Stimulus checks of $1,200 could be sent out by the Internal Revenue Service (IRS) as early as November 3 as Democrats and Republicans continue talks for a second COVID-19 relief bill to be passed.
It is hoped that the Congress could reach a deal and approved a new bill before the November 3 presidential election.
Earlier this month, the House Democrats passed a $2.2 trillion bill.
On Friday, October 9, the White House upped their offer to $1.8 trillion from $1.6 trillion as they eye a second COVID-19 relief aid legislature to be approved before November 3.
According to CNBC, the only discrepancy that both sides now face is their disagreement on the decision to give more than $400 billion funding to state and local governments as an aid in battling the ongoing COVID-19 crisis.
Senior policy analyst at the Tax Foundation, Garrett Watson, shared that both sides agree that Americans will benefit from another set of direct payments.
According to Watson, the latest proposal made by both sides mirrors the payment structure of the initial round of financial assistance wherein each individual can receive a stimulus payment of up to $1,200, while each dependent will also get corresponding additional money.
But recipients must also note that just like the first wave of stimulus checks, certain income thresholds will be observed, which means the money that can be received still depends on each individual's current income. Payments will be delivered in the same way.
However, Watson added that there would be a huge change, especially when the recipients file their 2019 taxes after getting the initial check as the total will be based on the latest tax return. This could mean more or lesser money, depending on the changes in the individual's income.
There is also a video circulating online showing how the bill could be passed days before the November 3 election and the difference in the proposed stimulus bills.
Read also: Stimulus Details Things You Need to Know About the Second Package
Trump urged Congress to Speed Up Passing of Stimulus Bill
On Saturday, October 10, U.S. President Donald Trump pressured the Congress to expedite the passing of the COVID-19 stimulus bill as members of his administration and the congressional Democrats are still struggling to finalize the relief deal.
While receiving his treatment at the Walter Reed Medical Center after acquiring the coronavirus, the U.S. president tweeted that the whole of America wants and needs the upcoming stimulus, according to an article on Cnet.
Trump also added in his tweet that everyone should work together and get it done.
The sustained pressure coming from the president can make numerous Republicans, specifically in the GOP-held Senate, more comfortable in embracing the proposed stimulus deal.
Nancy Pelosi, the House speaker, shared on Friday that the diagnosis of Trump changed the dynamic of her conversation with Steven Mnuchin, the Treasury Secretary, because for her, Republicans will see that this is a vicious virus.
On the other hand, New York Post reported that Jerome Powell, the Federal Reserve chairman, called on Tuesday for additional government spending to support the nascent economic recovery of the nation from the effects of the pandemic.
Powell also mentioned that both Congress and the central bank should be aggressive in their efforts to the struggling economy.
Related article: Fed's Powell Calls on Congress to Amp Up Stimulus Spending
