Timeline Update! Second Stimulus Check & Next Stimulus Package

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Your second stimulus check and stimulus package update September 21

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Stimulus Timeline Update September 21st
We’re currently over two months into stalled stimulus negotiations, the bulk of news and progress seems to be thinning. As of right now the major disagreements between the Democratic and Republican sides seems to be total package size. It’s the endless debate of what is the ideal package size.

Republicans don’t want to go any higher than 1.5 trillion where Democratic leadership doesn’t want to go lower than 2.2 trillion... and they’re not really talking. But even if back and forth negotiations are stalled there are still many outside events that have an effect on the likelihood and timeline of the next stimulus package.

Factor 1:
The most recent major factor affecting stimulus package progress is the unfortunate death of supreme court justice Ruth Bader Ginsburg.

In 2016 Republicans blocked a supreme court nomination citing that appointing a new justice shouldn’t happen in an election year. Well, here we are on an election year and a new justice is set to be appointed. Democrats are now saying they will do whatever they can to block a justice from being appointed.

Why does this matter for the stimulus bill? The answer is time and energy. If you look at any political news site right now you will see a majority of the articles having to do with the supreme court justice seat. If filling the seat for a justice is looked at as more important to a presidential victory than getting a stimulus bill passed all of the focus will be shifted to their priority despite the millions of Americans in need.

Factor 2:
Senators were excused last Thursday to go to their home states until after the elections. This is very typical because of course legislators want to get voted back in.

Again, this takes time and energy that could go towards stimulus negotiations and progress. I will say this is less of an issue than the first because the majority of Senators are not actually at the negotiation table. Steven Mnuchin has been heading negotiations on the Republican side along with Mark Meadows. But it is an issue in the sense that you don’t have 100 senators itching to get something passed as they are preoccupied elsewhere.

Factor 3:
Last week amid these stalled negotiations the President tweeted “Go for the much higher numbers, Republicans, it all comes back to the USA anyway (one way or another!),”

The President is a key to getting a stimulus bill passed and if it helps him in the polls to get something passed it benefits struggling Americans as a result. Trump is in close contact with those key negotiators Mnuchin and Meadows so he no doubt has some influence and can be influenced. I think this is a very positive push.

Factor 4:
The stock markets have been on extremely shaky footing for several months now. There is no reason we should be seeing record high numbers during a massive economic downturn and global pandemic.

Well, markets as of today are going down. This morning the Dow is down 934 points, the S&P 500 is down 2.6%, and the Nasdaq is down 2.1%.

Again, why is this important? Because in the past few months the strong stock market numbers have been used as an argument that the economy is better than it really is and we don’t need as much stimulus as a result.


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Disclaimer
This presentation does not constitute legal or tax advice. It is provided solely for informational and educational purposes and does not fully address the complexity of the issues or all the steps businesses must take under applicable laws. You should consult your professional advisers regarding your individual situation. Max Maher undertakes no obligation to update the information in this presentation, and no representations are made that the content is error-free.