Economy
An Update On The Second Round of Stimulus Checks — And When To Expect Them
The next round of stimulus checks will reportedly resemble the initial May delivery with the same 160 million Americans receiving aid, according to reports. The funds could arrive as soon as next month in a plan being worked out by Treasury Secretary Steven Mnuchin and Senate Majority Leader Mitch McConnell — if Congress can approve the proposal before its recess.
The details of the checks would include: Individuals earning up to $75,000 would receive a $1,200 payment for themselves and $500 for their dependent children, couples earning up to $150,000 would also qualify, and the payment amounts phase down for singles earning up to $99,000 or $198,000 as a couple — just like the May aid.
“We’re talking about the same provision as last time, so our proposal is the exact same proposal as last time,” Mnuchin said to The Hill.
This bill would result in the IRS pouring nearly $300 billion into the economy, via direct deposits and mailed checks. While this would help Americans, a big question stands: Will this proposal be approved before the Senate recess starting August 10 and lasting into mid-September?
The House approved a proposal, the Heroes Act, in May to send out the second round of checks. Republicans raised concerns over the price tag — over $3 trillion — and McConnell has reportedly been working on different methods in the Senate for weeks.
This new proposal is expected to be detailed on Thursday after a meeting between McConnell, Mnuchin, and White House Chief of Staff Mark Meadows was held, where the administration and Senate Republicans reached an agreement. The aid bill will include the second round of checks and funding to schools to assist in recovering from the pandemic.
One feature that won’t make it in the bill is a cut in payroll taxes — a big point of contention after President Trump continually expressed his support for the cuts.
Mnuchin said the cuts won’t be included as in would take longer to negotiate and the checks need to get sent out.
The stimulus and school aid are expected to be finalized Thursday. Whether Congress can approve the bill before going on break, has yet to be seen.
New York City Mayor Eric Adams has unveiled a new plan to potentially place thousands of asylum seekers in private residences while compensating local homeowners and landlords.
During a City Hall press conference, Mayor Adams expressed his vision to move beyond housing single migrant men in churches and mosques and explore the option of utilizing private dwellings.
Adams emphasized the potential savings that could be achieved by redirecting the estimated $4.3 billion budget for housing the influx of migrants into everyday houses of worship and private residences, rather than corporate entities. The mayor suggested that recycling local dollars would benefit both the city and its residents.
According to reports from the New York Post, Adams said, “It is my vision to take the next step to this faith-based locales and then move to a private residence.”
“We can take that $4.2 billion — $4.3 [billion] maybe now — that we anticipate we have to spend and we can put it back in the pockets of everyday, everyday houses of worship instead of putting it in the pockets of corporations.”
“We should be recycling our own dollars,” he continued.
Acknowledging potential obstacles, Adams alluded to a “30-day rule” that City Hall would need to overcome. However, he did not provide further details on the rule or the aspects of implementing the plan.
With over 72,000 individuals having arrived in New York City since last spring, the mayor stressed the urgency of finding sustainable housing solutions beyond taxpayer-funded emergency shelters and hotels. The current system, which accommodates approximately 45,000 people, is deemed unsustainable given the continuous influx of migrants.
Adams indicated that the city would seek ways to bypass existing government regulations that prohibit housing homeless individuals in private homes. Additionally, City Hall aims to work with the state legislature to facilitate agreements that bring illegal basement apartments up to code, presenting a more affordable and viable housing alternative.
The estimated cost of the ongoing crisis is expected to exceed the current $4.3 billion budget, particularly as daily arrivals continue to increase. Last week alone, the city registered 2,200 new arrivals. To address cost concerns, Adams’ proposal to house asylum seekers in houses of worship is projected to cost approximately $125 per night, significantly less than the current expenditure of $380 per night in converted hotels.
Mayor Adams’ plan to utilize private residences represents a significant development in New York City’s efforts to address the housing needs of asylum seekers. However, the feasibility and implementation of this proposal, including overcoming legal and logistical challenges, remain to be seen.
Follow Alexander Carter on Twitter @AlexCarterDC for more!
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