A quick update for you, Washington Post is reporting that according to an anonymous senior Treasury official, the Department of the Treasury is rushing to send out the first six hundred dollar stimulus payments by the end of this week.
Last week, Secretary Mnuchin said checks would arrive this week under the assumption that Trump was going to sign the bill last week, well he just signed it yesterday, but even so it’s reported that Treasury is still trying to send out the first batch of six hundred dollar stimulus payment this week. Key word here: “try”. That doesn’t mean it’s going to happen, but they are trying.
Obviously those receiving direct deposits, if you got a direct deposit with the last stimulus payment, you will probably be one of the first. If you got paper checks last time, well I wouldn’t get your hopes up for this week obviously. This is particularly interesting given that Friday is New Year’s Day, which is a federal holiday, but nevertheless, this senior official is saying that they are sticking to the same targeted timeline that Mnuchin outlined last week but of course said things could change.
So that’s one update, Treasury trying to get six hundred dollar payments out this week, but don’t hold your breath. Second update is we have now seen the actual legislative text of the CASH Act, and it actually wants to send out more money than we thought. Based on Trump’s statement yesterday Trump has in mind two thousand dollar checks for non-dependent adults and six hundred dollar checks for children, that’s why in his family of four example he said fifty-two hundred bucks. But now that we’ve seen the legislative text of the CASH Act, it actually wants two thousand dollars for adults and two thousand dollars for dependent children under the age of seventeen, it’s saying anybody who would get six hundred dollars under the original bill that is now law, scratch that, make it two thousand, it doesn’t say only the adults, it says wherever six hundred dollars appears, make it two thousand.
And where twelve hundred appears which is the amount for married couples, make it four thousand, so that actually increases the cost of this thing to four hundred and sixty-four billion dollars, and that’s even less of an incentive for Republicans to go for this, and in fact what the House is voting on today is different than what even Trump had in mind because in his mind he wants two thousand for adults, six hundred for kids as indicated by the calculus in his statement last night.
So House is voting on this today, right now, actually will need a ⅔ present and voting required to pass because they’re trying to pass this under suspension, meaning they suspend the normal rules to get something to the floor, but to do that, you need a ⅔ majority rather than a simple greater-than-fifty-percent majority. If the ⅔ vote fails, they will push for a regular majority vote as well.
I just saw a quick tweet here from a reporter, Kevin Brady, top Republican on Ways and Means, opposes the two thousand dollar check, so that’s not good news if that’s any indication of where Republicans are out on this.
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