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An Update On The Second Round of Stimulus Checks — And When To Expect Them

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cash stimulus for coronavirus

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.

https://twitter.com/realDonaldTrump/status/1286332695023431683?s=20

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.

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White House Confirms It Is Looking Into Shutting Down Oil Pipeline Amid Fuel Crisis

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Gas Pipeline

The Biden administration confirmed that it is considering shutting down an oil pipeline in Michigan despite the ongoing fuel crisis in the country.

“Revoking the permits for the [Line 5] pipeline that delivers oil from western Canada across Wisconsin, the Great Lakes and Michigan and into Ontario, would please environmentalists who have urged the White House to block fossil fuel infrastructure, but it would aggravate a rift with Canada and could exacerbate a spike in energy prices that Republicans are already using as a political weapon,” Politico Pro reported. “Killing a pipeline while U.S. gasoline prices are the highest in years could be political poison for Biden, who has seen his approval rating crash in recent months.”

Fox News reporter Peter Doocy asked about the report during Monday’s press briefing, asking, “why is the administration now considering shutting down the Line 5 pipeline from Canada to Michigan?”

“So, Peter, that is inaccurate,” Deputy Press Secretary Karine Jean-Pierre claimed. “That is not right. So, any reporting indicating that some decision has been made, again, is not accurate. … So, again, I would — it is inaccurate what you just stated, but —”

“What’s inaccurate?” Doocy asked.

“The reporting about us wanting to shut down the Line 5,” Jean-Pierre said.

“I didn’t say ‘wanting.’  I said, is it being studied right now?  Is the administration studying the impact of shutting down the Line 5?”

“Yeah. Yes, we are. We are,” Jean-Pierre admitted.

 

The news comes as gas prices have reached their highest since 2014, when Biden was vice president, and are currently about 50% higher than they were when Biden entered office.

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