As we know the Republicans and the Democrats had a meeting regarding a second stimulus package. This new package is for the Americans struggling admist this COVID-19 pandemic.
Another week has passed and still they failed to provide a mutual decision. While that’s not the best of news, because it is difficult for them already to make ends meet and provide the basic necessities for many families.
But they can surely take solace in the fact that both sides agree that Americans do need a Second Stimulus Payment. Nobody wants to give direct payments to American families more than President Donald Trump,” Pence stated.
Also on Friday, Vice President Mike Pence reinforced us regarding the White House’s decision to be behind a second stimulus. “We sent those checks to American families. It helped people through this tough time” they explained.
President Donald Trump to use $300 billion unused money in the Second Stimulus Payment:
President Donald Trump claimed that $300 billion in unused money should be used to provide new stimulus checks to Americans. But the President failed to explain where that money would come from. To come to a concrete decision, he called for the Democrats to make the move happen.
“We have $300 billion in an account that we didn’t use,” Trump said. “I would be willing to release it, subject to Congress, and use that as stimulus money and it would go right to the American people.” Donald Trump mentioned in his speech.
It’s fair and clear that another round of stimulus checks is on the way, even if it’s exactly the same as the previous round or more. Mark Mazur, the director of the Urban-Brookings Tax Policy Center, said that first round paid individuals as much as $1,200.
Adding on to it, $2,400 was given to married couples with a $500 bonus paid to parents for each child under 17.
According to the statistics, “full payments” went out to individuals who made up to $75,000 and to married couples making up to $150,000.
Eventually, the payments were “gradually reduced” for couples making more than the limit. It totally phased out for individuals making more than $99,000 and married couples making more than $198,000.
What is the Bipartisan agreement?
With the dual party agreement, Congress to enact an ‘unprecedented $2.3 trillion Pandemic Rescue Package’ in March.
“That bill sent $1,200 checks to every American who made $75,000 or less on their most recent tax return plus $500 for every child dependent.”
Lawmakers have already left Washington for the August recess without an agreement being finalised.
Treasury Secretary Steven Mnuchin accused Democratic leaders of holding up an agreement with hard-line positions. Democrats have insisted on having a larger relief package that dire the persistent economic conditions.
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