New stimulus package update: $600 or $700 check, when Congress could vote - CNET

A smaller stimulus bill has a chance of making it through before the end of 2020.

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A second stimulus check is officially back on the menu. After weeks of advancing a COVID-19 relief package without funding for an extra check, negotiators in Washington are shaping a new $900 billion coronavirus stimulus bill that is said to include a second stimulus check. Instead of another $1,200 payment, however, the bill will set a cap of $600 or $700 per person, according to multiple reports, including Politico and The Washington Post.

The bipartisan negotiators, including House Speaker Nancy Pelosi and Senate Majority Leader Mitch McConnell, will have only days to complete a government funding deal by the Friday deadline, as well as finalize the stimulus package. 

A vote for the $900 billion stimulus could arrive as soon as Friday or Saturday, according to reports, with the legislation starting in the House of Representatives before moving on to the Senate and then, if it passes both chambers, to President Donald Trump's desk for a signature.

"McConnell told Senate Republicans to be prepared to be here through the weekend to get COVID/spending bills done," NBC News political correspondent Garrett Haake tweeted Wednesday.

"Sen. Joe Manchin estimates the Senate "probably" votes Saturday on COVID-omnibus package," tweeted Hill writer Alex Bolton.

A coronavirus aid proposal before Jan. 1 is considered emergency legislation to institute a safety net for expiring benefits that could leave tens of million of unemployed Americans without an income and millions of households facing eviction. A sweeping deal like the $2 trillion CARES Act from March, which authorized a $1,200 stimulus check for most Americans, is more likely to return to the table in early 2021, top US leaders have implied. 

Read more: America is getting a new Congress: What that means for another stimulus check

President Donald Trump, too, has called for "more money than they're talking about" in stimulus checks, and has continued to push for a second check in the final bill. 

White House press secretary Kayleigh McEnany did not say whether Trump would refuse to sign a stimulus package that didn't include a second check, but said Tuesday that Trump "would really like to see those stimulus checks in there."

Now playing: Watch this: Next stimulus checks: What to expect

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Stimulus checks aren't cheap. The IRS said this summer that it had spent $270 billion sending out 160 million checks, and on Monday, Sen. Mitt Romney, a Republican who has been involved in crafting the bipartisan stimulus proposal, forecast a cost of $300 billion if the checks were once again included for $1,200 per person. Republicans reportedly bridled at the cost.

Last week's White House proposal had allocated $600 each in stimulus money for every qualified adult and their child dependents, a drop from $1,200 in the CARES Act for adults, and a raise from the $500 per qualified dependent. It isn't yet clear if the $900 billion stimulus proposal will follow this suggestion.

A smaller second stimulus check would be one way to keep costs below the $1 trillion cutoff that Republican lawmakers have in the past said they'd support. Last week, the White House offered a $918 billion plan with $600 maximum stimulus checks. That was rebuffed by Democratic leaders because the proposal also cut $300 in weekly federal unemployment insurance benefits that would help prop up jobseekers until April.

The $900 billion stimulus proposal is the latest variation of a $908 billion proposal from Dec. 1 that by Monday was split into two parts. The first is a core bill worth $748 billion, which contains the unemployment funding and other measures. The second is a $160 billion bill that carves off the two most contentious issues that could capsize an agreement: money for state, local and tribal funding on one hand; and a liability shield to protect businesses from coronavirus-related lawsuits on the other.

A vote on the new stimulus package could come soon.

Sarah Tew/CNET

Neither lobe of the two-part stimulus deal contained a second stimulus check, but with the thorniest issues sloughed off, the key Democratic and Republican negotiators are seizing the monetary wiggle room to fund the popular stimulus check at a reduced rate. 

Though the clock is ticking, top US leaders appear committed to passing a stimulus deal. 

"Guess what, if we don't do anything, a lot of people don't have a home to go to this holiday season," Manchin said Wednesday from the Senate floor. "Failure is not an option."

"We're not leaving here without a COVID package. It's not gonna happen. We're gonna stay here until we get a COVID package," McConnell said Tuesday. "No matter how long it takes, we'll be here."

Here's what we know about where negotiations stand right now and what could happen before the end of the year.

When could Congress realistically pass a new stimulus bill?

Here are some possible scenarios that could play out over the coming weeks and months, depending on how negotiations settle in Washington.

When could a stimulus bill or package pass?

House votes	Senate votes	President signs
Dec. 18	Dec. 21	Dec. 22
Dec. 22	Dec. 23	Dec. 24
Feb. 1, 2021 (after inauguration)	Feb. 2	Feb. 3
Feb. 16 (Feb. 15 is Presidents Day)	Feb. 16	Feb. 16

4 things that could happen with a stimulus package now

If a stimulus bill is completed this year or before Jan. 20: With an agreement made, the current House and Senate would vote before the new Congress is seated in early January. If the outgoing president then signed the rescue bill into law, aid would likely begin to go out within weeks, with certain groups possibly receiving financial help before the end of 2020.

If negotiators agree on a stimulus deal, but it fails in either the House or Senate: In this situation, Democrats and Republicans could advance their own proposals that might pass in their majority chambers but fail (or fail to be considered) by the other. In this case, Congress might try again after President-elect Joe Biden is sworn in.

A smaller bill could pass now and a larger one could happen later: It's possible that a subset of programs would get funded before Biden becomes president -- for example, unemployment aid, an extension of the eviction ban or even a second stimulus check, with the new Congress revisiting other programs after the inauguration. As the sitting president, Trump would need to sign any bill passed before Jan. 20 into law for it to take effect.

Stimulus negotiations are under incredible stress.

Sarah Tew/CNET

If talks once again fall apart until after Jan. 20: If partisan differences keep a bill from passing, it's possible they'll restart in some capacity after Biden's inauguration in January. Here are some executive actions Biden could take immediately once president if a stimulus bill hasn't passed by the time he's sworn in.

If a bill does pass that includes a direct payment, here's how quickly we think the IRS could send a second stimulus check.

The Democrats' Heroes stimulus package still matters

On Oct. 1, the House of Representatives passed a revised Heroes Act that included a second stimulus check and additional benefits, such as enhanced unemployment benefits for tens of millions of Americans. The House bill, endorsed primarily by Democrats, was not expected to advance through the Republican-controlled Senate, and indeed did not.

Although it's not law, this bill provides the talking points House Speaker Nancy Pelosi was working with prior to the bipartisan proposal and might return to next year, if another stimulus proposal picks up steam after Biden's inauguration. This revised Heroes Act has Biden's support and could figure into future negotiations, depending on whether Georgia's state runoff on Jan. 5 gives Democrats control of the Senate (Republicans currently maintain a two-seat lead).

What parts do Republicans and Democrats agree on?

Proposals from both sides have included the Paycheck Protection Program for businesses, enhanced unemployment insurance and another stimulus payment of up to $1,200 for individuals who meet the requirements. Although not every benefit would make it into a smaller bill, these other relief measures are most likely to gain bipartisan support in the coming year. The two sides also agree on more financial assistance for coronavirus testing and vaccine deployment.

Here's the breakdown of the frontrunner bill proposal so far.

For more information about stimulus checks, here's how soon you might get your second stimulus check now, what you should do to speed up the delivery of a potential second check, and what to know about the HEALS, CARES and Heroes stimulus bill proposals that could help inform a final package.

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