Congress has still not been able to agree on another stimulus package even as Americans across the country are still dealing with struggles associated with the current health pandemic. Over the past several weeks, Republicans and Democrats have been trying to hammer out details of this package. However, it doesn't appear as though negotiations between the two sides have been successful.
Back in March, Congress and the White House agreed to their historic $2 trillion stimulus package, the CARES Act. Under the CARES Act, eligible Americans received a one-time $1,200 check. As the coronavirus pandemic continues to remain a problem in the United States, many have been wondering whether another stimulus package could be on the way. While lawmakers are indeed trying to come together on another plan, their efforts have not proven to be successful just yet.
So, what exactly have lawmakers been doing to try to come together on another stimulus package? Read on to find out everything you need to know about the various stimulus-related negotiations.
Have Negotiations Taken Place?
According to Forbes, over the weekend, President Donald Trump claimed that Speaker of the House Nancy Pelosi reached out to him in order to "get together" to negotiate the next stimulus package. As the publication noted, negotiators did not meet up over the weekend. Additionally, they did not meet up on Monday or Tuesday either.prevnext
What Lawmakers Are Saying
Amidst talks regarding another stimulus package, lawmakers on both sides of the aisle have taken to publicly criticizing one another for these deliberations. Senate Majority Leader Mitch McConnell said, "This is not a Washington game. It's a national crisis. It would serve the nation better if the Democratic leaders would act like it's a crisis." It should be noted that House Democrats did take action on another stimulus package back in May when they passed the HEROES Act. That action came nearly two months before Senate Republicans unveiled their proposal for another stimulus package.prevnext
The HEALS Act
In July, Senate Republicans finally unveiled their plan for the next stimulus package, the HEALS Act. Under the HEALS Act, eligible Americans could receive another one-time $1,200 check. But, that is dependent upon whether Congress can come to an agreement on this plan.prevnext
The President's Executive Order
The president took action himself on Saturday amidst these deliberations. He issued an executive order that called for an eviction moratorium, student loan forbearance, a payroll tax holiday, and en extension to unemployment benefits. While these initiatives can help Americans receive more funds amidst the ongoing coronavirus pandemic, this would not include another economic impact payment. Trump does not have the authority to call for additional economic impact payments. Instead, Americans will have to wait for Congress to come to an agreement.prevnext
The House Takes Action
On Monday, House Majority Leader Steny Hoyer announced that the House of Representatives would not hold any floor votes until Sept. 14 in response to failing negotiations surrounding the next stimulus package. Members will remain on 24-hour notice to return to Washington D.C. in case a deal is reached. Hoyer released a statement about this decision, which read, in part, "Unfortunately, while it has been nearly three months since the House passed the Heroes Act to provide assistance to families, increase testing and tracing, and help state and local governments keep teachers, first responders, and other essential workers on the job, Republicans have refused to act."prevnext
What Happens Now?
Treasury Secretary Steven Mnuchin, White House Chief of Staff Mark Meadows, Senate Minority Leader Chuck Schumer, and Pelosi must now come together in order to reach an agreement. Even though the two sides have still been at odds regarding the price of the package, Forbes did note that when they do come to an agreement, Mnuchin said that the Treasury could issue stimulus payments in as soon as a week.prevnext
What Your Next Stimulus Check Could Look Like
Since Congress has not made any concrete plans regarding their next stimulus package, it's unclear exactly what your economic impact payment would look like. However, based on all of the deliberations that have taken place thus far, it appears as though your next economic impact payment could be around $1,200 in total, similar to the amount eligible Americans received from the CARES Act.prev