Numerous states are lagging in reopening from the coronavirus shutdowns and the extra federal unemployment bonus is about to come to an end.
This leaves many Americans feeling justifiably worried, but President Donald Trump just confirmed his support for another “very generous” stimulus package.
New stimulus coming soon
Even though the government has added about 25% to the national debt over the last few months, President Trump said in an interview released Monday that another stimulus package will be happening “very soon.”
During the interview, Washington Correspondent for Scripps’ Joe St. George asked, “I have a lot of viewers in Florida, Ohio, Wisconsin, Michigan, who are still struggling economically, sir. They spent all of that first stimulus check, are you going to get them a second stimulus check?”
“We will be doing another stimulus package,” Trump replied. “It’ll be very good. It’ll be very generous.” It was unclear from Trump’s comments whether actual stimulus checks to Americans will be included, as in the CARES Act.
Trump seems hopeful that the two parties will come together and present a “bi-partisan” package that both sides can live with.
When pressed about the timing of the package, Trump did not give a firm date, but stated that it should happen “over the next couple of weeks.” Watch:
VIDEO: President Trump commits to 2nd stimulus. He says details would be announced in the coming weeks. The President would not tell me how much of a check Americans will receive. pic.twitter.com/Abd5E8P3Au
— Joe St. George (@JoeStGeorge) June 22, 2020
The next round of stimulus will likely face pushback from Republicans, especially Sen. Rand Paul (R-KY).
Paul opposed much of the earlier package, believing the country is already too much in debt to continue to write up legislation packages that will cost trillions of dollars.
The House Democrats have already passed the HEROES Act, a massive $3 trillion package that includes checks to eligible Americans. However, it is unlikely to pass the Republican-controlled Senate, at least in its current form.
Instead, Senate leaders are expected to negotiate a package, with input from the White House and Democrats, when they reconvene in mid-July. Senate Majority Leader Mitch McConnell (R-KY) has said that the Senate’s version will be the final stimulus package and will be “narrowly-crafted.”
Another stimulus package is welcome news for many struggling Americans. The shutting down of the economy put millions of Americans out of work, some of them permanently, and the timing of the shutdown has also put many seasonal businesses at risk. The real nightmare, however, is for those who were either getting ready to retire or who had recently retired, as the accompanying market crash crushed their retirement accounts.