Personal Finance

New $2.2 Trillion Stimulus Bill Proposed—$1,200 Stimulus Checks, $600 Unemployment Benefits And More

This story is developing.

House Democrats announced a new $2.2 trillion stimulus bill today.

Here’s what you need to know.

Stimulus Bill

With Congress at an impasse on the next stimulus bill, Speaker of the House Nancy Pelosi (D-CA) hopes that the new $2.2 trillion stimulus bill will lead to a stimulus deal with Republicans. What’s inside the new stimulus bill? The revised Heroes Act is approximately $1 trillion smaller than the original Heroes Act and includes:

  • $1,200 stimulus checks for individuals and $2,400 stimulus checks for married/joint filers
  • $600 weekly federal unemployment benefits
  • $120 billion of funding for the restaurant industry
  • financial relief for the airline industry
  • $225 billion in education funding
  • $436 billion in financial aid for state, local and tribal governments
  • $75 billion for Covid-19 testing and tracing 
  • $15 billion for the U.S. Post Office 
  • Food assistance benefits

Will the Senate pass a stimulus bill?

Pelosi could bring her new stimulus bill to the House floor for a vote as early as this week. Will this stimulus bill become law? No, the Heroes Act will unlikely become law in its current form. Why? Democrats need bipartisan support to pass any stimulus bill. While Democrats control the House of Representatives, Republicans control the U.S. Senate and the White House. While the revised Heroes Act would result in lower federal spending (which Senate Republicans generally prefer), Republicans have been clear that they won’t support a $2.2 trillion stimulus bill. Treasury Secretary Steven Mnuchin, who is negotiating a potential stimulus deal on behalf of the White House, says Republicans would be willing to agree to a $1.5 trillion stimulus deal—but no more. Both Mnuchin and President Donald Trump want a new stimulus deal, more stimulus checks and aid to small businesses. However, they have not committed to spend $2 trillion. Trump has also called to use some Covid relief funds to send stimulus checks. However, the White House has not publicly supported a $2 trillion stimulus deal.

Next Steps

What’s next for the stimulus? If the House passes the revised Heroes Act, it will be largely symbolic. The Senate is unlikely to agree to a $2.2 trillion stimulus package. Senate Republicans initially proposed the Heals Act, a $1 trillion stimulus package earlier the year. More recently, Senate Republicans introduced a “skinny” $500 billion stimulus bill in an attempt to appease fiscal conservatives and pass piecemeal legislation on areas of bipartisan support. Why? Senate Republicans says they want to give Americans immediate relief and work with Democrats to agree on future stimuli. Both parties say they want to deal, but it’s unclear if this latest stimulus proposal moves the needle in any meaningful way toward a stimulus deal before the November 3 election. While stimulus talks may continue, the Senate now will turn its focus to Supreme Court confirmation hearings to fill the seat of the late Justice Ruth Bader Ginsburg before the election.

Related Reading

Stimulus Update: 5 Potential Outcomes

Trump: Send Second Stimulus Checks With Covid Relief Funds

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