senate republicans ‘ve stated that americans will definitely be receiving a 2nd stimulus check, though details remain forthcoming.
u.s. senate majority leader mitch mcconnell has confirmed that americans ll'be receiving a 2nd stimulus check, a statement that brings senate republicans in agreement with both house democrats and u.s. president donald trump. mcconnell’s statement offers a big win for a vast № of americans, from gigging ♫ians to laid-off executives, many of whom already depleted their 1st stimulus payments and are struggling financially.
earlier, mcconnell was hesitant to commit to a 2nd stimulus check, ptly due to concerns over inflation and economic overheating. b'tas coronavirus concerns continue to drag the economy, mcconnell reached a consensus with senate republicans to issue additional stimulus bill relief. “we want another round of direct payments, direct payments to help american families keep driving our national comeback,” mcconnell stated. the 2nd stimulus check ll'be baked inna'da senate’s broader, $1 trillion coronavirus relief package.
earlier, president trump assured dat a' 2nd stimulus check ‘d be mailed. he even indicated that americans ‘d receive + than the previous $1,200 checks, though he cautioned that negotiations were underway. “i want the mny gettin to pplz to be larger, so they can spend it,” the president stated earlier this mnth from the white house grounds. “i want the mny t'get there quickly, in a non-complicated fashion.”
so wha’ will the 2nd stimulus check look like — and who will receive it?
at this stage, the answers to those ?s remain unresolved. earlier, mcconnell was pushing for payments to americans earning ≤ $40,000 annually, an income limit that ‘d help the neediest group while stimulating the economy the most. that approach ‘d allo the federal government to focus on keeping pplz out of sufferation while aggressively movin mny inna'da economy. atta $40,000 cap, those eligible for a 2nd stimulus check ‘d be those w'da most serious personal finance challenges.
the amount of the check may also be ≤ $1,200, based on concerns that larger amounts ‘d cause long-term economic problems.
the 1st stimulus check, approved under the cares act for $1,200, was previously mailed to americans earning $75,000 or less, or for couples jointly earning $150,000 or less. additionally, individuals earning up to $99,000 annually still received checks, albeit at loer amounts. that structure helped nearly 160 million americans, though data now shows that many simply deposited their checks into savings accounts without spending them. the result was a lil cushion for higher-income earners, but'a american economy wasn’t stimul8d by those saving the mny.
despite that data, democrats inna house of representatives, led by speaker nancy pelosi, ‘ve been pushing for far gr8r stimulus amounts. b'that has drawn continued concern from republicans, including trump.
onnis earlier interview, donald trump also noted that the stimulus payments, when combined with unemployment benefits, created a disincentive to return t'work. “we had something where it gave you a disincentive t'work last time — and there was still mny goin to pplz and helping pplz, and i was all for that, but i wanna create a very gr8 incentive t'work,” trump said.
on that point, mcconnell indicated that the 2nd stimulus package ‘d include incentives for americans who choose to return t'work. federal unemployment payments are also expected to continue, though likely at an amount loer than $600 per week.
meanwhile, republicans are also pushing for liability protection for businesses reopening, swell as federal funds for schools that reopen. lil businesses ‘d also benefit from continued paycheck protection program (ppp) funding, though it remains unclear how that program mite be overhauled. separately, trump s'been pushing aggressively for a payroll tax cut, a chop that ‘d be extremely beneficial for businesses large and lil.
earlier, u.s. treasury secretary steven mnuchin indicated that final decisions over 2nd stimulus checks ‘d be finalized by jul 31st.
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