Treasury Secretary Mnuchin made the Sunday morning political show rounds and insists another stimulus check is coming.
According to Mnuchin, he is working diligently with Senate Majority Leader Mitch McConnell on the second CARES act, and that another wave of stimulus checks could come as soon as next month.
Secretary Mnuchin went on to say “Our proposal is the exact same provision as last time,” the treasury secretary told reporters on Thursday, according to Fortune. Mnuchin confirmed this several times this past Sunday.
Under the same guidelines of the original CARES ACT Americans who made up to $75,000 per year will get a $1,200 stimulus check.
The income cap was set at $99,000 and stimulus payments were scaled down from there. The original CARES Act also gave $500 per child.
Many political leaders, like Bernie Sanders, have called for $2,000 dollars a month to every American until the COVID-19 pandemic is eradicated.
Although many Democrats say another CARES Act is not enough, it’s a chance of tune for senate Majority Leader Mitch McConnell, who hinted at a $40,000 dollar income cap.
“I think the people that have been hit the hardest are people who make about $40,000 or less. Many of them work in the hospitality industry. … That could well be a part of it,” McConnell said.
House Democrats passed their own $3 trillion stimulus bill, but it has yet to be voted on by the Senate.
The Democrat bill would have also continued the $600 weekly unemployment benefits, currently set to expire July 31 under the first CARES Act, through next January, Forbes reported.
Full details of the Mnuchin-McConnell bill are yet to be disclosed, and after a slight delay is expected to be released later this week.
The build-up to a bill has been heavily criticized by Democrats with Senate Minority Leader Chuck Schumer saying Senate Republicans are “divided, so disorganized, [and] so unprepared,” Forbes reported.
President Trump has backed off strong positions such as a proposed payroll tax cut and attaching school funding to mandatory re-openings.
The Senate has a tight window to pass a second stimulus bill as it’s due for another recess on August 10th.