The stakes are high. If Republicans and Democrats are unable to strike a deal now, it could be a long wait before more aid is finalized.
If current efforts are not successful, negotiations could get pushed back until after the election in a lame-duck bill, according to Ed Mills, Washington policy analyst at Raymond James.
Congress also will need to revisit government funding before Dec. 11 in order to prevent a shutdown. More stimulus aid could happen then.
There is also the possibility that lawmakers would hold off until after the inauguration.
At that point, something might not come together until February or March — one full year from when the CARES Act was passed, Mills noted.
The outcome of the November election could be a key influence on the fate of more aid.
“The view I have is the Trump reelection gets the money the fastest, and a Democratic sweep is the outcome that provides the most amount of funding,” Mills said.
How much assistance could Americans receive?
One of the sticking points in the negotiations is how much direct money to provide to Americans.
Both parties want to send another round of $1,200 stimulus checks. Democrats want to make everyone with a taxpayer identification number is eligible, rather than the Social Security number requirement included with the first checks. That could help those who were left out of those payments. Republicans largely disagree with that, Mills said.
“This injects immigration politics into the debate,” Mills said.
Democrats have also proposed $600 per week in enhanced federal unemployment benefits through January.
Republicans, meanwhile, have advocated for reduced enhanced payments through December.
Reference: CNBC
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