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Stimulus Check and Package Update September 22, 2020

Stimulus Check Update

Stimulus Check and Package Update September 22, 2020

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Americans continue to struggle and need financial aid now during one of the most difficult times in this nation’s history. As we wait for the politicians to reach an agreement on the stimulus package, it is costing Americans our lives, our jobs, our homes, and our dreams. The politicians are supposed to represent the best of the best of the people of this great country. They are supposed to bring ingenuity and problem-solving abilities and represent you and me. We just hope that they pass this stimulus package very soon in the interest of the people.

Quick Overview

  • We’ll review the current status of the stimulus package negotiations.
  • Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell are testifying before Congress today on the need for more stimulus, how effective the previous stimulus package was, and how much money is left over from the last stimulus package.
  • The IRS is sending out 9 million letters to people to remind them to claim their stimulus check money if they have not done so already. Please keep an eye out for that letter.
  • Covid-19 cases are back on the rise in the United States.

Stimulus News

Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell will testify before Congress for three days regarding the need for more stimulus before the elections. And just so you are aware, the lower ranking politicians want to advance the stimulus package negotiations and they want the party leaders to stop the political games. The reason why these lower level politicians are tired of these games and they want to see progress on the stimulus checks and stimulus package is because these lower ranking politicians are up for re-election.

If this stimulus package does not pass before the elections, their challengers running against them are going to be calling out their failures during the campaigns. The lower level Republicans and Democrats worked together and brought forth a compromised stimulus offer for $1.5 trillion dollars. This includes a second stimulus check, the extension of federal unemployment benefits, and more small business aid.

Speaker of the House, Nancy Pelosi, who is one of the two leaders of the Democrats, says that she is holding out for the Republicans to offer a larger stimulus package. Pelosi says that she wants the full $2.2 trillion dollars, not the $1.5 trillion dollars and I’ll tell you why.

Pelosi’s strategy of going after the full $2.2 trillion dollars jeopardizes your second stimulus check, extended unemployment benefits, and more small business aid, and she’s doing it for more money for state and local governments.

Governor Cuomo of New York said that New York’s tax revenue has plummeted during the Covid-19 pandemic. Governor Cuomo warned that New York would have to raise taxes and also lay off state and local employees to close the $13 billion dollar budget shortfall. Governor Cuomo said

“without federal help, yes, you’d have to increase taxes. Yes, you’d have to do cuts. Yes, you’d have to do borrowing. No one has ever tried to close a gap this big”.

The $1.5 trillion dollar offer on the table does include $500 billion for state and local governments, but Pelosi wants $915 billion dollars for state and local governments. However, many Republicans are saying that they do not want to bailout state and local governments that don’t know how to manage a budget, especially for deficits that were run up pre-Covid.

Yesterday, I asked the Republicans what they thought about the $1.5 trillion dollar offer on the table and whether Republicans should increase the budget to the $2.2 trillion that Pelosi wants.Thank you to everyone who commented. The responses were a mix of “$1.5 trillion dollars is plenty because it includes a second stimulus check, an extension of unemployment benefits, and more small business aid”.

Other commentors are saying that we’re never going to pay back the national debt anyways, so let’s increase the stimulus package from $1.5 trillion to $2.2 trillion dollars.

Thank you so much for your comments, it is always good to see what the people are rooting for.

Supreme Court Justice News

Unfortunately, during the past two sessions in Congress, the stimulus package negotiations are taking a back seat to nominating a Supreme Court Justice. President Trump will nominate a Justice and then the Senate will confirm the nominee.

This is drawing criticism as Representative Gwen Moore said

“the Senate GOP is more concerned with filling a Supreme Court seat less than 2 months before an election than passing a Covid-19 relief package. The priority isn’t the American People”.

Additionally, the government funding bill is diverting attention away from the stimulus package negotiations.

If a government funding bill is not passed, we’ll experience a government shut down at the end of this month. The Democrats want more money for food programs and the Republicans want more money for farmers. They need to get these details resolved in order to get this voted on and passed in the House and Senate to avoid a government shut-down.

Covid-19 News

  • Covid-19 cases are back in the rise in the United States.
  • We reported 52,070 new cases and 356 fatalities on Monday, this is according to the John Hopkins University.
  • The CDC has retracted their guidance about airborne transmission and says that it was posted in error.

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