President Trump tweeted this morning that he wants the Republicans to spend more money on the stimulus package and wants to see a second round of stimulus checks for individuals and families.
President Trump tweeted
“Go for the much higher numbers, Republicans, it all comes back to the USA anyways!”
That’s good news if the Republicans are willing to increase their stimulus package budget.
- Today, we’ll review the details of the new stimulus bill from the House of Representatives.
- It includes a second stimulus check, more unemployment benefits, and a second round of PPP.
- We’ll cover the scenario of how Nancy Pelosi can become President if the election results are not clarified by January 20, 2021.
- Covid-19 cases are remaining steady in the United States.
Stimulus Bill News
Let’s go over the details of the new stimulus bill that was introduced by the House of Representatives. This bill is known as the “March to Common Ground” Act.
The theme of this bill is that Republicans and Democrats are compromising and are meeting in the middle of where both parties currently stand. This stimulus bill was a product of collaboration from both Republicans and Democrats.
This March to Common Ground stimulus bill includes a second stimulus check for $1,200. The details say that you will receive $500 for all dependents. This includes your children and all adult dependents. This means that you will receive $500 dollars for your children in college or your parents, if they are your dependents. Adult dependents were excluded in the first stimulus check, so I’m happy to see that they’re taking this into consideration.
The income limits for the second stimulus check would be the same parameters as the first stimulus check.
Within the bill, it says that there would be an automatic third stimulus check, in March of 2021, based on how the US is doing with hospitalizations and the progress of a Covid-19 vaccine.
This second stimulus check program will cost $316 billion dollars.
The federal unemployment benefits would extend until January of 2021. Recipients would receive $450/week for 8 weeks.Then you would receive up to $600/week thereafter through January of 2021.
This program would cost $120 billion dollars.
The self-employed and small business owners would be receiving a second round of PPP money.
There would be $95 billion dollars of new money for this program. The second round of PPP would be more flexible on how you can use that money and would also come with a more simplified forgiveness process.
There would be $500 billion dollars for state and local governments. This will help save jobs for many state and local government employees.
This money will not be a bailout for state and local governments because this money cannot be used to pay for expenses that were incurred prior to the pandemic.
Schools would receive $145 billion of funding. 69% of that would go to elementary schools and high schools. 21% of that would go to colleges and higher education. 10% of that would go to daycare and childcare providers.
There would be $100 billion dollars for testing, vaccine development, and healthcare.
Additionally, there would be $15 billion for the Post Office and $25 billion for farmers.
There are many more items, but those are the primary ones.
We wrote up the details of what’s inside this $1.5 trillion dollar stimulus package.
Last Friday, Speaker of the House, Nancy Pelosi said that she is optimistic about reaching a deal. Pelosi said yesterday, on an interview with Jim Cramer on CNBC, that she is optimistic about the stimulus package as well.
Jim Cramer then slipped up and called Nancy Pelosi “Crazy Nancy” right to her face and then it got real awkward.
There’s a lot of discussion about how Nancy Pelosi can become President, so let’s explain that.
To win the Presidency, President Trump or Joe Biden will need 270 electoral votes. In this situation, the House of Representatives will choose the President.
The Democrats control the House of Representatives, but the selection process will not be based on which party has more seats in the House of Representatives. Even though the Democrats have more seats in the House, the Republicans control more states, so the Republicans would end up selecting the President.
To explain, there are 232 Democrats and 198 Republicans in the House of Representatives.
But California and South Dakota would each count as only 1 vote, even though California has 53 House seats and South Dakota has only 1 House seat.
Therefore, the House would vote based on states, rather than House Seats, and the Republicans have the majority with 26 states vs. the Democrats 22 states and 2 states being independent.
So ultimately, the Republicans would choose the next President.
However, if there is an ongoing dispute in the vote count and the results have not been determined by January 20th or if the House fails to pick the President by January 20th, then Speaker of the House, Nancy Pelosi, would become the Acting President.
Nancy Pelosi would remain as Acting President until the President or Vice President is selected.
- Covid-19 cases are remaining steady in the US at 36,985 new cases and 1,077 fatalities on Tuesday, this is according to the John Hopkins University.
- The Deputy Chief of Staff at the US Health and Human Services, Paul Mango, said that one of their goals is to ensure that not a single American will have to pay for a Covid-19 vaccine.
- There is a lot of talk of the vaccine being ready later this year, but the medical community is saying that the middle of next year is more realistic.