The house has officially voted in favor of raising the second round of stimulus checks from $600 to $2,000 per person. House Democrats had tried to get the initial vote to pass on Christmas Eve by unanimous consent, though didn't get the votes it needed. This time the voted ended up at 275 to 134, in favor of the raise.
Now that that's done, what happens next? It didn't come as much of a shock to me that this passed in the house. It's kind of a no-brainer to say and to vote in favor of more money for Americans, but do they really mean it? The real question is what does the Senate do with this. That's where there issue is.
It pains me to say this, but it really all comes down to one person, Mitch McConnel. I don't think issues like this should ever come down to a scenario in which one single person can completely decide what happens. I guess we'll see what happens when the Senate get's ahold of this. My guess is there will be some push back from other Republicans to get this to pass. If Reps. block this stimulus raise with the Senate runoffs coming up it won't bode well for them at all.
James Wrote: How will the stimulus checks work? Will they send out 600$ per adult first then if the pass it to 2000$ send the rest of the 1400$ out at a later date? Will the 2000$ vote delay the delivery of the stimulus checks?
Good questions. This article should clear some stuff up -
Second stimulus check: When the IRS will send your payment and why Jan. 15 matters
So basically its saying the IRS has until Jan 15th to send out all the checks. So that only gives them a couple of weeks.
January 15 is the cutoff date in the $900 billion stimulus bill by which time the IRS and US Treasury must stop sending checks as part of this round of delivery. If you don't receive your full second stimulus check money by Jan. 15, you will need to claim all or part of the missing amount when you file your federal tax returns in 2021 through the Recovery Rebate Credit. You'll also be able to claim any money the IRS still owes you from the first round of payments.
So lots of things could happen then, if it gets upped to $2k, and it will depend on how fast that happens. $2k checks could go out for those they haven't sent one out to yet. I suppose you could get two checks. Or you will just have to get a $1400 credit on your taxes. So its still very much up in the air, but at least its good to know the IRS has a 2 week deadline as of now.
Leader McConnell will only allow this to move forward if 12 (or more) Republican Senators publicly or privately come forward to say they are on board with the additional money. I'm not saying it's not going to happen, but I will be surprised if it does.
If they do somehow come to an agreement then the next question is how quickly they do. If they make an agreement to drastically raise the amount of the 2nd stimulus check in the next day or two then the government enact the changes before checks start to get sent out. However, if they don't then what is likely to happen is people will have to wait to get the additional money until they file their 2020 Federal income taxes.
Again, I'm not holding my breath that 12 Republican Senators are going to get behind this legislation. I think it's highly unlikely, but then again my predictions have been proven incorrect a number of times these past four years.