More Stimulus Checks Coming? US Moving Forward With Second Round Of Direct Payments In Coronavirus Economy
Senate Majority Leader Mitch McConnell, R-Ky., said at an event in Louisville on Tuesday that another stimulus bill to boost the U.S. economy is likely coming in “in the next month or so.”
"Many of you are asking, what next? I think there's likely to be another bill. It will not be the $3 trillion bill the House passed the other day. But there's still a likelihood that more will be needed," McConnell said, referring to the $3 trillion HEROES Act passed by the Democratic-majority House earlier this month.
McConnell and other Republicans have labeled the HEROES Act as a “liberal wishlist,” while Democrats have said the legislation is necessary to help Americans as the unemployment rate surges.
"In the next month or so we'll be talking about possibly another bill," McConnell said.
McConnell has previously said that he wants the next stimulus bill to include liability protections for businesses, in order to protect them from lawsuits during the pandemic.
The CARES Act, a stimulus bill passed in late March, included $1,200 or more in direct payments.
Another round of payments could receive bipartisan support in the next bill, with President Trump considering the idea.
“Depending on the state of the economy, it’s something that I guess we would consider,” senior White House economic adviser Kevin Hassett told CNN on Sunday about another round of checks. Although Trump would maybe support just one more check, a group of Democratic senators have proposed at least $2,000 in monthly checks for most Americans during the crisis.
The coronavirus has slammed economic growth, with U.S. GDP decreasing by 4.8% in the first quarter of the year. In April, the national unemployment rate ticked up to 14.7%, with 20.5 million jobs being lost during the month.
© Copyright IBTimes 2024. All rights reserved.