It is estimated that 160 million people voted on the US Election Day, and mail-in ballots across the nation are still being tabulated. The final results could have a large effect on issues involving the shape of economic recovery, the Supreme Court, and when deals to implement a new COVID-19 rescue package can be underway.
Of course, the 2020 presidential election results will change many aspects of the United States' citizens' lives over the next four years. But the novel coronavirus pandemic has people asking an urgent money question: Will Donald Trump or Joe Biden get Americans closer to a second stimulus check?
Stimulus Package Depends on Election Results
Over six months have passed since the administration first began issuing $1,200 economic impact payments to keep consumers financially afloat during the coronavirus pandemic, reported Money.
What would be the next steps the government must take for a probable second round of stimulus relief spending? Such a package is anticipated to include a long-awaited second stimulus payment to boost individual citizens' finances as they tackle the economic fall-out of the global health crisis, reported AS.
A few weeks ago, there was renewed hope that American citizens would receive a second direct payment of at least $1,200 preceding Election Day. That did not transpire.
In that matter of days, the renewed anticipation turned sour as chief negotiators House Speaker Nancy Pelosi and Treasury Secretary Mnuchin resorted to divulging their differences in the press.
It did not turn out a good on Thursday when Mnuchin first learned in Politico's newsletter regarding a letter he was sent from Pelosi.
Everyone appears to believe that the lawmakers will pass a stimulus package after Election Day. There are many ways in which the election results could affect the next COVID-19 stimulus package and checks.
The final composition of the House of Representatives and the Senate seats, as well as the president-elect, could influence a new package. It consists of a new stimulus check of up to $1,200 for Americans and their dependents who are eligible.
The Electoral Day's Results Will Decide When the Negotiations Will Commence
The elected president of the United States and the party that would handle the House of Representatives and the Senate could persuade lawmakers to restart negotiations to reach an agreement on a date or wait for the upcoming year.
"The motivation will depend on how the election unfolds," according to Republican Senator John Thune, reported The State.
McConnell Pushes for 'End of Year' Bill
According to Senate Majority Leader Mitch McConnell on Wednesday, Congress needs approving a new COVID-19 aid bill by the conclusion of 2020. This arrives after months of preparing ahead of the election.
The Majority Leader has, for months, been dubious in supporting a package being negotiated between the White House and top Democrats spearheaded by Pelosi. This is due to its multi-trillion-dollar price tag, and the involvement of provisions he stated was not related to the global health crisis.
