BAKERSFIELD, Calif. (KERO) — Earlier, on Tuesday, Treasury Secretary Steven Mnuchin said that most Americans will start receiving stimulus checks as early as tonight, but after a long drawn out stimulus battle, the question remains --How much will it be?
After a months-long stimulus stalemate, Congress finally reached an agreement on a $900 billion COVID relief package, but about a week ago President Trump demanded more money to the American people which failed, but Americans can still expect a check.
“Congress found plenty of money for foreign countries lobbyists and special interests, while sending the bare minimum to the American people who need it. It wasn't their fault.”
Even after that message from President Trump, Americans can expect a stimulus check, just not for $2,000.
Senate Majority Leader Mitch McConnell blocked the $2,000 stimulus checks in a vote on Tuesday, and according to the Secretary of the Treasury Steven Mnuchin, Americans can expect their $600 checks soon.
Local political analyst Alan Bolar says he doesn't know if Americans will get the extra stimulus amount that President Trump requested since he is out of office in less than a month, putting less pressure on Senate Republicans.
“I feel like Republican voters will be able to take their voters with them opposing the new administration, and I think they'll feel more comfortable standing united against that.”
Bolar says $2,000 is a realistic amount, adding that the borrowing cost the U.S. faces is very low.
Meaning that we as a country can borrow this money very cheaply. Interest rates are super low right now and one of the things you do in emergencies if you take emergency measures, and this is an emergency. If this was a normal time, I may say otherwise.”
He says this in turn borrowing money will help the economy as people will have income to generate activity.
“Putting it back in people's pockets, keeping the economy going, and allowing businesses to flourish, people to not get kicked out of their homes, you're preserving the economic activity that you need to keep the economy strong at a pretty low cost.”
So who receives the checks? Anyone who made up to $75,000 last year is eligible along with couples who made up to $150,000 in 2019, you’ll also get an extra $600 per dependent child, but anyone who made more than $87,000 in 2019 will not get a check.
Bolar says he wasn't shocked that Trump was asking for an increase of money for stimulus checks, however, he was shocked that Trump did not push this two months ago because it may have changed the outcome of the election.
“I think this was a political mistake. He may have won the election because it ended up being pretty close, and it may have been enough to swing enough people his way.”
Higher stimulus checks are not completely out of the question, as McConnel also said Tuesday that the senate would begin a process to consider the increase in direct deposits along with other demands from the president.
Now if you do qualify for the stimulus bill, you are able to track your checks online.
