With President Joe Biden in office, several Democrats were anticipating he would quickly make efforts to push his $1.9 trillion COVID-19 relief plan through Congress and have a $1,400 stimulus check out as soon as possible to the majority of Americans. However, the process is taking longer than such leaders expected.
1,400 Payments Likely to Be Approved by Mid-March
Lawmakers and economists think a third series of novel coronavirus stimulus checks may be issued by late March or sooner, as the Biden administration and several leaders in Congress are pushing for the $1,400 check plan to be approved before former President Donald Trump's impeachment trial commences in early February.
According to Heights Securities analyst Hunter Hammond, the $1,400 checks could possibly be passed as part of a toned-down package by the end of March. Meanwhile, Alec Phillips, the chief US political economist for Goldman Sachs, stated he believes a package including the checks will pass between mid-February and mid-March.
Biden, on January 14, unveiled a $1.9 trillion stimulus plan to tackle the coronavirus pandemic's economic effects. The first series of the proposed recovery package is named the American Rescue Plan, which intends to provide cash to Americans as swiftly as possible. Some people who have not received any checks as of now may be eligible for this wave, reported Forbes.
Many are wondering if they would possibly receive a $1400 stimulus check in the upcoming days. Senate pushing back could make the passing of the plan harder than Biden had anticipated. This means that a "new" check will not arrive before February, although the existing dissemination continues.
The president's $1.9 trillion coronavirus relief plan proposes to top off the second stimulus checks, which amount to $600 per individual, with an additional $1,400 payment.
On January 20, Vice President Kamala Harris took office and became the presiding officer of the Senate. The first woman vice president could now cast a tie-breaking vote for $2,000 stimulus checks in a divided 50-50 chamber between Republicans and Democrats.
On January 21, House Speaker Nancy Pelosi stated they are undertaking committee work to get a COVID-19 bill that involves a third stimulus check ready for the House's next session on February 1, reported Smart Asset.
The new chief executive of the United States is prompting Congress to pass a COVID-19 bill.
If his administration ushers a bill through Congress that offers these payments, the Internal Revenue Service (IRS) will again oversee the dissemination of the COVID-19 money just as it has transferred the initial two payments via mailed check, direct deposit, or mailed debit card.
According to Pelosi, "We will be doing our committee work all next week so that we are completely ready to go to the floor when we come back," reported CNET.
It was not made clear if this will be a sweeping stimulus package as alluded by Biden, or a more humble, piecemeal bill that targets a third stimulus check and COVID-19 vaccine dissemination.
The checks are involved in a complex and layered plan, including increasing the minimum wage to $15 per hour.
