Good News Stimulus Update

Good News Stimulus Update

I’m reading an article here from Newsweek where White House Chief of Staff Mark Meadows said that Donald Trump has been “very clear that he’s supportive of another stimulus check.  Reiterating his boss’ desire to include a second round of individual payments to Americans in legislation that Congress is expected to pass later this month.  Although Trump has previously suggested a payroll tax cut would be a must-have in another relief bill, Meadows said he does not think “there’s any redlines right now.”

As virus cases have spiked in dozens of states since easing social distancing restrictions, some local and state leaders have been forced to once again put restrictions on businesses.  Which I eventually have an effect on the unemployment rate.

The nonpartisan Congressional Budget Office predicts the average unemployment rate will be just over 6 percent through 2030, up from the 4.2 percent it projected in January before the pandemic.  Mark Meadows said that Secretary of the Treasury Steve Mnuchin will lead the charge, which is great news because he is the one who headed up the last round of payments and he has been openly supportive of a second round of checks to go to the people.  Steve McMuchin stated that the  administration is “going to seriously consider whether we need…more payments and direct payments.  The next stimulus package will come from Congress. While the White House may have input and help draft the legislation, only Congress can authorize legislation for the next stimulus package. 

Leader Mitch McConnell has opposed second stimulus checks, citing the high cost. Republicans control the Senate and will have the final say on whether second stimulus checks will be included in the next stimulus bill.  Congress likely will vote on the next stimulus package in July. (A stimulus package does not necessarily have to include a stimulus check).

Leave a Reply