This week is setting up to be a huge week for the next round of stimulus checks and stimulus relief as a whole.
President-elect Joe Biden will be inaugurated on January 20 and based on comments from his transition team, we expect to see stimulus relief to be a top priority.
How exactly the stimulus checks are going to go out is still not 100% clear.
We are expecting to see them push for $1,400 stimulus checks as soon as the transition of power is over.
But we also know that the stimulus plan from the Biden administration is expected to be valued at nearly $2 trillion.
While Democrats control both chambers in Congress and the White House, they still will likely need 60 votes in the Senate to pass the legislation.
$2 trillion is significantly higher than the proposals most members of the GOP were on board with.
This means that lawmakers might enter into another long and protracted battle over what should and should not be in the next stimulus relief bill.
So one route to get the stimulus checks out quicker would be to try to pass a standalone bill.
That might be a good route to go because the current stimulus plan has a lot of benefits that will certainly be very controversial such as increased minimum wage.
At the same time, the Democratic party has preferred to lump most of their items together in the past and if that trend continues then we may not see a standalone bill.
The other side to this equation is what will be happening with the impeachment hearings.
The two big concerns are: 1) will this slow down the proceedings and 2) will this have voting applications on the stimulus bill.
We already witnessed the confirmation hearings of a Supreme Court Justice interfere with the stimulus talks and cause a bit of drama on Capitol Hill.
And now we have impeachment hearings that are occurring after a tumultuous scene at the Capitol. Emotions are still running high and that could cause interference with the stimulus talks.
Also, it’s possible that many Republicans will not be pleased with the impeachment movement itself and as a result will choose to not go along with Democrat priorities.
Those Republicans who do support the impeachment might be willing to side with Democrats though.
So it’s hard to tell how this will play out.
Many experts think that early February would be the earliest that we would see a package approved but if Democrats don’t come down on their figures that might be too optimistic.
The good news is that despite some errors it does seem like the second round of stimulus checks went out very quickly.
So once an agreement is made I don’t think Americans will have to wait very long to receive the additional $1,400 payments.
I’ll be watching these negotiations unfold beginning this week and hopefully lawmakers will consider the standalone route if they feel like talks will be held up because of other measures included in the bill.
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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.