NEW Details of the NEXT $1,200 Stimulus Package JUST Revealed

NEW Details of the NEXT $1,200 Stimulus Package JUST Revealed

Congress returned to Washington today following a two-week recess.  Senate Majority Leader Mitch McConnell has been working behind the scenes on a stimulus bill, including whether to provide Americans with a second stimulus check, if, and how to extend the extra $600 federal unemployment bonus.

McConnell and House Minority Leader Kevin McCarthy met with President Trump and Treasury Secretary Steven Mnuchin on Monday to discuss legislation.  The current plans are as follows.  A 1 Trillion Dollar package, which is down from the 1.3 trillion dollar package which was rumored. Right now there’s no funding for the CDC, Trump feels that the need to spend what they have before getting additional funding.

Donald Trump reiterated his support for a payroll tax cut to help the American economy recover from the shutdown caused by the pandemic.  A payroll tax is a money taken out of each paycheck that you earn. That money goes to the federal government to fund the Social Security and Medicare programs.  Right now, on the first $137,700 people pay 6.2% for social security and 1.45% for medicare.  Employers also pay payroll taxes for each employee.

Trump sees this as a benefit for the people.  Because now people would take home 7.65% more because they are not paying for Social Security and Medicare.  I mean that’s devastating for those that are on social security and medicare.  And also that’s not really helping the millions of Americans that are currently unemployed.  Essentially, the Republican plan is defunding social security and medicare.

In the Republican plan, they are aiming to decrease the $600 weekly federal enhanced unemployment benefit, which is set to expire at the end of this week.  However a figure wasn’t given, many speculate that it will be as low as an additional $200 a week allowing room for Democrats to negotiate.  The administration wants to incentivize people returning back to work (in the middle of a pandemic).

It is looking likely that the Republican proposal will include a second round of direct payments to individual Americans, potentially at the same $1,200-per-person level in the Cares Act.” However, there has not been a definitive confirmation that a check will be included to keep the cost down.

State and local governments in this plan would receive ZERO, no money.  Sharpening down from the 1 trillion dollars that democrats are requesting to help on a local level.  However; states would get nearly $70Billion for schools which would include some private schools — but it will be directly tied to schools that are reopening.

Treasury Secretary Steven Mnuchin said that next week will be the week for the two sides to resolve their difference.  They are not acting as if we are in an emergency.  They should have a slumber party or a zoom meeting and iron out their differences.  

Whatever is not resolved by August 7th we would have to wait until September 10th for a bill.  That’s when congress is on yet another recess, unbelievable!  it’s all just a stalling game.

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