By now, most Americans have received the federal stimulus checks directed by the CARES Act in March to help consumers weather the economic downturn caused by the coronavirus pandemic.
Three months later, the downturn has been declared an official recession and the official unemployment rate has soared into double digits, heightening calls for a second round of stimulus checks.
There’s good news and bad news on the prospects for additional government assistance. The proposed $3 trillion Health and Economic Recovery Omnibus Emergency Solutions, or HEROES, Act would authorize another round of stimulus payments for most U.S. households. While the bill was passed by the Democrat-controlled House last month, it still must get through the Republican-controlled Senate.
Yet there are signs the White House may get behind additional stimulus funding, with the Wall Street Journal reporting that the administration is working on its own plan. During a press conference last week to discuss unemployment, President Donald Trump said his administration will be “asking for additional stimulus money,” while his economic adviser Kevin Hassett told the Journal this week that the odds of another stimulus package “are very, very high.”
On Thursday, Treasury Secretary Steven Mnuchin said the administration is “very seriously considering” a