for months and it is higher than the prior negotiated packages that were valued around 1.5 or $1.6 trillion.

But something within that package that really sticks out is the increase of state and local relief which reportedly has moved from $250 billion to at least $300 billion.

Unemployment benefits seem to be stuck at $400 a week.

Something very unexpected is that they are talking about doubling the stimulus checks for children to up to $1,000.

Presumably, this would mean that a family of five that qualifies for the top level of assistance could receive $5,400 in aid if more stimulus checks were to go out.

“I would like to see a bigger stimulus package than either the Democrats or Republicans are offering,” Trump said.

So it appears that the stimulus talks are gaining a lot of momentum as we are only weeks away from the upcoming election.

This is evident from White House economic adviser Larry Kudlow who told reporters Friday that “developments are positive” and that “the bid and the offer have narrowed.”

But some people in Washington such as GOP Senate Majority Leader Mitch McConnell are still doubtful about whether or not a package will get passed before the election.

“I’d like to see us rise above that like we did in March and April but I think it’s unlikely in the next three weeks,” McConnell said.

“We do need another rescue package… But the proximity to the election and the differences about what is need at this particular juncture are pretty vast.”

There are also a lot of distractions taking place at a time when these negotiations are supposedly happening.

It seems lawmakers like McConnell are really focused on the confirmation of the new Supreme Court justice.

“The first item of priority of the Senate is the Supreme Court,” McConnell said.

Both the president and Nancy Pelosi are attacking each other’s mental health/capacity which I’m sure is not helping matters progress.

The president is overcoming a diagnosis of coronavirus — the list just goes on. There is just a lot happening with all of the parties involved in these talks.

It’s very possible that both parties involved in the talks right now are just making a public push to help their political chances in the upcoming election and that we won’t actually see a deal made before the elections.

But even if that is the case, hopefully we will be a step closer to getting another stimulus package once the smoke clears from the upcoming election.

H/T

Related

“Productive talks” happening for next stimulus package

Pelosi open to stimulus talks but not stimulus checks

Stimulus checks could still happen, Trump ready to sign into law

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