Will There Be A Second Stimulus by the end of 2020?

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There is almost not enough time for the US government to approve a second coronavirus relief package before the first one reaches its expiration date. There are signs that a much smaller deal may be passed soon. There is a bleak chance of getting the popular stimulus checks in this round of aid.

Reports say that Democrats and Republicans are far apart in almost all issues facing the American people as well as the economy. The pandemic has affected states and cities whose tax revenues have been declining. Mass layoffs of local government workers are also an imminent possibility.

An updated Health and Economic Recovery Omnibus and Emergency Solutions (HEROES) Act  was passed by the Democrats on October 1. This $2.2 trillion bill has faced opposition from the Republicans to date.

Millions of American households are facing huge difficulties. These problems will be exacerbated when aid and protection given by the CARES Act is set to expire by the end of the year.

Last month more than 125 economists signed an open letter asking lawmakers to release funds for stimulus checks.

“Recurring direct payments will help families meet basic needs, boost state and local economies, and speed the recovery,” they wrote in the letter. “Cash reaches millions who are struggling economically, including those who don’t qualify for unemployment benefits.”

Lawmakers could still pass a bill before holiday recess on December 18. However, this may not match the CARES Act which became a law in March 2020 and provided many Americans with a $1,200 stimulus check.

Source CBS News


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