The government has avoided a shutdown this coming Tuesday with news that President Trump has signed the $2.3 trillion pandemic relief and federal spending bill passed by Congress earlier this month.
The bill includes $900 billion in direct pandemic relief, along with $1.4 trillion in federal government funding to keep all agencies running until September.
Trump has signed the bill despite criticizing the “measly $600” stimulus checks that were included for individuals.
Stimulus Checks Will Be Dispersed This Week
According to recent comments from Treasury Secretary Steven Mnuchin, stimulus checks, worth $600, will be sent to individuals by the IRS this week. These will come as a combination of physical checks in the mail, EIP cards, and direct deposits.
This second stimulus check is just half of what individuals received in March as part of the first Coronavirus relief package. Trump was critical of the checks over the weekend, posting a tweet saying that “I simply want to get our great people $2000, rather than the measly $600 that is now in the bill.”
Instead of blocking the bill with his Presidential veto, Trump has decided to sign.
Not everyone will receive the stimulus check. High-income earners without qualified child dependents will only receive a partial payment or no payment at all.
The bill also includes much-needed support for the unemployed. A $300 weekly federal top-up for state unemployment claims was approved by lawmakers. The bill also includes a provision for a one-month eviction moratorium extension, giving renters some extra breathing room in January.
Biden Hints at More Stimulus for 2021
President-elect Joe Biden will take office in late January. He has hinted at a third stimulus check for 2021. When asked by the media if a future stimulus bill would include direct payments and how much it would be worth, Biden said that the amount is a “negotiating issue” but confirmed that a third check would be pursued by his administration.
Biden has said repeatedly that he will work with Congress to pass a larger stimulus package next year.
A Positive Sign for Investors
Trump signing the latest stimulus deal is good news for all Americans, especially those who have lost their jobs during the Coronavirus Pandemic. For investors, it’s yet another sign that the government is willing to spend big to prop up the economy and hasten the recovery. With stocks already bullish at the end of this year, this news could help to further support the markets.
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