As the holidays approach, nearly 40 percent of Americans plan to spend less than last year. But if Congress comes up with another stimulus check, some people may be willing to increase their holiday budget.
Eight months have passed since Congress passed the Corona Virus Assistance, Assistance and Economic Security (CARES) Act, along with the $ 1,200 economic impact payment. It provides democratic and republican support for renewed salaries, but disagreements over months of negotiations between the democracy leadership and the White House have prevented a bipartisan aid package from coming together.
Technically, there is enough time for Congress to pass the bill, signed by President Donald Trump, and the Treasury Department to begin sending checks in time for Christmas. However, there are two different things that are possible and likely.
The senators have returned to their homeland and are not expected to return until November 30th. That gives congressional lawmakers less than three weeks to finalize and hand over the package before the December break. In order for Americans to receive payments by Dec. 25, Treasury Secretary Steve Mnuchin says Trump must sign the package by Dec. 14.
In August, Mnuchin on Sunday told reporters that if the package is accepted on Monday, next week he can “start printing” salaries and 50 million payments can be made “very quickly”.
Without new financial help, 37 percent of people will spend less this holiday season than last year, according to a poll conducted by Franklin Templeton-Gallup on Nov. 12. If they had an incentive pay, that number would drop to 30 percent, and the number of people willing to spend more than last year would rise from 16 percent to 22 percent.
The closure of businesses to slow the spread of the coronavirus epidemic has employed millions of people, and although the country has reopened, people across America are still feeling the economic downturn of the pandemic. Yet for those struggling financially, incentive control affects their holiday spending.
Forty-two percent of people who “get into debt” or “rely on savings” told Gallup they would spend “much less” this year. However, when asked what they would do after a new $ 1,200 salary, that number fell to 33 percent.
Both Trump and President-elect Joe Biden have prompted Congress to bring another economic relief, but in addition to disagreements, there is another hurdle to being included in the package, price tag, and language — the government being shut down. Congress has until December 11 to decide on a spending package to sustain the government, White House chief of staff Mark Meadows told reporters last week he could not “guarantee” there would be no downtime.
The question arises of the new administration coming to power, as well as the possibility for Democrats to take control in both chambers of Congress. If an incentive agreement is not reached before the Christmas break, it will be up to the new Congress to act, and this is unlikely to happen before the January 5 election in the Georgian Senate. The cancellation of the deal after Biden’s inauguration on January 20 could delay payment of incentive payments until February.