A third stimulus check would reportedly provide vital financial support for households affected by the COVID-19 pandemic. The $600 second stimulus checks directed by the most recent relief bill is an effort that has been denounced by a number of Republicans and Democrats as doing too little to help grappling families.
Third Stimulus Check
Democrats Raphael Warnock and Jon Ossoff had defeated incumbent Republican senators David Perdue and Kelly Loeffler. This will reportedly ease the passage of another stimulus relief bill, which is supported by President-elect Joe Biden.
The Internal Revenue Service (IRS) may have already dashed to transfer you around two-thirds of the second stimulus checks.
According to Chuck Schumer, the previous Senate minority leader, on Wednesday, "One of the first things that I want to do when our new Senators are seated is deliver the $2,000 checks to the American families," reported CNET.
As of now, Senate Majority Leader Mitch McConnell has been the prime roadblock to increased stimulus payments.
According to Biden, "If you send Jon and the Reverend to Washington, those $2,000 checks will go out the door. And if you send Sens. Perdue and Loeffler back to Washington, those checks will never get there. It's just that simple. The power is literally in your hands," reported WATE.
The COVID-19 pandemic remains largely unchecked, with the United States transitioning from the holiday season and into the dead of winter. This reportedly has implications for the future economy.
Georgia Republicans Perdue and Loeffler supported President Donald Trump's eleventh-hour proposal to bolster the size of stimulus checks from $600 to $2,000. The $600 bipartisan compromise had been regarded as a done deal and had won sweeping approval in the Senate and House following the White House's assurance to GOP leaders that President Trump supported it.
On Monday, Joe Biden stated that $2,000 checks could "go out the door" soon when voters in Georgia gave a Democratic majority in the Senate, which has now transpired.
Biden made such remarks regarding $2,000 checks at a Georgia campaign rally where Democrats were making efforts to unseat sitting Republican senators in a pair of Tuesday runoff elections.
A so-called Economic Impact Payment would arrive on the heels of the latest relief measure, a $900 billion bill that the president delayed and condemned as "ridiculously low."
A large question is whether lawmakers could push for $2,000 or $1,400 cash payments. The latter represents the difference between the $600 checks and the thwarted effort to increase them to $2,000 in the most recent bill.
According to Ed Mills, an analyst with investment bank Raymond James, "We expect growing anticipation that Democrats will pursue additional stimulus, with a $2,000 check (or at least the remaining $1,400) as a leading item," reported CBS News.
The president-elect had already made it clear that he supports a third stimulus check. However, prior to Monday, he had shied away from remarking how much he would support it upon taking office. He had suggested a $1,200 stimulus check modeled on the first stimulus check in his early presidential campaign.
Over the previous few weeks, it has become apparent that Biden plans to push for a third stimulus check.
Related Article: Trump's Hospital Price Transparency Rule Being Implemented