Stimulus check 2 would boost economy, say business leaders

Stimulus check ii would heave economy, say business organization leaders

The outer facade of the New York Stock Exchange on a nearly deserted Wall Street early in the coronavirus crisis.

(Image credit: Cory Seamer/Shutterstock)

With the hope of resumed stimulus negotiations betwixt Democrats and Trump administration officials all the same tenuous, financial leaders are calling on Congress to provide more help to save a slipping economic system.

Federal Reserve Chairman Jerome Powell warned lawmakers this calendar week that failing to pass some other stimulus packet that includes stimulus check two could have long-term economic consequences — a alert that may button the opposing sides on Capitol Hill closer to consensus.

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Powell specifically called out the need for additional straight payments, noting that a lack of individual benefits — including the federal unemployment supplement and a 2nd stimulus check — could leave many Americans who don't have savings without money to spend.

"Many borrowers will do good from these programs, as volition the overall economy," Powell said, according to CNBC. "But for others, a loan that could be difficult to repay might non be the answer, and in these cases, direct fiscal back up may be needed."

Business leaders have echoed Powell'south concerns about the impact of slowed spending on economical recovery. Corporate executives who are members of the Business Roundtable have called for "major support" to mitigate the fiscal effects of the coronavirus. Reuters reports that stocks have trended downwardly all this calendar week in response to these rise fears.

Stimulus cheque 2 status

House Speaker Nancy Pelosi (D-California) and Treasury Secretary Steven Mnuchin have appear a delivery to restart stimulus negotiations in the coming days, and Pelosi has asked Firm commission heads to draft a new spending package in the ballpark of $two.4 trillion.

Pelosi previously dropped the cost of the Democrats' demands from $3.4 trillion in the HEROES Act — passed by the Business firm in May — to $2.2 trillion during negotiations concluding month. Meanwhile, the White House expressed willingness to spend upward to $1.5 trillion, and mayhap more, on a second relief bill.

Senate Republicans haven't agreed to numbers in that range. In tardily July, GOP leaders introduced the $ane.1 trillion HEALS Act, but the Senate has not held a vote on information technology. A more contempo $500 billion "skinny" bill got the support of well-nigh Senate Republicans, but failed to advance.

The details of Business firm Democrats' upcoming proposal aren't yet clear, although both the HEROES and HEALS Acts include a second $1,200 stimulus bank check. It's a pretty condom bet the new pecker volition also include one.

Emily Long is a Utah-based freelance writer who covers consumer technology, privacy and personal finance for Tom's Guide. She has been reporting and writing for nearly ten years, and her work has appeared in Wirecutter, Lifehacker, NBC BETTER and CN Traveler, among others. When she's non working, you lot can notice her trail running, didactics and practicing yoga, or studying for grad school — all fueled past coffee, evidently.