We Have a Stimulus Deal — Government Shutdown Averted
On December 14, members of the U.S. Senate held a press conference and noted with pride that a bi-partisan deal had been reached, and a new stimulus package would be passed any day. On Thursday, it was clear that the deal was in trouble and a government shutdown could have occurred, negatively impacting government employees as soon as Monday. On Friday, it fell apart, and a stop-gap funding order was passed to ensure that the government could stay open for the weekend.
But the government pulled through late Sunday night – though to some on social media, it was too little, too late.
Next #StimulusCheck boutta look like pic.twitter.com/2FZmRhqZOb
— D̾e̾u̾c̾e̾ (@richard_4_real) December 21, 2020
$600 dollars isn’t even enough for most Americans to pay half their mortgage, as the average is roughly $1300. Let’s not even get started on the cost of housing in most cities.
Both, elected Republicans and Democrats should be ashamed. #StimulusCheck
— Frederick Joseph (@FredTJoseph) December 21, 2020
The Washington Post reports that the current plan calls for stimulus checks of $600 per person, adults and children in a household alike, to begin phasing out at $75,000 in 2019 income. It also calls for an additional $300 per week in unemployment benefits. There is also an extension on the eviction moratorium. The total value of the package is estimated at $900 billion, and it does not include funding for state, local or tribal governments.
See: Checks Are Back on the Table — How the Stimulus Plan Will Affect Your Wallet
Explore: How Big Will Your Stimulus Check Be?
Mid-week, the debate was over whether to add stimulus checks, and if so, how much should they be. By Friday, the wrench dropped into the works was a proposal by Sen. Pat Toomey (R-Pa.) to limit the Federal Reserve System’s emergency lending powers.
Early Sunday evening, Senate Majority Leader Mitch McConnell (R-Ky.) announced that lawmakers had finalized their negotiation and that the bill would pass later in the night, avoiding a government shutdown on Monday morning.
See: Where Experts Think Congress Should Spend Stimulus Money
Explore: The Stimulus Check Secret You Need to Know Before You File Your 2020 Taxes
Congress has been working on a second stimulus for eight months, after it became apparent that the COVID-19 pandemic would last longer than the first stimulus. Nevertheless, the terms were contentious and led to two stop-gap funding bills – which sparked action by several cities and states to fund their own relief programs.
More From GOBankingRates
Are You Spending More Than the Average American on 25 Everyday Items?
Investors Bank’s Checking Accounts: Helping You Do More With Your Money
Guns and 32 Other Things You Definitely Do NOT Need To Buy During the Coronavirus Pandemic
This article originally appeared on GOBankingRates.com: We Have a Stimulus Deal — Government Shutdown Averted
