A few days ago, an important meeting took place on Capitol Hill.
The meeting was about you.
It was the fifth such meeting in eight days, including emergency sessions on Saturday and Sunday.
Here was the cast of characters in attendance:
In one corner, the Republicans: Steve Mnuchin, the U.S. Treasury Secretary; and Mark Meadows, White House Chief of Staff.
In the other corner, the Democrats: Nancy Pelosi, the Speaker of the House; and Senate Minority Leader Chuck Schumer.
Today, I’ll explain what this meeting was about..
And then I’ll reveal what it means for you — and your financial future.
Gov’t to the Rescue?
As Matt explained yesterday, the government’s first stimulus package in March was a bust.
Sure, at $2.2 trillion, it seemed generous…
But after handing out hundreds of billions of dollars to state governments, failing airlines, and Wall Street insiders, it left ordinary people with little more than table scraps…
If you were lucky, you got a one-time payment of $1,200, and four months of unemployment.
But those meager benefits have now expired, and the last of those $1,200 payments have been spent. So now the time has come for a second stimulus package.
That explains why Mnuchin, Meadows, Pelosi, and Schumer have been holed up trying to hammer out a new package.
Let’s take a look at the current status of their negotiations.
Four Proposals: One (or None?) Will Win
At the moment, there are four major proposals for a new stimulus package.
Here they are in a nutshell, along with each of their odds of happening.
1. The Heals Act
This is a Republic proposal based on the first stimulus program.
Basically, if you earn less than $75,000, you’d receive another one-time payment of $1,200…
Plus $1,200 for your spouse, and $500 for each of your dependents.
The odds of this happening? Very likely.
2. The Heroes Act
This is a Democratic proposal, also based on the first stimulus program.
If you earn less than $75,000, you’d receive $1,200…
Plus $1,200 for your spouse, and $1,200 for each of your dependents.
The odds of this happening? Less likely.
3. Coronavirus Assistance for American Families Act
This is a proposal from Republican Senators including Mitt Romney and Marco Rubio.
If you earn less than $75,000, you’d receive a payment of $1,000…
Plus $1,000 for your spouse, and $1,000 for each of your dependents.
The odds of this happening? It could happen.
4. Monthly Economic Crisis Support Act
This is a proposal from Democratic Senators including Kamala Harris and Bernie Sanders.
If you earn less than $120,000, you’d receive $2,000 a month…
Plus $2,000 a month for your spouse, and $2,000 a month for each of your dependents.
This sounds a bit more interesting, because it would provide ongoing income.
But the odds of it happening? Close to zero.
The Bickering Continues
Of course, there’s more to the negotiation than just the stimulus checks.
For example, will the $600 a week federal unemployment benefit be continued?
If the Republicans get their way, it sure doesn’t look like it.
But where does this leave you?
Let’s take a look…
Best-Case Scenarios from Congress
Even in the best-case scenario, the most likely outcome here is another one-time payment.
Maybe the payment will be $1,000, and include $500 for each of your dependents…
Or maybe it’ll be as much as $1,200, and include $1,000 per dependent.
But really, is this one-time payment going to cover all your bills? And not just your existing bills, but all your future ones, too?
Until the economy turns around, would it allow you to live your life, take care of your family, and sleep at night?
A Better Solution
If that one-time payment is enough for you, that’s great news.
But if it’s not enough, listen up…
Because next week, Matt will be introducing you to a different kind of solution, a better solution…
Not just a one-time check…
But an ongoing check that can put cash in your bank account every month.
So stay tuned!