If you’re counting on a second stimulus check, you may want to reconsider.
Here’s what you want to know.
Will There Be A Second Stimulus Check?
While the excitement may be building for a second stimulus check, there hasn’t been any concrete action in the Senate. Senate Majority Leader Mitch McConnell said the next stimulus bill be the last stimulus bill and it will be smaller than the CARES Act. The CARES Act is the $2.2 trillion stimulus package that included the first stimulus check of up to $1,200 for each individual and $500 for each dependent. While the House approved the Heroes Act, an ambitious $3 trillion stimulus bill with a second stimulus check of up to $1,200 for each individual and $1,200 for each dependent (up to three dependents), the bill has been called “dead on arrival” in the Senate. When will the Senate vote on the Heroes Act? The Senate likely won’t vote until later this month or early next month on its own new stimulus bill.
There are reasons to support a second stimulus check
Those who support a second stimulus check have argued that:
- More than 40 million Americans have applied for unemployment benefits.
- The COVID-19 pandemic has caused economic and health devastation.
- The first stimulus check didn’t provide enough financial support.
- The first stimulus check didn’t reach enough people.
There are reasons to oppose a second stimulus check
Those who have opposed a second stimulus check have argued that:
- The economy has improved since the first stimulus check.
- A second stimulus check costs too much money.
- A second stimulus check is not targeted enough.
- Stimulus checks are not necessarily the best way to stimulate the economy.
Republicans control the Senate
Whether you support or oppose a second stimulus check, Republicans control the Senate and will have the final say on whether a second stimulus check will be included in the next stimulus bill. Here’s what some Republican senators have said about a second stimulus check:
- On the Senate funding a second stimulus check: “Unlikely” — Sen. Mitt Romney (R-UT)
- “I’m not enthused about another round of rebate checks...I do believe we should be helping people on Social Security because the price of food has gone up and I don’t see any end in sight.” — Sen. Lindsay Graham (R-SC)
- “At the time, the country was entering lockdown and the whole world was scrambling to slow down the spread of the coronavirus.” — Sen. James Lankford (R-OK)
- “I don’t think we should set up a situation where we’re doing a check month after month after month.” — Sen. James Lankford (R-OK)
Most Democrats and the White House have indicated interest in a second stimulus check. The White House is also floating a proposal from Sen. Rob Portman (R-OH) to pay a return-to-work bonusas an alternative to extending $600 a week unemployment benefits. On the opposite side of the spectrum, Sen. Ron Wyden (D-OR) has proposed extending unemployment benefits until the economy improves.
What about $2,000 a month stimulus checks?
Former presidential candidates Sen. Kamala Harris (D-CA) and Andrew Yang renewed their call this week for you to get a $2,000 a month stimulus check. The proposal mirrors a legislative proposal from Harris, Sen. Bernie Sanders (I-VT) and Sen. Ed Markey (D-MA) called the Monthly Economic Crisis Support Act. There have been multiple proposals for a $2,000 a month stimulus check. Mark Cuban proposed giving Americans $1,000 every two weeks. Yang also proposed $1,000 a month for life through a “Freedom Dividend.” While there has been growing interest in universal basic income, the Senate won’t support this legislation. That could change if Democrats win the Senate, White House or both after the November election.
Next Steps
The next step is for the Senate to take up the next stimulus bill. McConnell says that the final stimulus bill will be drafted by Republicans and the White House, with input from Democrats. That said, McConnell needs at least some Democrats to support the final legislation before it becomes law. Of course, despite current indications, it’s possible there will be a second stimulus check. However, the Senate made it clear there are other economic stimuli that may take precedent over a second stimulus check.
This article originally appeared on Forbes.
