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Just when it looked like a deal was getting close to getting done, Congress decided to close up shop.
It now looks like there is next to no possibility that a stimulus package will be approved before the upcoming election.
Members of Congress are not set to return until November 9.
“We’ll come back in November,” Senate Appropriations Chair Richard Shelby said.
“The question might be, will there be something then?”
And that is the big question that everybody is asking right now.
It looks like we are now going to be faced with some big unknowns.
The first big unknown is obviously who is going to be elected president on November 3?
Not only do we need to know who will win, but we also need to know if the election is going to be controversial.
It’s very possible that if President Trump is not reelected we will not see anything get done stimulus-wise until early 2021.
That’s because lame duck sessions or periods are simply not known for being productive.
The good news is that if Democrats do take over the White House it’s likely that when the next stimulus package does get passed in early 2021 it will be packed with just about everything you could imagine.
English checks, unemployment benefits, there will be a long list of benefits more than likely.
If Trump does win we can expect to receive stimulus aid much quicker but it likely won’t be in as big of a package.
Trump said that the White House would approve a big stimulus package after the election.
“After the election we’ll get the best stimulus package you’ve ever seen,” the president said Tuesday at a Pennsylvania rally.
The third outcome would be if the election is contested and there is no telling what would or would not happen in that scenario.
It could get pretty ugly.
The next deadline that Congress will be dealing with is December 11 which is the date that they must approve another spending bill to prevent a government shut down.
It’s possible that at this time a stimulus bill could take priority in talks.
That would put the arrival of stimulus checks at some point right after the new year most likely.
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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.