Freshly-inaugurated Joe Biden applied two executive orders to try to relieve Americans' financial distress while Congress confers on the fate of his proposed $1.9 trillion stimulus package. Promising to fight for getting Americans additional $1,400 stimulus checks, financial experts are now speculating on when people can expect that payment.
When will the stimulus bill pass?
The earliest a new stimulus package bill could be passed is February, WGN9 reports. There are still a few things that could impede a speedy passing of the bill, making it unlikely that Congress could do so by the end of January. On Friday, Biden signed executive orders to expedite the issuance of pandemic stimulus checks to families in need and increase food aid for children who normally rely on school meals for nutrition. "The American people are hurting, and they can't afford to wait. They need help right now," White House National Economic Council director Brian Deese said at a press briefing.
Increasing minimum wage
Biden has proposed a $1.9 trillion stimulus bill that would help with coronavirus relief by providing the new payments, which, he points out, equals the $2,000 he had been pushing for Americans to get when combined with the $600 that was given with the second stimulus bill. The bill would also increase the minimum wage to $15 an hour, expand paid leave for workers and increase tax credits for families with children. Economic and legislation experts will tell you that, much like what we've seen with the past bills and proposals, it can sometimes take weeks for lawmakers to negotiate a bill of that magnitude. However, many analysts will also note that a stand-alone stimulus payment bill could be passed much sooner and more quickly.
Previously, getting a bill passed was complicated due to the House being under the control of the Democrats, and the Senate and White House are in the control of the Republicans. However, the Democrats retained control of the House during the 2020 elections and gained the White House when President Joe Biden and Vice President Kamala Harris defeated incumbents Donald Trump and Mike Pence. Then, on Wednesday, newly elected Democratic Georgia senators Jon Ossoff and Raphael Warnock were sworn into office, giving Democrats a lead in the Senate — which is currently 50-50 — due to Vice President Harris being the tie-breaking vote.
When it comes to how soon direct deposits will hit bank accounts once a new bill is passed, Americans who receive their payments this way won't have long to wait. Former U.S. Treasury Secretary Steven Mnuchin once stated that the IRS could have the payments sent out within a week and with the second payments, some may hit within a day or two. It is possible that, if Biden can get his proposal through quickly, Americans could see those $1,400 payments in their bank accounts as soon as the Treasury gives the IRS the go-ahead. Anyone who receives their payment through a check or pre-paid debit card will likely have to wait a week or more before their payment shows up.