The White House vision for the second stimulus check
According to The Wall Street Journal, the White House will begin sketching out its own proposal for a second stimulus package as soon as this week. It’s expected to focus on initiatives that could help the US economy recover, such as incentives for workers to find jobs and for people to spend money in their town.
The White House is considering reducing unemployment payments to $250 or $300 a week during the second half of the year, which Republicans believe will induce people who lost their jobs to find work. Currently, payments are $600 a week, as part of the CARES Act passed in March. The enhanced benefits expire July 31.
President Trump continues to push for payroll tax cuts, an idea he brought up in March. “We will be going for a payroll tax cut,” he said this past Friday, “which will be incredible in terms of what we are doing because we are going to be bigger and better than we ever were.”
The White House is also looking at tax breaks for those who take a vacation in the US this year to encourage spending, the Journal reported. Japan has taken a similar approach to encourage domestic travel.
The White House has held back working on a second stimulus package until now. Presidential aides predict the terms of its package won’t be completed until July, according to the Journal.
What are the major proposals for the next stimulus check?
In a nutshell, the Democratic proposal for a second round of payments is the furthest along, with its Heroes Act passing a House vote in May. It is now with the Senate. The House package — if signed into law, which isn’t looking likely — would provide a second round of payments to individuals and families and extend enhanced unemployment benefits through the end of the year.
The White House plan is still taking shape, according to The Wall Street Journal, with President Trump and his economic advisers looking to boost the US economy with incentives for workers to find or return to their preexisting jobs, eat at restaurants and take vacations, for example.
Senate Republicans, led by McConnell, have sketched out parameters they want to follow for a second round, including a cap on the size of the bill and a stipulation it will be the final stimulus package related to the coronavirus pandemic.
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