A new stimulus package amounting to about $2.4 trillion is being prepared, and it will include a second round of stimulus checks or direct payments for Americans.

Stimulus Payment
(Photo : Reutersconnect)

Since the first stimulus package was signed into law, further talks on relief aid have stalled, but this new proposal aims to restart discussions on the stimulus package discussion.

The $2.4 stimulus package is about $1 trillion less than their Democrats' previous proposal. This is already their fifth pandemic aid plan.

As CNBC described, the proposed bill will include enhanced unemployment insurance and direct payments to Americans. It will also have Paycheck Protection Program small-business long funding and aid to airlines, among others.

As noted by Bitcoin, U.S. lawmakers have been working towards another stimulus relief package. But both sides of the aisle have not come to an agreement on how much more aid is needed to combat the economic crisis.

Talks fell apart last month, and Americans have been awaiting its restart. House Democrats have repeatedly pushed White House negotiators to boost their $1.3 trillion offer by another trillion dollars.

Both sides refused to meet halfway, leading to an obvious stalemate until one side gives in.

Both Democrats and Republicans have failed to agree on the pandemic relief package. This is even after a $600 per week supplemental unemployment benefit, an eviction moratorium, and a window on PPP applications.

An aid package worth more than $3 trillion was passed by House Democrats in May. Earlier this month, Democrats blocked a $500 billion plan from Senate Republicans.

"We are still striving for an agreement," House Speaker Nancy Pelosi said in a meeting, a source said. The source added that Pelosi will formalize the request by voting on it on the House floor "if necessary."

Vote Could Come This Week

According to Politico, House Speaker Nancy Pelosi directed Democratic committee chairs to draft the bill. A vote on the bill can be held at Congress as soon as this week, but Democrats have not yet decided on a plan.

House Ways and Means Committee Chair Richard Neal confirmed that the chamber may hold a vote before it leaves for recess. "I think the contours are already there," he told reporters.

When he was asked about the smaller stimulus package, he said "I think it's now about time frame and things like that."

When asked by reporters last Thursday, Pelosi did not outline any of her plans regarding the package.  But she said she hopes to hear from Republicans soon.

She assured there will be more details on the Democrats' next steps soon as well.

"We'll see what we're going to do. But we're ready for a negotiation," she said.

A senior Democratic aide said Pelosi asked committee leaders to start on the draft bill back in August, but they were asked to update it this week.

As talks on the bill continue, a stopgap bill was reached by House Democrats and Treasury Secretary Steve Mnuchin last week. This bill can avoid a government shutdown and will keep on funding the government through December 11.

If the stopgap bill were not put in place, a government shutdown could take place by October 1.

There could be a government shutdown by October 1 if the bill is not passed.

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