The coronavirus (COVID-19) pandemic has created an economic downfall for most Americans.
What President Donald Trump Said
Furthermore, Trump confirmed that there will be a second stimulus check to Forbes on June 22. “We had this going better than anybody’s ever seen before,” he told the outlet. We had the best job numbers, the best economics, the best economy we’ve ever had, and then we had the virus come in from China. Now we’re rebuilding it again. We will be doing another stimulus package. It’ll be very good, it’ll be very generous.”
However, Trump told the outlet that he was going to announce it in early July. “I think over the next, I think it’s going to be bi-partisan, I think it’s going to be over the couple of weeks, probably,” he told the outlet at the time.
According to The Washington Post, the president hopes to bolster his chance at re-election by supporting a second stimulus check. The “president’s advisers and allies are split” concerning the alleged check and “leading congressional Republicans and some senior White House officials remain skeptical of sending more checks, creating a rift within conservative circles.”
A senior administrative official told the outlet that the White House could support a smaller check for those who have lower incomes than the previous stimulus checks.
Potential Cap on Second Stimulus Check
Senate Majority Leader Mitch McConnell suggested that the cap would be drastically lower than the first stimulus check. “I think the people who have been hit the hardest are people who make about $40,000 a year or less,” he said. The first stimulus. check required that eligible citizens receive $99,000 for singles and $198,000 for married couples in total.
Under the CARES Act, individual filers that earned more than $75,000 and less than $99,000 earned a partial check. Those who earned less than $75,000 were eligible for the full $1,200 stimulus check. $3 Trillion in financial aid in total.
McConnell confirmed to Forbes that the next stimulus legislation will be the final one.