The White House economic experts have promised that there will be another round of stimulus package. Trump administrations have been monitoring the economic data of the country to determine how much stimulus money does everyone need.
However, the Democrats and Republicans are having a different opinion on the next round of stimulus package after the unemployment rate has been decreased from 14.7% to 13.3% after May. Here is what the Republicans and Democrats are saying on the upcoming stimulus check and how much money will an individual receives in the next stimulus package.
Democrats and Republicans on the Another Stimulus Check
The Democrats are very patient on the matter and believe that the government can still spend a lot of money. The Federal reserves have trillions of dollars to put out in the open when the state reopens. It is important to understand the economy and the Democrats want new policies for helping individuals, families and businesses.
May’s #JobsReport shows that decisive Congressional action can make a difference in our economy. But as coronavirus continues to spread w/o adequate testing & tracing, this is the worst possible time to take our foot off the gas. The Senate must quickly pass the #HeroesAct.
— Nancy Pelosi (@SpeakerPelosi) June 5, 2020
Nancy Pelosi, the House speaker is asking the Republican-majority Senate and the White House to support the $3 trillion stimulus package in the form of Heroes Act passed in May. Meanwhile, President Trump has said that the Heroes Act is dead on arrival and Senate leader Mitch McConnell has called it a liberal wishlist.
The Republicans want the next stimulus bill to have protection and liability for businesses to save them from the pandemic effects. Democrats vs Republicans have different opinions on how should the government spend the money on the stimulus package. Trump administration is in favor of a payroll tax cut and another round of stimulus check, providing financial incentives so that the Americans take vacations and visit restaurants.
Coronavirus Stimulus Package Details and Individual Payment
Congress has already passed the $2 trillion CARES Act for stimulation package to uplift the economy affected by COVID-19 pandemic. After the passing of the bill, the unemployed Americans are getting an additional $600 per week and around 80 million of the US citizens are getting direct $1,200 in their bank accounts.
The coronavirus stimulus package is providing $1,200 to those who have paid taxes for the last financial year and have an annual income of less than $75,000. The married joint tax filers will be eligible to get $2,400 if their shared is income is less than $150,000 and families would also get an additional $1,200 up to three dependent members, making the total stimulus package payment to $6,000.