(CBS Detroit) – The next stimulus check is getting closer to reality. The $ 1,400 direct payment would be part of the proposed $ 1.9 trillion economic relief package. President Joe Biden’s incentives in its current form also include additional unemployment benefits, improved child tax credits, and more aid to the millions of Americans suffering from the economic fallout from the ongoing COVID-19 pandemic. This week, a third economic relief payment got closer to the bank accounts of millions of Americans. However, the timeline remains somewhat uncertain.
On Monday morning, a group of 10 Senate Republicans proposed a counteroffer to the US bailout plan. Their $ 618 billion package would reduce the direct payment to $ 1,000 and set a cap of $ 40,000 in annual income for recipients, after which the stimulus check amount would expire. The federal additional unemployment benefit would stay at $ 300 and last through June. The changes to the child tax credit and many other elements of the Biden package have been completely removed.
>> READ: Stimulus Check: Will the GOP Counter Offer Affect Biden’s $ 1.9 Trillion Aid Package?
The Republican senators met with the president, who promised at the beginning of his term to work bipartisan, and got away hopefully. For his part, Biden remains ready to negotiate; One possible change could be to lower the annual income threshold for stimulus checks to $ 50,000. However, reducing pandemic aid and slowing it down for non-partisan reasons are not an option. The latest Republican proposal is less than a third of what is already on the table, and negotiations take time. “The risk isn’t that this package is too big,” noted White House press secretary Jen Psaki. “The risk is that it’s too small.”
After their meeting, the President told Democrats that the Senate Republican counter-proposal was “not even in sight”. The administration doubled the reconciliation process to achieve its goal. And it seems to have enough votes to bring the legislation to Biden’s desk.
The Democrats continue to lay the groundwork for a sizeable stimulus package to be passed with an almost partisan vote and a simple majority in the Senate. Parliament passed a draft budget on Wednesday that should allow the Senate to push economic discharge forward with 51 votes instead of a veto safety factor of 60. The Senate will likely act under the same law this week. From there, attention can be directed to the details of the relief calculation.
>> READ: Stimulus Check At the latest: Parents could receive monthly payments with an extended tax credit for children
What does it all mean if Americans could see this third stimulus check? The government’s goal is to put the American rescue plan into effect by March 14th. Then the current $ 300 unemployment benefit will expire. However, signing in mid-March is an aggressive schedule. Negotiations are not necessarily over, even if this week’s Republican proposal appears dead on arrival. Some left-wing Democrats in the House have asked for greater stimulus controls. And centrist Senate Democrats like Joe Manchin of West Virginia have raised concerns about the $ 1.9 trillion price tag. Internal party negotiations also take time. And then there are the impeachment proceedings against former President Donald Trump that the Senate will have to deal with in the coming weeks.
Assuming President Biden will be able to sign the aid package on March 14th, direct deposits will likely begin by the week of March 22nd, with checks arriving by the week of March 29th the above Reasons.
The economy contracted 3.5 percent in 2020, the biggest drop in a year since the end of World War II. Unemployment remains historically high: 779,000 people apply for unemployment insurance and a further 348,000 apply for pandemic unemployment benefits. Until a few weeks ago, around 18 million people were receiving some form of unemployment benefit. That is one in nine workers.
>> READ: Stimulus Check At the latest: Will the USD 1,400 payment survive negotiations on the American rescue plan?
Economic recovery depends on the widespread use of a vaccine. But efforts to vaccinate the public have advanced in seizures and beginnings. Due to the widespread shortage, some cities have had to temporarily close vaccination centers and cancel appointments in recent weeks. A major winter storm that covered the northeast earlier this week has further hampered efforts. Meanwhile, domestic COVID cases have exceeded 26.5 million, with the death toll exceeding 450,000.