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Stimulus Check Update and Stimulus Package Update September 18, 2020

Stimulus Check Update

Stimulus Check Update and Stimulus Package Update September 18, 2020


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Quick Overview

  • Leader of the Democrats in the Senate, Chuck Schumer, and Senator Elizabeth Warren introduced a plan yesterday that would cancel $50,000 of student loan debt for every borrower.
  • For the stimulus package negotiations, the offer on the table is $1.5 trillion dollars and you would receive a second stimulus check, extended federal unemployment benefits, and more PPP money for the self-employed and small businesses.
  • Nancy Pelosi can accept the offer or she can fight for the full $2.2 trillion dollars.
  • The Post Office is a hot topic and surveys shows that 33% of all Americans plan to vote by mail.
  • We have a very interesting poll and we hope that you can participate and help us.
  • President Trump claims that mail-in voting favors the Democrats. We’re conducting a poll to discover whether that claim is fact or fiction and we hope that you can help us find out together.
  • The link for the poll is here and you can check the results live and in real-time.
  • In the United States, Covid-19 cases are on the rise in 30 states, they are holding steady in 16 states, and they are declining in 4 states. This is based on weekly data according to the John Hopkins University.

Thank You!

And I want to say thank you to the 50,000 people that gave a thumbs up and a like on our video about the letters that we sent to President Trump, Nancy Pelosi, and Mitch McConnell. Those letters have been mailed out with tracking information.

And a big thank you to the 50,000 people that signed the petition calling for the passage of the stimulus package. And a special thank you again to Stephen Gardner and his community for supporting the American People.

Current Stimulus News

The current stimulus package offer on the table is valued at $1.5 trillion dollars with automatic triggers to make it $2 trillion dollars. Nancy Pelosi can either accept this offer and we would get a second stimulus check, extended unemployment benefits, and a second round of PPP. Or, she can reject the $1.5 trillion dollars and fight for the full $2.2 trillion dollars.

Pelosi is standing her ground and going for the full $2.2 trillion dollars. The bulk of the difference from the standing offer of $1.5 trillion vs. Nancy’s Pelosi request for $2.2 trillion dollars is money for state and local governments.

The good thing about the $1.5 trillion dollar offer is that if things don’t improve by early 2021, there’s an automatic trigger to issue a third stimulus check, that’s something that Nancy Pelosi’s $2.2 trillion dollar plan does not have.

Yesterday, I asked the Democrats for their thoughts on whether the $1.5 trillion dollar offer was acceptable or not. The majority of the comments say that it is an acceptable offer and that Americans need this money now. Many people are commenting that they wish there was some benefits for essential workers. However, some Democrats are saying that they waited this long already and they don’t mind waiting a little longer and they support Pelosi’s strategy to go after the full $2.2 trillion dollars.

Thank you for your thoughts and your input, it was great to read what the community wants to see.

The good news is that President Trump wants the Republicans to increase their budget. The White House Negotiating Team is represented by Chief of Staff Mark Meadows and Treasury Secretary Steven Mnuchin. The White House Negotiating Team is now open to a bigger budget.

Chief of Staff Mark Meadows said that $1.5 trillion dollars is a good foundation and starting point for the new stimulus package negotiations.

Nancy Pelosi says that she is a great negotiator and that President Trump’s willingness to spend more is evidence that her strategy is working.

The other member of the White House Negotiating Team is Treasury Secretary Steven Mnuchin.

The Republicans initial offer for this stimulus package was $1 trillion dollars because Republicans are against spending too much. The Republicans don’t want to spend too much because they say that it will create a big budget deficit and future generations will bear the burden of more debt. However, the Republicans are compromising and increased their budget from $1 trillion dollars to $1.5 trillion dollars.

Mnuchin said that now is not the time to worry about the fiscal deficit. Mnuchin said

“the economic crisis warrants extraordinary stimulus from Congress”.

So the current offer on the table is $1.5 trillion dollars, with automatic triggers that can increase it to $2 trillion dollars. It is still just short of Pelosi’s demand for $2.2 trillion dollars, but it’s good to see that the gap between the Republicans and Democrats getting smaller.

The Senate is in session until October 9th. The House of Representatives said that they will stay in session until the stimulus package is agreed upon.

A new plan was introduced yesterday that would cancel up to $50,000 dollars of every borrower’s student loan debt in 2021. This plan is coming from the Senate, from Chuck Schumer and Senator Elizabeth Warren. Warren said that cancelling student loan debt will improve the lives of tens of millions of Americans and give a boost to our economy during this pandemic. Congress will not need to vote on this.

The next President of the United States will be able to approve or reject this plan. This cancellation of up to $50,000 of student loan debt for each borrower can be done with an executive order. Additionally, when debt is forgiven like this, it usually counts as taxable income with the IRS. However, Schumer says that they will make sure that the President invokes an IRS tax code to make sure that this cancellation of debt is 100% tax-free. This plan would invoke the Higher Education Act of 1965 in order to cancel the student loan debt.

Election News

The Elections are right around the corner on November 3rd. President Trump insists that mail-in voting is an advantage for the Democrats. I’m interested to see whether this is true or not. If you are too, please help us out and cast your vote on our poll. The results will be live and in real-time.

Covid-19 News

  • Covid-19 cases are rising in the United States. We reported 44,360 new cases and 870 fatalities on Thursday. This is according to the John Hopkins University.
  • Covid-19 is currently surging in Europe.
  • Countries experiencing spikes include France, Italy, England, and Portugal.

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