Stimulus package talks have been at the forefront of the news and most people’s minds, especially as policymakers who have gone back-and-forth on trying to come to an agreement. While many hope the HEALS Act, CARES Act or another measure passes, the elephant in the room is this question: What happens if a deal isn’t made?
At the most basic level, no second stimulus package would shut down all hope of having a second check worth $1,200 per individual coming. It would also keep the unemployment bonus, which was an extra $600, out of the picture. Both of these moves would, in turn, impact the economy as people would struggle to put together extra spending money. Without that additional financial support, there would be less being spent back into the marketplace. All hope for help, though, may not be lost as President Donald Trump has already begun looking into his executive order powers to determine how he could step in if the two sides don’t reach an agreement. These actions could include suspending tax evictions and payroll tax.
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While the gloom outcome of no package being put together in time is something to consider, the likelihood of that happening remains minute. While the sides have gone back-and-forth, the incentive to get something together has a lot of weight. That’s because coronavirus cases continue to rise in some areas, some states have dialed back their reopening plans and unemployment continues to plague the country. Not finding a way to lift the nation back up onto its feet with some financial leeway would be a bad look for the government, especially with the public anticipating some more help ever since the first round of checks began to roll out in April.
As for when the second federal stimulus package would be put together, that remains the big question. All signs point to it occurring sometime in August — if it’s to be done — before the sides split off for recess in September. Senate Majority Leader Mitch McConnell said that he is ready to support the bill that is agreed upon, but he remains to wait on the Democrats and the White House. However, those two parties have ceased talks as of Friday. Trump has since indicated he will take executive actions as a result. With each passing day, more information has come out about how the conversations have gone on, leaving the public growing a bit impatient as talks slowly progress.
