A large number of U.S. taxpayers will soon be receiving the second round of government financial aid.
Treasury Secretary Steven Mnuchin announced that President Trump is keen on proceeding with the check distribution, as reported by CBSNews.
The White House and Senate Republicans have come to an understanding about a legislative proposal of further financial aid to Americans, Secretary Mnuchin added.
It will be “the same provision as last time,” and that their “proposal is the exact same” as the previous one, Mnuchin told reporters, as per TheHill.
Reports suggest that a handful of Republican lawmakers attempt to limit it to households that have lower income than most.
People earning less than $40,000 annually are the most affected by the pandemic, specified Senator Mitch McConnell.
What If The Income Threshold Is Reduced?
If this were to happen, a large number of middle-class taxpayers will not be able to receive the second stimulus package.
According to an analysis of IRS data, more than 60 million taxpayers could be excluded from the second round.
Mixed Reactions From Capitol Hill
The government will be providing “another stimulus package,” President Donald Trump told a Scripps correspondent as per an AP report.
The next one will be “very good” and will be “very generous.”
His idea however was received by the Capitol Hill’s GOP allies with mixed reactions.
After a luncheon meeting with fellow Republicans senators, Mnuchin said that they’re discussing “a bunch of different ideas.”
Ideas that they may “need to do in another bill.”
The Senate Republicans will make sure “to take time” and to be more “thoughtful.”
They’re going to take actions that are way more “targeted and focused on jobs.”
President Trump “always wanted a second round” of federal aid, and “probably for good reason,” said Sen. Ken Cramer.
Cramer added “Direct contribution installments to people could be a nice, a nice stimulus.”
It could help in “restarting the economy…”
Sen. Mitt Romney stated that his “preference” is to stretch “unemployment insurance.”
However, it should be in a way that is “more limited “and “more targeted.
Romney also seeks “payroll subsidies for businesses” and financial relief to “states and local governments” to deal with “ballooning budget deficits.”