Could another round of stimulus payments be headed toward Americans’ bank accounts? President Donald Trump appears to support the idea.
Trump recently touted support for another round of stimulus payments to help struggling consumers during the coronavirus pandemic. His remarks seem to go against GOP lawmakers who have been pushing for alternative forms of relief they say will help get Americans back to work and better stimulate the economy.
Here’s what you need to know.
Trump Says Another Stimulus is Coming
On Monday, Trump said he would support another round of stimulus payments to Americans to help them weather the ongoing strain the coronavirus has put on the economy.
“Are you going to get [Americans] a second stimulus check?” Scripps reporter Joe St. George asked.
“Yeah, we are. We are.” Trump responded.
Immediately after saying yes, Trump shifted the conversation to rebuilding the economy. He said there will be “another stimulus package,” and said the package will be announced “over the next couple of weeks” and “will be very good, very generous.” He didn’t provide additional information about when a second round of checks could arrive or how much they might be for.
Lawmakers Haven’t Supported Additional Stimulus Checks
The Coronavirus Aid, Response and Economic Security (CARES) Act, approved in March, provided one-time economic impact payments, also referred to as stimulus payments or stimulus checks, to qualifying Americans. A survey by YouGov for Forbes Advisor found he checks were largely used as lifelines to pay bills, buy essentials and build emergency funds.
And additional aid, like the $600-per-week unemployment check boost provided by the CARES Act, is set to expire and is unlikely to be extended.
Trump’s support for more stimulus checks goes against confusing signals from Washington over the past month.
House Democrats have been adamant about providing more direct relief to Americans, most notably in its $3 trillion HEROES Act, which would provide one-time payments of $1,200 per family member capped at $6,000 for a family of five. But Senate Republicans are largely skeptical of how the deal would be funded, and instead are focusing on enticing Americans to get back to work with one-time cash bonuses.
The lack of clarity from lawmakers regarding more stimulus payments has made them look less likely until Trump’s recent comments.
Another recent survey by YouGov for Forbes Advisor found that Americans are in favor of another round of stimulus checks. The survey polled Americans about numerous payment proposals and found that some 60% of Americans agree that at least one additional payment will help bolster the economy. The most popular proposal among respondents was $2,000 monthly checks for at least six months.
Nothing is set in stone just yet, though. Lawmakers will have to draft a second stimulus package, with both the Senate and House voting to pass the package to the president, who would then sign it into law. As with the first stimulus package, we can expect negotiations from both sides of the aisle before a package is finalized.
Bottom Line
Trump recently said more stimulus checks could be coming, and a second stimulus package could be expected in the coming weeks. His comments appear to go against GOP lawmakers who have been pushing for back-to-work incentives instead of more one-time payments. As extended unemployment benefits are due to end at the end of next month, another round of stimulus payments could help the millions of Americans who are still unemployed.
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