It looks like we will finally see a realistic stimulus proposal this week as lawmakers are expected to unveil the package today or early this week.
This will truly be a milestone moment because this relief bill has been in the works for months and months and there have been so many ups and downs on the way to getting a proposal rolled out that actually stands a chance of getting passed.
We’ve even heard that McConnell has now shown interest in this bipartisan effort which is a true sign of progress. It’s likely that the president will also support the deal.
Unfortunately, it’s pretty clear at this point that this proposal will not include additional stimulus checks.
We will see the exact details later but it’s expected to focus on things like:
- Unemployment relief
- Food insecurity
- Rental assistance
- Small businesses that need PPP loans
- Additional funds for minority businesses
So why were stimulus checks not included?
Well, we know exactly why.
According to ABC, “Sen. Dick Durbin of Illinois, the second-ranking Democrat, indicated that excluding the checks while assuring small-business aid and renters’ assistance was the only way to reach agreement with Republicans who are putting firm limits on the bill’s final price tag.”
“The $1,200 check, it cost we believe nationally $300 billion to give you an idea,” he said.
“The Democrats have always wanted a larger number, but we were told we couldn’t get anything through the Republicans, except this $900 billion level.”
So it seems like this $900 billion threshold was a firm limit for Republicans.
But again, this does not mean that stimulus checks cannot go out later.
ABC reported that Sen. Bill Cassidy, R-La., agreed a new round of direct checks “may be a go” at some point.
“This is not a stimulus bill, it’s a relief bill,” he said. “And it’s something for the next three to four months to help those in greatest need.”
It actually makes a bit of sense when you view the bill as a relief bill and not a stimulus bill.
The economy by many indications is recovering quite well so the need of a stimulus is not so dire.
But it still is a bit of semantics because stimulus checks are also one of the best ways to give instant relief to people who need assistance with covering bills that may not be covered in a relief package.
Overall, this will be one of the most exciting weeks we probably have had in months.
It’s very likely that this new stimulus package will be rolled out and it might even get voted on and passed.
Coronavirus vaccines are also finally going out to the public for the first time and we will have hearings for them here in the US.
So there are a lot of big moves being made this week that will hopefully propel us to a better future in the near term.
Related
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Daniel Gillaspia is the Founder of UponArriving.com and the credit card app, WalletFlo. He is a former attorney turned travel expert covering destinations along with TSA, airline, and hotel policies. Since 2014, his content has been featured in publications such as National Geographic, Smithsonian Magazine, and CNBC. Read my bio.
