Republicans and Democrats in both chambers agreed to send another stimulus payments to millions of Americans.

Stimulus Money
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Republicans and Democrats have strong bipartisan support to send a new stimulus payment that includes direct stimulus checks. Both parties have agreed that this relief aid and other benefits must be set before the election or before they go home to campaign.

The newly proposed coronavirus relief bill is worth between $2.2 and $2.4 trillion, and it is expected to be voted within this week. This new stimulus package supported by the Republicans and Democrats, includes stimulus checks, Paycheck Protection Program (PPP) loans, unemployment benefits, and more.

The only problem that hampers this legislative from being passed is that not all the two parties' members supported it. Even if it passed Congress, there are still speculations that Senate members will not agree on the newly proposed amount as it is much higher than their previously proposed "skinny" bill.

However, President Donald Trump already said that he wants a much higher amount. Thus, he may convince the Republicans to accept a higher stimulus package. Trump believes that if the said amount will be granted, the money goes back, after all, to the country.

Another concern raised was even if both Republicans and Democrats have reached a deal, how quickly is the money will hit the bank. Treasury Secretary Steven Mnuchin said that Trump wanted to send the money within one week, most especially the stimulus checks.

The Internal Revenue Service (IRS) also said that they could immediately send the money once the bill becomes a law. The agency noted that they already have a system in place. The IRS added that direct payment is still the quickest way to receive the money.

On Sunday, House Speaker Nancy Pelosi said she believes another stimulus package is possible. Pelosi has already said that they would not leave Washington until a stimulus deal is reached. She issued the statement after she received pressures from her colleagues in the Democrats.

A published report from CNBC said the chamber would likely vote for a new stimulus package as early as this week. Lawmakers could vote on the legislation that would include unemployment benefits, direct payments, small business loans, and airline aid.

This week is crucial for the Republicans and Democrats as the deadline to come up with a vote is just days away. They have to vote for the stimulus package on Oct. 1 so that Trump can sign it on Oct.2. After this, the IRS will start sending money.

If ever both chambers could not reach an agreement, candidates are not likely to win their states. That is the scenario that candidates who are in a reelection bid are trying to avoid. It will negatively impact them, most especially for the Democratic candidates whose top official, Pelosi, rejected a series of stimulus package proposals in the past.

Meanwhile, the White House continues to push for a new stimulus package, and it is prepared in case Congress fails to reach a deal. In fact, White House economic adviser Larry Kudlow said there are still billions of money left under the CARES Act that they plan to release soon.

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