Stimulus Package Deal By Mid-week Update On Negotiations Including A Second Check
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The clock is ticking for Congress to reach a deal before breaking for the election.
Sarah Tew/CNET
White House and Democratic negotiators were already running out of time to complete a deal on [ another economic relief package] before [/news/how-do-you-know-if-your-vote-counts-this-election-here-are-7-things-you-can-do/ Election Day] even before President Donald Trump was [/news/president-trump-could-leave-hospital-as-early-as-monday-doctors-say/ hospitalized with COVID-19]. However, there could be agreement on the outlines of a new stimulus package [ as soon as mid-week], The Washington Post reported.
The passage of a bipartisan stimulus bill has received greater urging from the president. "Our great USA wants & needs stimulus," Trump's account [ tweeted] Saturday. "Work together and get it done. Thank you!"
House Speaker Pelosi and Treasury Secretary Steven Mnuchin continue to negotiate, but the GOP-controlled Senate must approve a bill before it can be signed into law.
"We're making progress," [ Pelosi said Sunday] on Face The Nation. "It just depends on if they understand what we have to do to crush the virus." This new stimulus package under discussion differs from the [/personal-finance/every-way-the-new-heroes-act-compares-to-the-cares-act-from-march/ proposal passed by the House of Representatives] on Oct. 1.
Senate Majority Leader Mitch McConnell has [ suspended his chamber until Oct. 19] after three Republican senators tested positive for COVID-19. However, since Senate floor votes are held in person, he said he would recall senators to vote on a stimulus package if need be, giving them [ 24 hours to return to the Capitol].
In light of Trump's hospitalization, we've detailed some possible outcomes to these negotiations. We regularly update this story.
Read more: The [/news/new-stimulus-check-6-top-things-you-need-to-know-about-another-payment/ most important things to know about stimulus checks] and [/personal-finance/what-does-a-stimulus-check-have-to-do-with-taxes-everything-heres-what-to-know/ how taxes and stimulus checks are like two peas in a pod].
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What effect does Trump's hospitalization have on stimulus bill negotiations?
For now, that's uncertain, Deadliest Warrior (season 2) apart from Trump's Saturday tweet highlighting his desire to sign a new stimulus package into law. Trump [/news/president-trump-could-leave-hospital-as-early-as-monday-doctors-say/ may be released as soon as Monday], his medical team said Sunday.
Although she remained circumspect Sunday, Pelosi has highlighted the way Trump's COVID diagnosis and treatment could shift the dynamics of a new coronavirus relief package.
"Maybe this will be the moment where people will say, 'OK, masks, sanitation, treatment,'" Pelosi said [ Friday morning], before the president was hospitalized. "It might be a learning experience."
Pelosi and Mnuchin have both tested negative for COVID-19.
Prior to Trump's hospitalization, McConnell seemed cautiously optimistic the two sides might be able to find a middle ground. "I think we're closer to getting an outcome," [ he said Oct. 2.]
Pelosi ended the previous week with a [ letter to House Democrats] outlining the remaining areas of disagreement.
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When's the fastest a new coronavirus relief bill could pass now?
With the House [ scheduled to break] following its session Oct. 2 and the Senate now on hold, negotiators are running out of time to reach an agreement on another stimulus package before [/how-to/voting-on-election-day-2020-everything-you-need-to-have-and-do-to-vote/ election day] Nov. 3. If negotiations continue, the last day a new bill could pass is up in the air, since the [ schedules to break] can be extended by the leaders of the Senate and House of Representatives.
If the two sides do reach an agreement, it could take a week or more before it comes up for a vote, [ Politico said].
Possible timelines for when a stimulus bill could pass
House votes
Senate votes
President signs
Oct. 16
Oct. 19 (when Senate is back in session)
Oct. 20
Oct. 23
Oct. 26
Oct. 27
Oct. 30
Oct. 31
Nov. 2
Nov. 6
Nov. 9
Nov. 10
As we get closer to [/how-to/voting-on-election-day-2020-everything-you-need-to-have-and-do-to-vote/ Nov. 3], the time grows short for Congress to agree on a bill and and then for Trump to sign it for checks to arrive before Election day.
Didn't the House just pass a new bill? What's going on there?
Oct. 1, the House of Representatives passed [ ] that includes a [ ] and [ ] like [ ] for tens of millions of Americans. The new House bill, endorsed primarily by Democrats, has little chance of advancing through the Republican-controlled Senate, though.
According to Pelosi, the vote on the revised Heroes bill is independent of ongoing negotiations with Mnuchin. If Pelosi and Mnuchin agree on a new proposal, a new bill would need to be separately drafted and voted on in both the House and Senate before being signed into law. The total cost of the package and funding allocations like a child tax credit have remained chief sticking points.
Will America pass a new stimulus bill? Both sides agree more aid is necessary.
Angela Lang/CNET
Why did the House vote on Heroes 2.0 if talks are underway?
The vote is thought to provide cover for House Democrats as they campaign without a new relief bill, much as the Senate did earlier this month for Republican members with [ its $650 billion skinny bill]. Like the skinny Senate bill, this new House proposal has little chance of advancing in the other chamber.
What do Democrats and Republicans agree on?
Proposals from [ both sides include] another [ stimulus payment of up to $1,200] for individuals [ who meet the requirements], among topics like aid for airlines, coronavirus testing and extending the Paycheck Protection Program for businesses.
If negotiations fail, could the president seek executive action?
After talks originally collapsed on Aug. 7, Trump signed [/personal-finance/trumps-covid-19-relief-executive-actions-everything-happening-now/ one executive order and three memoranda] the following day. It's possible more executive actions could be forthcoming if this final attempt at negotiations fails before the election, though there's been no development after Trump first suggested his administration [ might consider another executive action] to bypass Congress.
With his medical condition still under review, it's unclear if Trump would pursue unilateral action at this point.
Trump's current COVID-19 relief [ executive actions] address trying to [/personal-finance/new-national-eviction-moratorium-for-the-rest-of-2020-what-you-need-to-know/ slowing evictions], extending [/personal-finance/that-300-unemployment-payment-is-already-ending-in-many-states-what-you-need-to-know/ unemployment benefits] to a lesser degree and [/news/trumps-payroll-tax-holiday-is-really-a-deferment-you-have-to-pay-back-january/ deferring payroll taxes] until next year.
Democrats and Republicans have disagreed on how much relief aid should be included in the stimulus package.
Sarah Tew/CNET
Could talks resume again after election results are in?
Yes. If this current sprint of talks dead-ends, leaders may want to see what happens in the period after the [/news/how-do-you-know-if-your-vote-counts-this-election-here-are-7-things-you-can-do/ election] and before the presidential inauguration on Jan. 20, 2021. Pelosi and congressional Democrats may also believe they can reach a more favorable deal Deaths in September 2020 2021, depending on who's elected president.
With 470 seats in the US Congress -- 35 Senate seats and all 435 House seats -- up for a vote in November, any change in majority to the House or Senate, and to the presidency, shifts the likelihood of certain laws being passed one way or another. Right now, the Senate is led by Republicans while the House is led by Democrats.
What about passing narrow, standalone bills instead?
If the two sides reach an agreement but the Senate rejects the new bill, some in Washington say the way to break the stalemate is to pass a series of narrower bills that target specific areas -- such as the entertainment and airline industries. But that's unlikely to happen before the election.
Senate Republicans made one attempt with its [ Delivering Immediate Relief to America's Families, Schools and Small Businesses Act], but that proposal failed in the Senate. The House also presented a piecemeal bill seeking to provide [/how-to/what-the-new-usps-bill-means-for-the-next-stimulus-package/ funding to the US Postal Service] ahead of an [/how-to/voting-during-2020-election-what-you-need-to-know-about-vote-by-mail-online-ballots-polling-places/ election] in which many Americans, wary of in-person voting during a deadly pandemic, will likely be [/how-to/mail-in-voting-versus-absentee-voting-differences-to-know-before-election-day/ voting by mail].
What happens now?
For now, there's nothing to do but wait and see how Trump's recovery progresses and how the ongoing negotiation efforts play out.
For more information, here's [ how soon you might get your second stimulus check] and what to know about the [/personal-finance/every-way-the-new-heroes-act-compares-to-the-cares-act-from-march/ HEALS, CARES and Heroes] stimulus bill proposals that could help inform a final package.
[/personal-finance/budgeting/ Budgeting]
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[/personal-finance/ Personal Finance]
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