What Is Holding Up the Passing of a Second Stimulus Package?
It is expected that more than 100,000 New Jerseyans will soon be receiving letters about a second stimulus package, out of 9 million Americans deemed eligible.
The major obstacle blocking the passing of a second stimulus package was the power struggle following the death of Supreme Court Justice Ruth Bader Ginsburg. Congress is unlikely to agree on a new relief package until after the presidential election. Both parties claim to support the idea, but particulars such as aid to states, small businesses and schools remain in question.
The discrepancy between the two parties, regarding the size of the package, also seems to be insurmountable, within a $1 trillion margin. They do, however, agree in principle on a new round of $1200 stimulus checks.
According to Federal Reserve Chairman Jerome Powell, a bipartisan agreement is sorely needed:
“Both employment and overall economic activity, however, remain well below their pre-pandemic levels, and the path ahead continues to be highly uncertain.”
Meanwhile, the United States Government Accountability Office (“GAO”) issued a report stating that the Treasury Department and the IRS should do more to get funding to those who have not received the first round of stimulus packages. The bimonthly report is mandated by a provision in the CARES Act, which requires the GAO to monitor and oversee efforts related to the COVID-19 pandemic.
More answers lead to more questions, now more than ever. It does not make the economic hardship experienced by individuals and small businesses any easier. Questions are welcome, as we are all in this together.
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