Another Economic Stimulus Payment Could Be Coming
It sounds like more economic stimulus money could be on the way soon, but not as many Americans may see it this time.
Senate Majority Leader Mitch McConnell has been saying for a long time that the month of July is when the Senate would decide if they were going to do another relief package. With coronavirus cases jumping dramatically in many states causing them to slow or backtrack on reopenings, it seems obvious another economic stimulus is needed. McConnell apparently agrees. He said Monday,
I would predict in the next couple of weeks, if there's a new rescue package, and I'm pretty sure there will be, I'll be unveiling another one.
This morning, Vice-President Mike Pence's chief of staff, Marc Short, backed up speculation the newest aid package could total around $1 trillion. He told Bloomberg Radio,
I think we want to make sure that people that are still unemployed or hurting are protected but at the same time, we want to take into consideration the fact the economy is bouncing back and want to try to contain the amount of spending. There’s obviously been a lot of stimulus put in the system over the last couple bills, and so the price tag for us would be that. By that time table, we want to have a bill on the president’s desk.
Forbes says people who make more than $40,000 per year may not get a check this time. Why $40,000? According to Forbes, last month 150 economists released an open letter that showed "Almost 40 percent of those in households making less than $40,000 a year had lost a job in March."
NBC reported that at a Monday public event in his home state of Kentucky, Mitch McConnell said, "I think the people who have been hit the hardest are people who make about $40,000 a year or less."
There's also speculation the new package could include payroll tax cuts, allowing people to take home more money. A bonus for Americans going back to work and additional unemployment benefits are all possibilities, according to Forbes.
Whatever, if anything, is done in Washington, it will have to be done quickly. When Senators return from recess on July 20, it will be for just 15 business days. CNet says another recess, this one for 32 days, begins on August 10.