BREAKING NEWS $455 Billion Stimulus Out of Reach?!
Stimulus Update 11–25–2020
11–25–20 BREAKING NEWS $455 Billion Stimulus Out Of Reach?! Biden’s Plan Treasury Secretary Package Disaster Relief Bill Stimulus bill Americans get Stimulus check, well there Second Stimulus check and the need for extended enhanced Unemployment Benefits.
A recent study conducted by Morning Consult and Politico display just how badly Americans need more stimulus funds.
The poll shows that 67% of voters believe that passing another stimulus package should be President-Elect Joe Biden’s “top priority” during his first 100 days in the White House.
The study also found that 67% of people polled want Biden to make a vaccine distribution plan among the top items on his to-do list as well.
With Biden’s transition underway, I just hope that he is talking to all the right parties and players, to ensure the approval of a bipartisan stimulus package with direct payments and fiscal support that we’ve been waiting on for months.
Meanwhile, the current Treasury Secretary, Steven Mnuchin, is planning to put the leftover $455 billion in small business disaster relief funds into an account that upcoming Treasury Secretary, Janet Yellin, can’t access without Congressional approval.
Putting the funds into a General Fund, the only way Yellin can access the stimulus funds is: “authority based on congressionally issued legislation.”
Democratic Senator Ron Wyden disapproved of the decision, stating: “Secretary Mnuchin is engaged in economic sabotage, and trying to tie the Biden administration’s hands.”
With so much available money, I don’t know why Mnuchin is making it more difficult for Washington to approve more stimulus funds for struggling Americans.
Hopefully Yellin can find a way to repurpose these funds, as we desperately need another round of $1,200 stimulus checks, PPP and small business loans, and extended enhanced unemployment benefits.
Finally, we’ve been talking about the possibility of a smaller stimulus package gaining steam now for weeks, and it looks like some leading politicians on both sides of the aisle are showing support for a skinny, but effective stimulus bill.
Democratic Representative Dwight Evans explained that we must act now, stating: “The American people cannot afford to wait weeks to negotiate a package that the Senate may again refuse to consider.”
He continued: “While undoubtedly, a substantial relief package is needed to address the impacts of the public health crisis in its entirety, I respectfully urge you to immediately pass bipartisan legislation…”
Republican Governor from Louisiana, John Bel Edwards, said: “Our unemployment insurance trust fund is at zero and I do believe another round of stimulus would do it.”
He continued: “I’m encouraging Speaker Pelosi and the Senate Majority Leader Mitch McConnell to sit down and figure this thing out. It’s sad that there’s so much they agree on and they still can’t move forward on things they agree upon.”
I sure would like a massive stimulus package like Pelosi and the Dems have wanted this whole time, but we have a huge cash cliff coming up soon, so a smaller stimulus package could be the perfect bridge to fill the gap between now and when Biden takes office in late January.
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