House Speaker Nancy Pelosi (D-CA) (Photo by Chip Somodevilla / Getty Image)
If Congress does not finalize an incentive deal on Friday, the final stimulus package may look like these three options.
Here you need to know.
stimulus package
It is likely to be faster No An incentive deal was announced on Friday. The Senate is scheduled to break for summer vacation and not return until 8 September. However, talks will likely continue for legislators to arrive at the final stimulus package. The problem is that despite the lack of dialogue between Senate Minority Leader Chuck Schumer (D-NY), Speaker of the House Nancy Pelosi (D-CA), US Treasury Secretary Steven Menuchin, and White House Chief of Staff Mark Meadows, the producer’s In form, the Congress has very little. To show the American people – yet. There have been reports of some progress. For example, Congress has agreed to a second incentive check of $ 1,200. This is one of the few policy proposals that Republicans and Democrats may be willing to mutually accept. There may also be agitation if weekly unemployment benefits are raised to $ 600, even if they expired last month. However, many conservative Republicans are concerned about the Republican-proposed $ 1 trillion Heels Act, even though its $ 2 trillion is less than the Democratic-proposed Heroes Act.
If Congress does not reach a deal on Friday, then these 3 scenarios may be possible in the next phase:
Option 1: Congress finalizes an incentive package next week
Congress will continue to work on the stimulus package, despite the total spending for total policy provisions and even the discussion on top-line numbers. If Congress announces an incentive package next week, the first option would be a comprehensive incentive package that uses the Heels Act as a basis, and perhaps incorporates elements of the Hero Act. Total state aid (including funding for schools), liability protection and expulsion protection may be hot button issues that Congress will work to finalize. Both sides say they want a deal and there will be a deal. However, after 8 September at what point did Congress put the pencil down and reattach? First, it is unlikely that Congress waits for long. Second, members of Congress want to demonstrate financial incentives to constituents in their district – including 35 senators and all members of the House of Representatives – for re-election. If Republicans and Democrats cannot agree to a basic stimulus package, a deal will be in place despite their statement that there is a small possibility that Congress is unable to reach a deal and postpone until September.
Option 2: Congress agrees on some stimuli, but not everything
This option means that Congress can agree on some issues, but not all issues, in the new stimulus package. Consider it a one-piece approach and similar to what some Republicans proposed from the start. A piecemeal approach would work like this: Now pass legislation where both parties agree and postpone policies where there is disagreement. In this way, Congress can now provide financial relief to the American people, millions of whom are struggling financially and unemployed in the wake of Kovid-19. For example, Congress may provide immediate financial relief with a second incentive check, weekly unemployed benefits, or both. Senate Majority Leader Mitch McConnell (R-KY) envisioned this approach when he introduced the Heels Act, which is one reason senators introduced separate bills on policy topics rather than one bill with all policies.
Option 3: Trump issues executive orders and no stimulus package
President Donald Trump has made it clear: If Congress does not agree on an incentive package that he can sign into law, Trump will issue an executive order to create his own version of an incentive package. In particular, Trump said an executive order could cover other areas, a payroll tax deduction, student loan repayment, unemployment benefits and eviction protection. Before leaving for Ohio today, Trump tweeted: “Upon departing the Oval Office for Ohio, I gave my employees an executive order regarding payroll tax cuts, eviction protection, unemployment extensions, and student loan repair options.” To continue working on. “Essentially, Trump would circumvent Congress and financial relief on his own terms. Trump has issued several executive orders during his presidency, including the $ 2.2 trillion stimulus package in March, leading up to the CARS Act, which included the first stimulus check. For example, Trump issued a 60-day executive order to stop student loan payments, to set an interest rate of 0% for federal student loans, and to stop federal student loan debt collection.
Next Step
When will there be an incentive package? It is really in the hands of Congress now. The Congress will continue to gain common ground with the August 7 timeline passing. Even with the bipartisan agreement, many Republican senators will still refuse to support the stimulus package. While it is unclear how long Trump will wait until he issues an executive order, he has made it clear that while White House staffers are working parallel to an executive order, Congress should not act. In recent weeks, Trump has made several comments about what he thinks should be included in the next stimulus package. For example, Trump has stated that student loans may be suspended “for extra time”. Trump has also said that the second stimulus check could be larger than $ 1,200.
Related resources
This second incentive check will pay the most
New stimulus today: Second stimulus investigation, unemployment benefits and more
15 Secrets to Refinancing Student Loans
Second Incentive Check: Compared to 4 schemes
5 student loan changes for 2020
Trump: Student loans may be extended for “overtime”
Trump: Second stimulus check may exceed $ 1,200
What does the new incentive package mean for your student loan
Stimulus: Here are the latest numbers for the second stimulation check and more
Second incentive check may be less than $ 1,200
Second Incentive Check: Your Questions Answered
Trump wants at least $ 2 trillion for next stimulus
Don’t expect student loan forgiveness in the next incentive bill
Student loan refinance rates are incredibly cheap
.