As reported by cnet,

President-elect Joe Biden already had his sights set on a third stimulus check.

Sarah Tew/CNET

Hours before supporters of President Donald Trump forced their way into the US Capitol on Wednesday, Chuck Schumer, the Senate Majority Leader-Designate, pledged to pass a $2,000 third stimulus check through Congress. During the chaos and destruction, which involved members of Congress being evacuated to a secure location for hours, the Senate changed from red to blue, as the results of Georgia’s runoff for two Senate seats were called in favor of the Democratic candidates.

“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,” Schumer said Wednesday from the Senate floor.

“Their election will put an end to the block in Washington on that $2,000 stimulus check. That money will go out the door immediately to people in real trouble,” President-elect Joe Biden said Monday while campaigning in Georgia for Rev. Raphael Warnock and Jon Ossoff, who both won their seats against Republican incumbents.

Scant hours after the declarations were made, the nation’s focus swung to the dramatic events on Capitol Hill and then to calls of impeaching Trump for inciting mob violence and for invoking the 25th Amendment to seek to strip his power days ahead of Biden’s Jan. 20 inauguration. The resignation of some of Trump’s cabinet members soon followed.

Does any of the upheaval in the nation’s capital affect a third stimulus check for $2,000 apiece? How could the turmoil affect the Congressional Republicans newly sworn in on Jan. 3 and when could a new stimulus check arrive? We’ll share what we know in the leadup to Biden’s Jan. 20 inauguration, as the situation develops.

The latest push behind a $2,000 stimulus check

The IRS may have already dashed to send out about two-thirds of the second stimulus checks for up to $600 apiece (track your payment here and calculate your total,) but some Washington leaders are already pledging a $2,000 third stimulus check. The calls for a $2,000 cap per eligible adult pick up where President Donald Trump, congressional Democrats and a few outspoken Republicans left off trying to raise the $600 ceiling on the second stimulus check to $2,000.

With Democrats readying to swear in two Georgia senators and take the majority by a hair, the party will control Congress and the presidency, making it easier for Biden to pass his objectives despite a projected resistance from Senate Republicans.

Biden had already made it clear he supports a third stimulus check, but before Monday, had shied away from committing to a sum. In his early presidential campaign, he had suggested a $1,200 stimulus check, modeled on the first, but more recently, he left the question open.

“This bill is just the first step, a down payment,” Biden said Dec. 22 in the last days of negotiation over the second stimulus check. When asked by a reporter if a future package would contain the third stimulus check and how much money he would seek, Biden said, “That’s a negotiating issue… But it will, yes, it will.”

It now appears that the introduction of a $2,000 per person upper limit in a serious way, and confidence of a Democratic Senate, have emboldened Biden to push for the larger sum.

Now playing:
Watch this:

Second stimulus checks: Everything you need to know


How a third stimulus check could bring more money

A $600 check is, obviously half the $1,200 from 2020, so, yes, recipients get less money per household. But there’s more to it than that. Since the upper limit for a second check is $600 per adult, with an extra $600 per child dependent, the way the IRS’ formula works out, more people hit the upper income limit for receiving a second payment, which means they won’t actually qualify to get any stimulus money at all.

A third stimulus check could:

Again, much could depend on who wins control of the Senate, and what the new Biden administration sees as its goals in rehabilitating an economy weakened by the coronavirus pandemic.

What other funding a new stimulus bill could authorize

We already know some of Biden’s early economic stimulus objectives, which he shared as part of his presidential campaign trail. There’s a good chance that he’d push Congress to revisit those agenda items, in addition to several programs left out of December’s $900 billion bill by both Republicans and Democrats.

They could include measures like:

  • A larger third stimulus check that could reach more people.
  • Federal unemployment checks past March.
  • Renewing the eviction ban past Jan. 31.
  • Student loan deferrals or forgiveness for public schools.
  • More money for state, local and tribal governments.
  • More money for contact tracing, coronavirus testing and COVID-19 vaccine distribution.
  • Liability protection for businesses against coronavirus-related lawsuits.

For more information, here’s how to calculate your second stimulus check paymentwho may not qualify for a check and a primer on the five different priority groups.

Source link: cnet


Please enter your comment!
Please enter your name here