Second round of stimulus checks now ‘almost inevitable’ as coronavirus continues to ravage America – The Sun

Second round of stimulus checks now ‘almost inevitable’ as coronavirus continues to ravage America – The Sun

A SECOND round of stimulus checks now appears “almost inevitable” as coronavirus continues to ravage America, say financial experts.

US President Donald Trump is keen on another stimulus package despite a lukewarm response from his Republican allies on Capitol Hill.

Personal finance writer Jeff Rose writes on Forbes that "some believe it’s time to roll out more financial help for American families".

The call for an additional economic stimulus payment comes as the US is being struck hard by the coronavirus pandemic, with more than 128,000 fatalities so far.

And parts of the country are returning to shut-downs of businesses, which will once again financially hit employers – and staff.

Arizona yesterday joined the growing tide of states enforcing new lockdowns as the “brutal” coronavirus spike forces more bars, movie theaters and gyms to close.

Arizona's actions follow steps taken by California, Texas and Florida – which ordered the closure of all of their recently reopened bars and beaches on Friday.

California and Texas both marked record spikes in new Covid-19 infections on Monday, a Reuters tally showed, as Los Angeles reported an alarming one-day surge in America's second-largest city that put it over 100,000 cases.

Pointing out that just one round of checks might not be enough for people to battle through the pandemic, Rose says the roll back of reopenings "leaves more people out of work or dealing with limited hours and pay.

"If you’re hoping and praying that more help is on the way, it appears the likelihood of Americans receiving more financial help is improved compared to a few months ago.

"Republicans seem to be coming around to the idea of another stimulus check or a back-to-work bonus, which is a positive sign.

"And with President Trump down in the polls, moving forward with more payments to Americans could make it easier for him to keep his job come November.

"That’s why many feel that a second stimulus check is all but inevitable."

Trump recently told an interviewer that he supports another round of direct economic stimulus payments similar to the $1,200 checks issued to most people earlier this year.

When quizzed about a possible second check on Scripps news, he confirmed: “Yeah, we are. We are.” 

“We will be doing another stimulus package.

“It will be very good. It will be very generous.”

Asked for a likely amount, he coyly replied: “You’ll find out about it."

But, until now neither Treasury Secretary Steven Mnuchin — the lead White House negotiator on the first package — nor Trump’s allies have raced to endorse the idea.

Mnuchin said in June that while the White House was considering a second round of stimulus payments, it was too early to speculate on what would be included in the package.

Congress passed the first round of checks nearly unanimously in March as part of a coronavirus response bill, at a cost of almost $300 billion.

The aid was essential as coronavirus lockdowns brought the economy to a near standstill, both parties said back then.

House Democrats are fully onboard with another round, having included direct payments in a more than $3 trillion measure that they pushed through the House in May.

But views in the Republican party are more mixed, despite Trump’s support.

Skeptics of direct stimulus payments say they are not targeted enough, but they have an undeniable political appeal, especially with the elections less than five months away.

The Washington Post reports that Trump has told his aides he is “largely supportive of sending Americans another round of stimulus checks, expressing the belief that the payments will boost the economy and help his chances at reelection in November".

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