Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. UponArriving has partnered with CardRatings for our coverage of credit card products. UponArriving and CardRatings may receive a commission from card issuers.
One of the big reasons why some Democrats such as Nancy Pelosi have been reluctant to get on board with sending out more stimulus checks is they believe that it will benefit the president’s re-election odds.
“A fly on the wall or wherever else it might land in the Oval Office tells me that the President only wants his name on a check to go out before Election Day and for the market to go up,” Pelosi said in a letter to House Democrats.
But that rationale should be invalid at this point.
Chad Hooper, the national president of the Professional Managers Association (PMA) which represents managers at the Internal Revenue Service, told Newsweek that for most people to receive the payments before Election Day they would have to have been signed off by October 15.
“Some banks take up to five business days to post EFTs from the IRS so we would ensure as many as possible received the payment by 11/3 to have that transaction post to accounts by 10/15,” Hooper said.
Since the government was able to get a “test run” back in March/April with the first round of stimulus checks, you’d think they would be able to get them issued out quicker.
But at this point, even if they ran an ultra efficient issuing process, it is simply too late for most Americans to receive checks by the election.
It’s possible that some politicians will still oppose a package being passed by the president even though the checks will not arrive prior to the election.
That is partially because to some lawmakers, just passing a stimulus package could bump the president’s approval odds prior to the election.
So it’s still very possible and probably likely that we won’t see a deal before the November election.
In fact, White House officials think this is the likely outcome.
“At this point, getting something done before the election and executing on that will be difficult,” Treasury Secretary Steven Mnuchin said earlier this week.
The next question would be how soon after the election would we see a package pass?
At that point, the political considerations should no longer be a major factor.
The problem is that we might encounter issues regarding the validity of the election.
There have already been concerns about election fraud.
If the election is close, it’s very possible that it could be contested and there might be a push for recounts/investigations in certain states.
This could protract the election for weeks or possibly even months depending on how things play out.
If the election is being contested, I would highly doubt that we would see lawmakers focusing on a stimulus package.
Instead, they would probably wait until after the issues are worked out, especially if the ballots in question would potentially alter the balance in Congress.
So it is not unreasonable to think that we might have to wait until 2021 for the stimulus package to be authorized and for more checks to go out.
Hopefully, that will not be the case but I think it will be smart for everyone to prepare for that possibility, especially if you were counting on some additional income from stimulus checks.
UponArriving has partnered with CardRatings for our coverage of credit card products. UponArriving and CardRatings may receive a commission from card issuers. Responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.
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.