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The clock is ticking on the next stimulus package.
According to House Speaker Nancy Pelosi, lawmakers had 48 hours as of yesterday to get a package figured out if they hoped to get relief to Americans prior to the election.
(According to other experts, we have already missed that deadline.)
If the deal does not get made before the election, it’s possible that we might have to wait several months for any progress to happen.
The time period for Congress from the election to inauguration day in January is known as a “lame duck session” and it is often a notoriously unproductive time.
If the standing president is not re-elected, the president is referred to as a “lame duck president” during that time as well.
Once again, it’s not the most productive time for the government.
So what would be better for stimulus checks getting out — a Trump victory or a Biden victory?
At least one policy analyst has spoken on this question.
“The view I have is the Trump reelection gets the money the fastest, and a Democratic sweep is the outcome that provides the most amount of funding,” Ed Mills, Washington policy analyst at Raymond James. said.
This makes complete sense.
Democrats will surely want to hold off until there has been a regime change and they can secure the votes for a large relief package if they are able to take control of key seats in Congress.
If Republicans win, I think it is more par for the course and we would likely see something close to a $1.5 trillion package get through or at least standalone bills that would eventually authorize more stimulus checks.
If Trump loses this election it’s possible that lawmakers will not push out a bill until after inauguration which could result in something going out in February or March.
That would mean that we have waited an entire year since the last major stimulus bill known as the Cares act which was valued at $1.8 trillion.
I don’t think that a stimulus package should necessarily be the number one factor for your voting decision but I’m sure it’s an extremely important factor for millions of voters this year.
And when looking at which side of the aisle will benefit you the most, it’s mostly a matter of a short term versus long-term perspective.
Would you prefer for a smaller more targeted package likely containing stimulus checks to get here quicker or would you be able to hold off and wait until late winter or early spring for a more comprehensive relief package to arrive?
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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.