Another week has passed with Republicans and Democrats failing to come to an agreement on a second stimulus package for Americans struggling through the COVID-19 pandemic.
And while that’s not the best of news, folks who could use a few extra bucks to make ends meet can at least take solace in this – both sides do agree that Americans need a second stimulus payment.
And, on Friday, Vice President Mike Pence reinforced that the White House continues to be behind a second stimulus payment as well.
“Nobody wants to give direct payments to American families more than President Donald Trump,” Pence told CNBC’s “Squawk on the Street. “We sent those checks to American families. It helped people through this tough time.”
The numbers bantered about – at least the numbers expected to hit Americans’ bank accounts — are similar to those of the first stimulus deal.
“You could easily see another round of stimulus checks that was exactly the same as the previous round, or more or less the same,” Mark Mazur, the director of the Urban-Brookings Tax Policy Center, told CNBC.
That first round paid individuals as much as $1,200 with as much as $2,400 going to married couples with a $500 bonus paid to parents for each child under 17. According to the repot, “full payments” went out to individuals who made up to $75,000 and to married couples making up to $150,000. But, it said, the payments were “gradually reduced” for folks making more than that, and totally phased out for individuals making more than $99,000 and married couples making more than $198,000.
CNBC reports, however, that there will likely be some changes if a second check comes.
Democrats have put $1,200 checks back on the table, but want to up the bonus for dependents to $1,200 each for as many as three children. They also propose taking the age cap — 17 — off the table Families could get as much as $6,000 under the proposal.
The Republicans are also proposing cutting that age cap of 17, and checks of up to $1,200 but they want to keep it at $500 for dependents, according to CNBC.
So, with the idea that the second round of payments should look a lot like the first, another week has gone by with when the payments might come being the biggest question left unanswered.
CNBC reports that if Congress can agree on a plan this month, payments may not come until “October or later.”
It also reported, though, that the upcoming election could hasten payments.
“Politically, some of the people in the White House might think it’s a good thing to get a check signed by Donald Trump right before the election,” Bill Hoagland, the senior vice president at the Bipartisan Policy Center, told CNBC.
If that’s the case, the report said, and a second stimulus is agreed upon this month, the first to receive payments will likely be those who already have their direct deposit information on file with the IRS. For the folks who have yet to receive their first check, CNBC says, there will likely be a longer wait.