August 8, 2020 10:56 AM RSS

McConnell Wants Deep Restrictions on Who Gets Stimulus Check

  • Wall Street Rebel | James DiGeorgia
  • 07/10/2020 4:18 PM
McConnell Wants Deep Restrictions on Who Gets Stimulus Check

Senate Majority leader Mitch McConnell’s idea to limit the next round of stimulus checks to people making $40,000 or less will guarantee the GOP losing control of the U.S. Senate. 


July 10, 2020

United States COVID-19 Statistics

https://www.worldometers.info



Coronavirus Cases:

3,271,136

Active Cases:

1,694,725

Closed Cases:

1,440,056

Deaths:

136,355



New Cases Yesterday: July 9, 2020

Texas

11,394

Florida

8,935

California

7,248

Arizona

4,057

Georgia

2,837

Alabama

2,212

North Carolina

2,059

Louisiana

1,843

South Carolina

1,782

Tennessee

1,605

Ohio

1,114

Illinois

1,018

 

House Speaker Nancy Pelosi said Thursday she was unconvinced of the need to limit eligibility for another round of coronavirus economic aid checks to people making less than $40,000 annually. That limit proposed by Mitch McConnell won’t pass the House of Representatives.

Pelosi and the House of Representatives are expected to pass a stimulus bill with the same limits for eligibility.  The original stimulus checks went to most U.S. adults, though the $1,200 payments started to phase out for taxpayers with adjusted gross incomes over $75,000. Single earners making more than $99,000 and married couples with adjusted gross incomes above $198,000 got no money at all.

Kentucky Republican Majority Leader Mitch McConnell suggested at a news conference this week that the next stimulus checks should go only to the lowest earners.

“I think the people who have been hit the hardest are people who make about $40,000 a year or less,” McConnell said. Nearly 40% of those lower-income households have lost jobs because of the virus, the Federal Reserve found. 

It may be the intention of McConnell and the Republicans to kill this stimulus bill in the Senate or try to rewrite it to exclude 150 million U.S. households earning more than $40,000. The GOP may end up not only losing control of the White House and Senate but end up delivering 60 seats, a supermajority in the U.S. Senate on November 3, 2020, Election Day now just 115 days away.

Meanwhile, Secretary of the Treasury Mnuchin says unemployed workers should not get benefits higher than their old wages in the next stimulus plan, which will also become a huge issue as we approach the election. The Trump Administration and their GOP ranks are setting themselves up as scrooges …

“I think families making over $40,000 probably need assistance, again, depending on their family situation.”

The Washington Post reported on Wednesday Senate Majority Leader Mitch McConnell floated the idea of more targeted checks in recent days at lower-income people may well be the political blunder of the year. As the coronavirus threatens to re-new shutdowns across the sunbelt of the United States, there are far more households in need. Yesterday, a new daily record in the United States was reached with 61,000 infections and deaths climbing again – to over 900.

Pelosi made it clear yesterday that she has no idea why Senator McConnell wants to focus aid just on lower-income earners. The Federal Reserve’s Chairman Jay Powell did note how badly the virus-related lockdown was for lower-income families in May.

Pelosi has repeatedly cited Powell’s urging to “think big” for the size of the House Democrats’ proposal for another aid package. Powell told the Peterson Institute for International Economics in mid-May…

“Among people who were working in February, almost 40% of those in households making less than $40,000 a year had lost a job in March.”


  Congress JUST Released SPECIFIC Timeline For Second Stimulus Check! $1,200 Stimulus Check & $2400/mo



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