Getty
With the election drawing to a close, will stimulus discussions reconvene next week? It’s possible.
On Thursday, November 5, Senate Majority leader Mitch McConnell called for lawmakers to reach a deal when they return to work next week, according to News On 6.
During a news conference, McConnell said, “This [virus] is not going to go away until we kill it. So that’s Job 1. I think we need to do it, and I think we need to do it before the end of the year. I think now that the election’s over, the need is there and we need to sit down and work this out.”
McConnell’s statement came on the heels of news that Covid-19 cases in the US broke a new record, topping 120,000, on Friday, November 5.
Still, McConnell and House Speaker Nancy Pelosi remain at odds over the details of an economic relief bill, according to the Washington Post.
The outlet reports, “Washington could be on the verge of a seismic shift in power as final votes are being tallied in the presidential election, but the dynamics around economic relief talks that have sputtered on and off for months do not appear to have changed.”
Here’s what you need to know:
‘Something Smaller Is More Appropriate’
Speaking at a news conference on Friday, McConnell said, “Our economy is really moving to get back on its feet. That I think clearly ought to affect what size of any rescue package we additionally do…”
He continued, “I do think we need another one, but I think it reinforces the argument that I’ve been making for the last few months that something smaller — rather than throwing another $3 trillion at this issue — is more appropriate, with it highly targeted towards things that are directly related to the coronavirus, which we all know is not going away until we get a vaccine.”
When Pelosi was subsequently asked if a smaller relief deal was something she’d push, she said, “… it doesn’t appeal to me at all because they still have not agreed to crush the virus. This isn’t anything that we should even be looking at, it wasn’t the right thing to do before.”
The outlet goes on to highlight that while it’s unclear whether a deal can be reached, it’s “highly uncertain what Trump would be willing to sign on his way out of office.”
If Joe Biden Wins…
With the election drawing to a close, it’s becoming more and more likely for Vice President Joe Biden to win the presidency.
What’s Biden’s stimulus plan if he is elected into office?
According to CNET, Biden’s plan includes implementing certain aspects of the CARES Act, including, but not limited to, stimulus payments for eligible Americans and more unemployment benefits.
The outlet writes, “Biden’s plan, like the one Trump is backing, will include more direct stimulus payments, but it doesn’t specify how many or for how much, or if any of the qualifications would change. Democrats and Republicans are currently negotiating for more stimulus relief that would include another round of direct payments, but the clock is ticking to get a bill passed, and the results of the presidential elections on Nov. 3 could play a role on the timing of a deal.”
Biden’s plan, according to CNET, will also call for an additional $200 in addition to the monthly payments to social security recipients.
And when it comes to federal student loan forgiveness, Biden would not require individuals who owe money to make payments or see interest compound until the end of September, the outlet stated.
Lastly, Americans would not need to pay out-of-pocket for COVID-testing, treatment, or a vaccine, when it becomes available.
This post will be updated with more information as it becomes available.
READ NEXT: Why Yosef Aborady Is The Bachelorette 2020’s Villain