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A huge stimulus bill is coming – if Democrats take the White House and the Senate

Published Nov 3rd, 2020 2:01PM EST
New stimulus check
Image: Jason Raff/Adobe
  • New stimulus checks are all but guaranteed to be part of a new coronavirus relief bill passed by Congress — the only question is when that long-awaited new bill is going to emerge from lawmakers.
  • There’s a growing consensus that will happen after the election, and probably even after the lame-duck period between now and the end of the year.
  • Depending on the outcome of today’s election, everyone is looking toward early 2021 as the likeliest time when the country will get a new coronavirus relief bill.

January of 2021 is looking increasingly like it’s going to be one of the most consequential periods in recent memory for the US. Our next president will be sworn in. Symbolically, we’ll have turned the page on the calendar and moved past 2020, the terrible year we all can’t wait to get beyond. White House health advisor Dr. Anthony Fauci thinks January is the likely timing for when the first COVID-19 coronavirus vaccines will start to become available for high-risk people in the US. And, depending on the results of the election today, there’s an expectation that lawmakers will finally get around to passing a long-awaited new coronavirus relief accord, which would include funding to give most Americans a new stimulus check.

Regarding that stimulus package, of course, so much is riding on the outcome of the election. Former Vice President Joe Biden could beat President Trump and take the White House, but if Democrats don’t retake control of the Senate away from Republicans, Biden may end up having a devil of a time making progress on his agenda right out of the gate. If Trump manages to beat all the polls and eke out a victory — and if the GOP keeps control of the Senate — one would assume that a new stimulus package would emerge relatively quickly, since both parties have been talking past each other and holding out for a few months, looking ahead to today’s election and to the prospect of getting even more of what each side wants afterward, depending on the election outcome.

The only thing that’s truly certain at this point is that the US economy could still use a lift from a coronavirus relief bill — and, likewise, millions of Americans are still reeling financially from the pandemic. And, thus, a new round of $1,200 stimulus checks could go a long way. This is why some individual states, like Colorado and at least one county in Florida, are taking matters into their own hands and giving residents their own stimulus.

Jim Smigiel, chief investment officer of nontraditional strategies at SEI, told CNN he thinks a Democrat “blue-sweep scenario” today will result in a new stimulus plan right out of the gate in 2021. Should Biden win, remember, the new president is sworn in at noon on January 20. Likewise, Hank Smith — head of investment strategy at Haverford Trust — told CNN: “Politicians don’t want to throw the economy into a double-dip recession. More stimulus is coming. It’s a question of when and how much, not if. There is a desire to return to normal.”

Andy Meek
Andy Meek Trending News Reporter

Andy Meek is a reporter who has covered media, entertainment, and culture for over 20 years. His work has appeared in outlets including The Guardian, Forbes, and The Financial Times, and he’s written for BGR since 2015. Andy's coverage includes technology and entertainment, and he has a particular interest in all things streaming. Over the years, he’s interviewed legendary figures in entertainment and tech that range from Stan Lee to John McAfee, Peter Thiel, and Reed Hastings.