After seemingly shutting down hopes of a second economic stimulus package earlier this month, President Donald Trump has been pushing during the past week to get a deal done.
And Republicans and Democrats both agree that Americans are in need of cash as the country continues on its path to recovery through the coronavirus. But another week has passed without a deal, and the clock is ticking and window quickly closing to get an agreement in place that would get money into Americans’ bank accounts before year’s end.
So, what’s the latest?
With the election looming, Trump has been pushing to get a deal done and even tweeted at the sides to go “big,” according to cnet.com. Currently, the Republicans are focused on a $1.8 trillion package, but the Democrats don’t want to go for less than $2.2 trillion.
Regardless of which one of those packages ends up being the one that is passed, providing one is agreed upon, the numbers appear similar for individual Americans. Most folks will, likely, receive $1,200 payments like March’s first round of stimulus.
There’s also a $500 billion bill that cnet.com said will be brought forward by Republicans that would not include stimulus checks but would include support for the Paycheck Protection Program.
The website said the $1.8 trillion Republican plan includes unemployment benefits of $400 per week — down from the $600 paid through March’s CARES Act. It will also include funding for coronavirus testing and tracing, and $300 billion in state and local funding. It would also include individual payments.
The Democrats’ deal would include the $1,200 payments for individuals and would also include $500 for each dependent, the site reported. The unemployment benefits under this plan would remain at $600, and it also includes state and local funding and housing assistance.
The plans are fairly similar, but the amounts being pitched remain off, and the sides still haven’t reached a deal. So, the rollercoaster ride continues, and CBS News reported this week that Wall Street analysts “remain skeptical that Congress will reach agreement on a fresh stimulus round before Nov. 3.”
“We are going to try,” Treasury Secretary Steven Mnuchin told CNBC on Thursday. “Don’t want to say not likely but there are significant issues.”
That is, likely, not what many Americans struggling to make ends meet through the pandemic want to hear. But it’s also not the end of the chance for a deal to get done. There’s still hope, but it’s dwindling.