Joe Biden says he’d like to see more stimulus funds reach Americans. Mitch McConnell repetitively mentions that he’s open to the idea of a $500 billion plan, while Nancy Pelosi is thinking of having something close to $2 trillion.
What will happen to the potential for stimulus funding in 2021? The uncertainty we have regarding this subject involves the multiple variables that could influence what happens.
- Joe Biden could have trouble getting his cabinet members voted on by Congress.
- Some nominees may get appointed to the Biden team, creating uncertainty for the eventual vote due to governor appointees.
- The liberal wing of the Democratic party could exhibit more influence over what happens.
- Georgia could vote for two Republican senators to create gridlock in Congress again. The state might send two Democrats to Washington, making the odds much greater that a stimulus would pass.
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What Could the Individual Stimulus Check Be in 2021?
Most lawmakers are eying the idea of having another $1,200 individual stimulus check sent to qualifying American households.
It might also be a little bigger or somewhat smaller. Some proposals have called for $1,200 per family member, with a cap of five individuals receiving stimulus funds. Even for a family with a married couple and four children, that legislation would provide $1,600 more over the original stimulus package.
Some proposals suggest it could be a smaller amount. The phase-out process could begin with income levels as low as $40,000 per individual or $80,000 per married couple.
If you have child dependents, different employment statuses, or someone incarcerated in your family, each variable could change how much you receive.
Everyone wants to do something to help out struggling families. The problem is that no one has the willpower to compromise! If that trend continues throughout 2021, we may not see any additional stimulus funds.