Why Trump's Call for Congress to Approve $1,200 Stimulus Checks Won't Work


President Donald Trump called for Congress to approve the second round of $1,200 stimulus checks to Americans.

President Donald Trump called for Congress to approve the second round of $1,200 stimulus checks to Americans, according to CNBC.

This remark from the president came not long after he tweeted that stimulus talks had ended until after the election. The call for $1,200 stimulus checks came later in the day yesterday. Trump stated that he supports standalone legislation for those payments. He also stated that he supports standalone legislation of $25 billion for airlines and $135 billion for the Paycheck Protection Program.

House Democrats were pushing for a $2.2 trillion stimulus bill, but the White House held steady at $1.6 trillion. House Speaker Nancy Pelosi shared her disapproval of Trump's tweets stating, “all he has ever wanted in the negotiation was to send out a check with his name printed on it.” She continued,“forget about the virus, forget about our heroes, forget about our children and their need to go to school safely and the rest. He’s just again rebounding from a terrible mistake he made yesterday and the Republicans in Congress were going down the drain with him on that.”

Both parties support the second round of stimulus checks. “The first move is up to the Senate at this point,” said Ed Mills, Washington policy analyst at Raymond James. The House of Representatives has already passed two bills, but neither has made their way through the Senate. The Senate is not scheduled for a session again until October 19. “Before there truly is any pressure on the House to act, Pelosi would demand knowing that the Senate was going to do something,” Mills said.

There has also been a debate on who to send stimulus checks to. The first round was limited to non-dependants and adults in a certain income bracket. “This is a case where you’re dropping an immigration debate into the middle of a fiscal relief negotiating package,” Mills said. “We’re only a couple of weeks out from an election, and kind of reviving immigration politics as part of that makes it extremely difficult to do.”

The Democrats are also unlikely to send out another round of checks that have Trump's name on them right before the election.

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Economics, Finance and Investing