A new stimulus package could be on its way; here’s what you can expect
NEW ORLEANS, La. (WVUE) - As many of the federally funded benefits from the CARES Act are set to expire this week, and with cases continuing to rise, millions of struggling Americans will be paying close attention to their party leaders for a solution.
“Since the political turmoil that came out of the Coronavirus in mid-march hit states across the country, the economy has been artificially propped up by emergency stimulus from congress,” said FOX 8 political analyst Mike Sherman.
“Americans saw this in two forms: emergency unemployment insurance and one time stimulus checks.”
Sherman says the holdup in recent weeks has been due, in part, to the price tag.
“The Democrat’s plan was upwards of $3 trillion. This bill will still probably be upwards of a trillion dollars or more,” said Sherman.
“That’s the announcement we’re expecting to hear Monday is the Republican’s plan. We already have a democratic plan, so the two will then have to come together.”
The White House has already signed off on the new GOP deal set to be released Monday and treasury secretary Steve Mnuchin says the plan is to stimulate the economy but also encourage Americans to get back to work.
He also promised a fresh round of stimulus checks in August, which will be given to those who make $75 thousand dollars a year or less.
The new package will likely still include extra federal unemployment benefits, just not the full $600 that was provided last time.
“There’s very strong incentives and tax credits in this bill to get people back to work,” said Mnuchin.
“There was a technical problem where we were in an emergency last time so we instituted this quickly, and in certain cases people were paid more to stay home than they were to work. And i think that’s something that the American public understands. We’re not going to use tax payer money to pay people more to stay home.”
Another sign of relief may be another freeze on evictions and foreclosures for renters, homeowners and landlords, depending on if the property is financed through a federally backed mortgage.
It can be easy to get lost in the details, but Sherman says the bigger point is that more help is on the way.
“The good news is that Republicans, Democrats, and the White House are coming together to pass another stimulus bill. It probably won’t be as generous as the one passed a few months ago, but will likely contain direct stimulus payments, further unemployment insurance, and further protections for renters and home owners,” said Sherman.
Copyright 2020 WVUE. All rights reserved.