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Politics What Trump's comments about ceasing stimulus-package negotiations mean for future $1,200 payments — in 1 minute or less

01:15  08 october  2020
01:15  08 october  2020 Source:   businessinsider.com

Treasury Secretary Mnuchin says any bipartisan stimulus deal will include more $1,200 direct payments for Americans

  Treasury Secretary Mnuchin says any bipartisan stimulus deal will include more $1,200 direct payments for Americans Mnuchin said any coronavirus aid agreement would include another round of $1,200 stimulus checks for Americans.In an interview on Fox Business, Mnuchin reiterated the Trump administration's opposition to the $2.2 trillion economic aid plan that Democrats are pressing for and said they prioritized getting people back to work instead.

President Donald Trump is calling for Congress to move on approving a second round $ 1 , 200 stimulus checks to millions of Americans. That was a reversal from his position earlier in the day, when he said he wanted Washington lawmakers to hold off on stimulus negotiations until after the election.

President Trump has ordered the end of stimulus negotiations with House Democrats until after the election. President Trump has instructed his representatives, which to this point have consisted of Treasury Secretary Steven Mnuchin and White House chief of staff Mark Meadows, to stop

a close up of text on a white background: Economic stimulus checks are prepared for printing at the Philadelphia Financial Center May 8, 2008 in Philadelphia, Pennsylvania. Jeff Fusco/Stringer © Jeff Fusco/Stringer Economic stimulus checks are prepared for printing at the Philadelphia Financial Center May 8, 2008 in Philadelphia, Pennsylvania. Jeff Fusco/Stringer
  • While Trump said that stimulus talks should end immediately, that doesn't mean another $1,200 check is off the table.
  • Both Senate Republicans and House Democrats have brought forward second stimulus plans, but none have been signed into law.
  • Trump's recent comments decrease the likelihood of a speedy resolution resulting in a round of $1,200 payments being sent out before the election.
  • Visit Business Insider's homepage for more stories.

On Tuesday, President Donald Trump sent out a series of tweets instructing his team to cease stimulus negotiations until after the election.

Democrat Joe Biden tests negative for coronavirus after President Trump reports positive test

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If the second stimulus check is the same as the first stimulus check under the Cares Act, then the second stimulus check would be based on the Democrats have called for $ 1 , 200 second stimulus checks for dependents (compared to 0 under the Republicans proposal), up to a maximum of

Mr. Trump ’ s back and forth may be a negotiating tactic. (His comments supporting specific stimulus measures came after the markets closed.) Temporary layoffs are becoming permanent job losses, the latest data shows, with more than seven million people out of work for at least 15 weeks.

Trump said that the Senate should instead focus on confirming his Supreme Court pick, Amy Coney Barrett.

Meanwhile, Americans who had been following the months-long stimulus negotiation talks, hoping that a resolution would be reached before the election, could only watch as the news impacted the stock market and questions swirled.

To bring you up to speed on the latest, we've recapped what it all means for those hoping for another round of direct payments sooner rather than later — and summarized the timeline that led up to this point.

What it all means for a second round of $1,200 direct payments

In short, the likelihood of a further delay in any further rounds of direct payments just increased.

What Donald Trump and Joe Biden Have Said About a Second Stimulus Check for Americans

  What Donald Trump and Joe Biden Have Said About a Second Stimulus Check for Americans Both candidates are expected to discuss the pandemic and the economy during the first presidential debate Tuesday night.Both candidates have voiced support for a second one-time direct payment in recent months, but it does not appear to be an integral part of Biden's economic recovery plan for the country.

Trump backtracked from his previous stance that a stimulus bill would come after the election and that the senate should focus on the Supreme Court. Hours after canceling negotiations with Democrats over stimulus legislation on Tuesday and pledging to pass a bill after the election, President Trump

Trump : No stimulus package until after election. Oil falls after Wall Street selloff. President pushing for $ 1 , 200 cheques instead. There is some confusion today, after Donald Trump broke off negotiations with congressional Democrats on a new US aid package -- and then pushed Congress to approve

While the promise of a second check is not dead yet, the road toward a speedy resolution just took a hard left turn. Unless Trump switches toward supporting a deal instead of a pause on negotiation talks, any timeline toward a deal that would result in direct payments has likely been extended even further.

So how did we get here? For those looking to understand how this all fits into the broader events of the last seven months, here are the key developments leading up to the president's statements on Tuesday.

March

On March 25, the Senate passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which provided funds for PPE for healthcare workers, loans for small businesses, and unemployment benefits. The $1,200 stimulus checks and extra $600/week in benefits were a result of the bill.

July

On July 31, the benefits lapsed without a follow-up deal, and the $600/week payments ended amid fierce disagreements between Republicans and Democrats. The $1,200 checks had been sent out, and recipients has already used the funds.

The Relief Deal Blowup: What are Pelosi and Trump Thinking?

  The Relief Deal Blowup: What are Pelosi and Trump Thinking? It’s not just the president’s wild back-and-forth on Twitter. Both sides are looking irrational on a deal that the economy is going to need soon.The Republican message for 2020 is also that this is the most important election in history, but that the future of America depends on Trump’s victory, that the alternative would be socialism, rioting, the end of religion, the end of the suburbs, and an economic disaster. Yet Republicans in Congress have resisted a huge stimulus bill to prevent that disaster, and on Tuesday Trump suddenly ordered his aides to stop trying to negotiate any bill until after the election.

President Donald Trump called off negotiations between the White House and congressional Democrats Tuesday afternoon, dashing President Donald Trump called off negotiations on another coronavirus relief package until after the November election. That means millions of unemployed

Trump Halts Stimulus Talks Until After Election. That call was effectively rebuffed by Trump hours later, when he said there’ll be no further negotiations on another pandemic relief bill before the Nov. Trump ordered stopgap payments of about half that amount, but delivery has been patchy and those

August

On August 8, Trump allocated $44 billion to FEMA for grants that would allow states to continue to pay out a weekly unemployment benefit if they applied for grant money. Every state besides South Dakota applied for the funds.

September

Negotiations around a possible follow-up deal continued. Both House Democrats and Republicans brought forward various plans, but they failed to reach a deal by the beginning of the month.

On September 8, Republicans proposed a stimulus package with a $300/week unemployment benefit through December 27, though it excluded second round of direct payments. Democrats blocked the bill, saying it was insufficient.

Speaker Nancy Pelosi criticized the plan saying, "Senate Republicans appear dead-set on another bill which doesn't come close to addressing the problems and is headed nowhere."

Negotiations between Pelosi and Treasury Secretary Steven Mnuchin restarted, and he later said that no bill would pass without another $1,200 check included.

October

On October 1, House Democrats passed a plan that would include another $1,200 check, and a $600/week unemployment benefit through January. The plan faced an uncertain future though, as it would still require Senate approval.

This brings us to Tuesday night, when Trump said that any and all stimulus talks should end immediately, but he would sign a stand-alone bill for another round of $1,200 checks.

The instructions made the status of the ongoing negotiations between Speaker Pelosi and Treasury Secretary Steven Mnuchin uncertain.

Read the original article on Business Insider

Lawmakers have been discussing second $1,200 stimulus checks for 5 months. Why those payments are still uncertain .
The coronavirus pandemic has hit Americans' wallets hard. Many are hoping for more financial relief from the federal government, namely second $1,200 stimulus checks. While lawmakers on both sides of the aisle agree on those payments, they're still clouded by uncertainty.Whether that happens or not depends on Congress.

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