Stimulus checks were given to all eligible American taxpayers earlier this year. Now the public is waiting for the second round of checks given before the US Presidential Election.
Stimulus update before the election
There are a few days left before the election that is set on November 3. As a record number of daily COVID-19 cases in the country continues to increase, Democrat House Speaker Nancy Pelosi says there is still a chance that another round of stimulus checks can be negotiated before the election.
Pelosi is optimistic about the approval of a new stimulus package despite the continuing disagreements between Democrats and the White House. As both sides find it difficult to reach an agreement, many experts think the chance of being able to distribute checks before November 3 is pretty slim.
On October 23, Pelosi told MSNBC that she believes they are going to get another stimulus bill. She also talked about how the White House goes back-and-forth on the deal, as President Trump called it off at one point, only to say it is back on again after a few days.
Pelosi is insistent on defeating the coronavirus in the country, and it is one reason why Republicans and Democrats can't come up with a final budget. Pelosi and the Democrats want a $2 trillion budget, but the Republicans are only proposing $1.8 trillion maximum.
Pelosi noted that she is looking to allot a $75 billion budget on expanded COVID testing and tracing; this is due to the cases still increasing in the country, according to CNET.
The House Speaker said that the White House must allocate the resources to follow the CDC guidelines to defeat the virus because if not, the condition may worsen. She talked about the measures that she wanted to impose, such as testing, tracing, treatment, mask-wearing, social-distancing, sanitation, and ventilation.
Pelosi was optimistic that the Administration would ultimately embrace science and follow the guidelines. She also talked about the pandemic's impact on minority communities, with most filing for unemployment benefits this year.
On October 22, Pelosi had a conference call with her leadership team. She stated that some House Democrats refused to vote on a COVID relief bill before November 3 unless Senate Majority Leader Mitch McConnell will also hold a vote on the Senate floor before the presidential election.
Meanwhile, on October 23, Treasury Secretary Steven Mnuchin said that while there is much progress regarding the stimulus package negotiations, the parties' differences remain, according to Bloomberg.
Mnuchin said that President Trump instructed that if they can get the right deal, they will greenlight it, but Pelosi has many conditions that President Trump does not want. If Pelosi will compromise, the deal is on.
The ongoing negotiations
The stimulus negotiations resumed last month after the Senate went on a break. Federal Reserve Chairman Jerome Powell and other experts have warned some sort of broad relief is needed for a sustained economic recovery.
However, the progress to come up with a deal has been very slow. Although the Trump Administration wants to pass a stimulus bill before the election, Goldman said it is unlikely due to the time line.
There are also other obstacles, like the growing resistance from the Republicans in the Senate. Pelosi said that the text of legislation would need to be completed by the end of this week for the pre-election timeline to work.