Lawmakers show optimism for new stimulus package

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. 

Well, it is the day after the election and as many expected we still do not know who will be elected president.

It’s still a very tight race and there are already murmurings of voter fraud and so it is still a possibility that this election could be contested.

What exactly a contested election would mean for more stimulus relief I’m not sure, but I would wager that it would not be good.

With all of that going on, some lawmakers are still expressing optimism that coronavirus relief will happen before the new year.

Senate Majority Leader Mitch McConnell  stated, “We need another rescue package.”

“I think we need to do it and do it before the end of the year.”

That’s an interesting statement coming from McConnell because he has been the one heading up some of the smaller skinny stimulus packages that have failed to make any progress in the Senate.

So the big question that people have for him is what type of stimulus package is he talking about?

The prior plans that he has entertained have allocated $100 billion for schools, a $300 per week unemployment benefit, and more subsidies for businesses that have been hit hard by the pandemic.

Most notably, his prior proposals did not include stimulus checks.

McConnell does not seem to have been very involved with all of the negotiations between House Speaker Nancy Pelosi and Secretary Treasury Steve Mnuchin.

He also did not seem to participate in conversations with the president very often either.

Thus, I’m not sure how much weight his opinion really carries.

We still have not heard much about the disagreements between Nancy Pelosi and Steve Mnuchin.

They recently were going at each other and questioning each other’s motives to make a good faith effort to come to an agreement.

Still, McConnell’s statements are in line with Pelosi who also said that she would like to have stimulus relief going out prior to the turn of the new year.

So it seems like the leaders of both parties are on the same page but the big question is will that be enough to get them to take action and get something done?

Or will the upcoming results from the election cause a rift between the parties even wider than it was before and prolong any progress until after January of next year?

Regardless of the outcome of the election, I think everyone agrees that a non-contested election will be the best path for allowing more stimulus aid to get out.

So hopefully it ends that way.

H/T

Related

Experts skeptical about stimulus package after election

Beware of stimulus check scams

Stimulus checks: Sunday evening update

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.

Leave a Reply

Your email address will not be published. Required fields are marked *