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Second stimulus check isn't doomed after all — here's where we stand

(Image credit: Getty Images)

Chances for a second stimulus check seemed doomed on Tuesday afternoon (Oct. 20) as House Speaker Nancy Pelosi's talks deadline for a pre-election relief bill passed. The lead Democratic negotiator offered some hope later that evening, though.

Following a meeting with Treasury Secretary Steven Mnuchin, Pelosi released a memo sharing the latest status of a prospective bill that would include stimulus check 2.  The Speaker said the talks on Tuesday "provided more clarity and common ground as we move closer to an agreement." 

"[Tuesday's] deadline enabled us to see that decisions could be reached and language could be exchanged, demonstrating that both sides are serious about finding a compromise," Pelosi said.

The Speaker said talks would continue Wednesday, meaning there's still hope for a stimulus-package deal prior to next month's presidential election.

The size of another stimulus package has been the most contentious point of negotiations. Pelosi and the House Democrats not once, but twice passed stimulus bills exceeding $2 trillion. 

Meanwhile the Senate GOP is still pushing a so-called "skinny" bill that doesn't include a second round of $1,200 checks for qualifying American taxpayers. An earlier version of the $500 billion plan didn't receive enough support to advance in the Senate, and this edition isn't expected to get far either.

Although the White House's messaging on a new stimulus bill have fluctuated, with President Trump earlier this month announcing he was cutting off negotiations, he said on Tuesday he's ready to spend a lot.

In an interview with Fox and Friends Trump said he wanted "to do it even bigger than the Democrats."

"Not every Republican agrees, but they will," Trump said. "I want to do it even bigger, because this is money going to people who did not deserve what happened to them."

Second stimulus check eligibility: Will you qualify?

Who are these people that the President is referring to? Although stimulus check 2 eligibility guidelines haven't been set, Trump has said he'd pass a standalone bill with $1,200 checks. Based on the first stimulus check of the same amount, we can speculate on who would qualify for the full payments.

With March's CARES Act, the government sent a $1,200 benefit to single individuals making up to $75,000 per year and married individuals jointly making up to $150,000 per year. 

Those earning above those amounts up to $99,000 and $198,000, respectively, received prorated checks. Anyone earning above the upper limits got nothing.

You can use this stimulus check 2 calculator to see how much you might get based on these eligibility requirements.