A second stimulus check may be on the horizon, but will it be worth $1,200? According to White House economic advisor Larry Kudlow, that may not be the case.
On Friday, Kudlow told reporters that the next round of payments would be less than $1,200 and would be “targeted toward people in lower-income brackets and without jobs,” according to Fox Business.
This goes against what President Donald Trump has suggested. In a previous interview with Fox Business Channel, Trump said, “I support actually larger numbers than the Democrats, but it’s got to be done properly.”
He added, “I want the money getting to people to be larger so they can spend it. I want the money to get there quickly and in a noncomplicated fashion.”
So, while Americans may receive more financial aid if the government can come to a consensus on a second round of payments, the specific amount of money they’ll see is still dependent on negotiations in Washington at this point, as CNET detailed.
The HEROES Act Offers a Larger Stimulus Payment Than the CARES Act
The proposed legislation under Senate scrutiny is the HEROES Act, which passed in the U.S. House of Representatives in mid-May.
The bill must pass in the Republican-run Senate and be signed by the president to become law. Negotiations on the specifics of the next stimulus package are ongoing. The Senate is currently on a two-week recess and will resume discussion around coronavirus relief on July 20.
CNET writes, “The size of another relief package — and how that money is divided up — will determine the amount that individuals and families are eligible to receive in a second economic impact payment.”
Possible Stimulus Amounts for Individuals
In a recent article, CNET broke down the differing opinions of Washington leaders when it comes to stimulus check numbers.
While the HEROES Act proposes $1,200 per person, Trump supports more money for individuals.
Democratic Senator Kamala Harris, meanwhile, has suggested a $2,000 monthly payment through the end of the pandemic and for three months after.
There have also been discussions around a $4,000 temporary tax credit, as proposed by the U.S. Travel Association.
Treasury Secretary Steven Mnuchin said July 9 that the Trump administration is working alongside the Senate to pass another stimulus relief package by the end of July.
In an interview with CNBC, Mnuchin said, “I had a very productive call with [Senate Majority Leader] Mitch McConnell yesterday. As soon as the Senate gets back, we’re going to sit down on a bipartisan basis with the Republicans and the Democrats, and it will be our priority to make sure between the 20th and the end of the month that we pass the next legislation.”
This article will be updated with more information as it becomes available.