- Senate Majority Leader Mitch McConnell said Tuesday that the Republican Party supports another round of stimulus checks “to help American families continue to push forward our national return.”
- The update puts Republican lawmakers in line with the Trump administration and Democrats by calling for a second round of financial aid payments.
- However, not all parties ask for the same criteria. McConnell previously released an income limit of $ 40,000 for the next wave of checks to cut the cost of a second stimulus package. Democrats opposed such a move.
- The loose deal comes as Congress rushes to pass a second stimulus bill before the expanded unemployment benefits expire at the end of the month.
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Senate Majority Leader Mitch McConnell said Tuesday that the Republican Party supports a second wave of stimulus checks on its coronavirus relief bill.
“We want another round of direct payments, direct payments to help American families continue to drive our national return,” said McConnell.
The development brings Republicans on board with Democrats to support a new round of payments to Americans. The Trump administration also supports a second set of stimulus controls. But the details remain unclear about key details, such as the amount of the payment and whether it would be phased out at a certain level of income.
McConnell previously released an income limit of $ 40,000 for an additional wave of checks in an attempt to reduce the cost of another spending package. Where Republicans hope to keep new spending at about $ 1 trillion, Democrats are looking at a package of up to $ 3.5 trillion.
However, implementing that income limit could allow up to 20 million people to receive checks, according to an estimate by economist Ernie Tedeschi.
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“The legislation that I have begun to draft is not another CARES Act to float the entire economy or a typical stimulus bill for a nation that is ready to return to normal,” McConnell said in the Senate on Tuesday.
In March, Congress authorized a wave of direct payments of $ 1,200 for people earning up to $ 75,000 a year, plus $ 500 for each dependent child. The cash amount decreased until phase out for those earning more than $ 99,000. Married couples earning up to $ 150,000 a year also qualified for full payment.
Democrats support an additional set of payments following the same criteria as the first checks. That measure was included in the financial aid package approved by House Democrats in May.
A flexible agreement on a second round of controls marks a small victory for lawmakers’ hasty negotiations. The $ 600 per week expansion to unemployment benefits will expire at the end of the month, which would be a major federal lifeline for millions of unemployed Americans.
Democrats re-extend the reinforced payments until January 2021, but Republican lawmakers and White House officials say the weekly push of $ 600 discourages people from returning to work.
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“We will make sure we don’t pay people more money to stay home than to go to work,” Treasury Secretary Steven Mnuchin said Monday during a meeting with Republican lawmakers. The Republican Party is looking for a “technical solution” for unemployment insurance, he added.
Eliminating partisan differences will likely push the bill through in August, House of Representatives minority leader Kevin McCarthy said Tuesday. Doing so would ensure the depletion of reinforced unemployment insurance payments.
“I imagine this bill will not take place in late July,” McCarthy said on CNBC’s “Squawk Box”, adding that he expects the package to be approved “probably in the first week of August.”
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