President-elect Joe Biden on Monday called on lawmakers to pass a sweeping stimulus relief package closer in scope to the original $3.4 trillion HEROES Act that House Democrats passed in May. The bill included a second round of $1,200 checks, small-business loans and aid to state and local governments, among other measures, including stimulus check 2.
Senate Republicans have said there's no chance of such a proposal passing. Up until the election, House Speaker Nancy Pelosi (D-California) and Treasury Secretary Steven Mnuchin were working toward a consensus in the range of $2 trillion — in line with the revised HEROES Act that passed the House in October.
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Biden has suggested that Republicans' resistance to sending billions in relief to state and local governments, a major sticking point in the stimulus-bill negotiations, could wane once President Trump has left office and the "fear of retribution from the president" ends.
"Hopefully, when he's gone, they'll be more willing to do what they know should be done, has to be done, in order to save the communities they live in," he said on Wednesday.
'Split the baby and move on'
Meanwhile, one of America's top banking executives is blasting lawmakers of both parties for their failure to pass a second stimulus package that would provide additional relief for struggling businesses as well as for individuals and families.
Speaking at a business conference Wednesday, JPMorgan Chase CEO Jamie Dimon criticized the ongoing debate over relief funding, which stalled out before Election Day with House Democrats calling for $2 trillion and Senate Republicans resistant to spending more than $500 billion.
"You gotta be kidding me," Dimon said. "I mean just split the baby and move on. This is childish behavior on the part of our politicians."
Dimon added that many Americans had spent through their first stimulus checks and were running out of money.
"There is a big part of our country that is really struggling," he said. "That is what we should be focusing on. … It has zero to do with Democrats and Republicans."
Dimon called on Congress to provide aid until vaccines become widely available. CNBC "Mad Money" host Jim Cramer echoed Dimon's critique on Wednesday, saying that lawmakers and the Trump administration "doomed so many companies" with their failure to agree on additional relief.
Claim your missing check
The IRS is encouraging Americans who may have missed out on their first stimulus check to claim their money before Saturday (Nov. 21). Millions of low-income households and older Americans — many of whom may not have recently filed tax returns — may be eligible for undistributed payments.
Parents with dependent children who did not receive their $500 supplement with their initial check may also qualify for payment.
To see if you're eligible and to claim your outstanding check, enter your information into the non-filers tool on IRS.gov before 3 p.m. ET on Nov. 21. If you miss the deadline, you can still get your payment next year by filing a 2020 tax return.