Will you get a second stimulus check before December 31?
Time is running out for the government to approve a second round of coronavirus relief with Congress adjourned until next week, CBS News reports.
(WVLT/CBS) Time is running out for the government to approve a second round of coronavirus relief with Congress adjourned until next week, CBS News reports.
Where does that leave Americans as they considered a second stimulus check, cash payments originally distributed to many in the spring? For now, stuck in limbo, CBS reports.
It’s possible that lawmakers could still pass a scaled-down stimulus bill when they return to Washington D.C. November 30, but many economic experts believe it’s unlikely to match the $2.2 trillion CARES Act that was signed into law in March and gave $1,200 to many Americans.
CBS reports that Democrats and Republicans remain apart on several key issues, and, even if Congress does pass an aid bill early in December, it could take weeks for the IRS to electronically deposit funds into people’s bank accounts, much less distribute them via the mail.
CBS reports that millions are set to lose their unemployment benefits by year’s end and nationwide eviction moratoriums are set to lapse in the new year, and the number of Americans applying for jobless aid rose for the second week in a row.
Economic experts think that, rather than concentrating on stimulus funding, Congress will most likely focus on passing legislation to finance the government and avoid a shutdown.
Deutsche Bank economists believe Congress could get a slimmed-down package early next year, and President-Elect Joe Biden’s choice for Treasury secretary, Janet Yellen, would likely push for that to happen quickly. However, the president-elect’s administration will not be ushered in until January 20, and Yellen’s position would require approval from the Senate, CBS reported.
What’s holding up a bill?
CBS reports that House Democrats had passed an updated Health and Economic Recovery Omnibus and Emergency Solutions (HEROES) Act on October 1, but the $2.2 trillion bill ran into opposition from Republican lawmakers.
Main disagreements between the parties included whether the federal government should help cash-strapped cities and states weather the economic strain caused by the pandemic. The HEREOS Act would have provided more than $400 billion in funding for state and local governments.
The two parties also remain far apart on the issue of unemployment aid, CBS reported.
Read the full CBS report here.
Copyright 2020 WVLT. All rights reserved.