Fun

Status of Second Stimulus Checks as Deadline for Government Shutdown Draws Near

News Feed - 2020-12-01 11:12:35

Status of Second Stimulus Checks as Deadline for Government Shutdown Draws Near


As Americans wait to hear if they will receive second stimulus checks, lawmakers are scrambling to avert the looming government shutdown. A spending bill, which could include some stimulus measures, must be passed before the Dec. 11 deadline to avoid the shutdown. Stimulus Payments Affected by Government Shutdown


As U.S. lawmakers continue their stimulus negotiations, including providing Americans with the second round of direct payments, the government is facing a shutdown, which could be prevented if lawmakers can pass a spending bill before the Dec. 11 deadline.


Congress returned to Washington Monday for a short session that will end before Christmas. The Senate convened on Monday afternoon while the House will meet Wednesday. To prevent the shutdown, an agreement on the overall $1.4 trillion federal budget has already been reached but lawmakers still need to decide where all the money will go, according to NBC News. Both Republican and Democratic leaders reportedly want to approve legislation to keep the government running until September 2021, the end of the fiscal year, instead of passing a short-term bill.


Besides passing a bill to avoid the government shutdown, lawmakers also need to decide whether to approve another coronavirus relief aid package. House Speaker Nancy Pelosi is still pushing for her $2.2 trillion revised Heroes Act while Senate Majority Leader Mitch McConnell wants to get his $500 billion stimulus package approved. So far, an agreement has not been reached and time is rapidly running out to pass a package by the year’s end as several major benefits provided by President Donald Trump’s Cares Act are running out. While Pelosi’s stimulus proposal provides individuals with another stimulus check, McConnell’s bill does not.


Speaking on the Senate floor Monday, McConnell called for a second round of Paycheck Protection Program loans for small businesses and funds to streamline coronavirus vaccine distribution. He criticized Democratic leaders for refusing to compromise, stating: The American people need more help and they need it right now.


However, Senate Minority Leader Chuck Schumer argued Monday that McConnell is only interested in passing a bill that addresses the provisions Republicans support, instead of a true compromise.


While congressional leaders have not seriously met to negotiate stimulus terms, NBC News reported that a small group of Republican and Democratic senators have held discussions about a possible compromise.


Prior to the election, Pelosi and Treasury Secretary Steven Mnuchin met regularly to discuss stimulus terms but the two could not come to an agreement. Last week, Mnuchin proposed that Congress seriously consider reallocating $580 billion of funds that have already been appropriated — the idea which McConnell supports.




Many people doubt that any significant stimulus relief aid will be passed before Joe Biden takes office on Jan. 20. “We are pessimistic about the prospect of any significant near-term fiscal relief, and fear several social safety-net programs may be allowed to expire, affecting millions of households across the country,” said Nancy Vanden Houten, lead economist at Oxford Economics. She added that millions of Americans are “heading for a bleak winter as safety nets expire.”


Some analysts are more optimistic that Congress could pass a smaller bill than Pelosi’s Heroes Act before the end of the year. Goldman Sachs’ strategists said lawmakers are likely to enact a $1 trillion stimulus package even before Biden’s inauguration in January. However, even if a stimulus package is passed early next month with second stimulus checks for individuals and households, the Internal Revenue Service (IRS) could take weeks or months to electronically deposit the funds into people’s bank accounts and a lot longer to mail out paper checks.


Do you think Americans will receive another stimulus check before the year’s end? Let us know in the comments section below. Over 5,000 Bitcoin Worth $97 Million from the 2016 Bitfinex Hack Spring Into Action NEWS | 2 hours ago Gold Sees Largest Weekly Outflow Ever, Metal Prices Spiral Lower, Analysts Expect Flows Into Bitcoin NEWS | 12 hours ago Tags in this story 2nd stimulus check, another stimulus check, government shutdown, second stimulus, second stimulus checks, stimulus check 2, stimulus check date, stimulus negotiations, stimulus update today


Image Credits: Shutterstock, Pixabay, Wiki Commons Purchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH here. Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Crypto Exchanges Binance and Whitebit Offer Help for Ukrainian Refugees
Crypto Exchanges Binance and Whitebit Offer Help for Ukrainian Refugees The global crypto community has actively supported humanitarian efforts in Ukraine and two crypto exchanges
Bastyon Crypto Social Network Integrates TOR Network and Releases Post Advertising for Pocketcoin (PKOIN)
Bastyon Crypto Social Network Integrates TOR Network and Releases Post Advertising for Pocketcoin (PKOIN) press release PRESS RELEASE. Bastyon
World’s Largest Asset Manager Blackrock Sees ‘Very Little’ Demand for Cryptocurrencies
World’s Largest Asset Manager Blackrock Sees "Very Little" Demand for Cryptocurrencies The world’s largest asset manager with $9.5 trillion under managem
Ukraine’s Cyberpolice Force Starts Accepting Cryptocurrency Donations
Ukraine"s Cyberpolice Force Starts Accepting Cryptocurrency Donations As Ukraine is increasingly relying on crypto donations, its Cyberpolice force has also decided to seek help fr
Derek Andersen15 hours agoFTX has $222M in Bahamas real estate, 1,300 tokens — Shareholder presentationTen percent of shareholder claims have been settled so far. They will be able to assess the company"s condition at
David Attlee12 hours agoLargest DeFi protocol on Solana reportedly quits UK market, citing FCA ruleMarinade Finance holds over $265 million in total value locked, accounting for 70% of all funds locked on the Solana bloc
Darknet Users Leverage a New Blockchain Analytics Tool That Scans for Ties to Criminal Activity
Darknet Users Leverage a New Blockchain Analytics Tool That Scans for Ties to Criminal Activity According to the blockchain intelligence firm Elliptic, cybercrim
Bitcoin price hits $72K in South Korea as ‘Kimchi premium’ returns
Zoltan Vardai11 hours agoBitcoin price hits $72K in South Korea as ‘Kimchi premium’ returnsBTC price surpassed $72,000 in South Korea as the “Kimchi premium” widens, suggesting strong retail interest as the gover
Grayscale Buys 33% of All Bitcoin Mined in Last Three Months
Grayscale Buys 33% of All Bitcoin Mined in Last Three MonthsGrayscale Investments bought up to 33% of all newly minted bitcoin over the last three months, as the asset manager conti
Brayden Lindrea7 hours agoWall Street Journal corrects article misciting Hamas’ crypto terrorism funding dataElliptic, the firm which The Wall Street Journal sourced the data from, said it was pleased to see the news o
Kenyan Farmers Pivot to Cryptocurrency as Popularity of Community Currencies Grows
Kenyan Farmers Pivot to Cryptocurrency as Popularity of Community Currencies Grows The growth and popularity of community inclusion cryptocurrencies in Kenya con
Arijit Sarkar37 minutes ago3 unique ways hackers are stealing your crypto: Bitrace ReportCrypto investors claiming “my coins disappeared suddenly” have been found to recently download crypto applications from unverif