President-elect Joe Biden wants Congress to pass a $908 billion bipartisan stimulus package, which is expected to be formally introduced earlier this week after months of negotiations between Democrats and Republicans failed to reach a compromise.

The new bill, which is expected to be passed before the end of the year when benefits and protections for millions of Americans will be cut off, may not include stimulus check 2.

"I am not alone in saying this situation is urgent - if we don't act now, the future will be very bleak," Biden said Friday (December 4).

The bill is expected to include $300 per week in targeted federal unemployment benefits, but there is currently no appropriation for stimulus check 2. [However, other members of both parties, including Representatives Alexandria Ocasio-Cortez (R-NY), Bernie Sanders (R-Vermont), and Josh Hawley (R-Missouri), have said they would not support a proposal lacking a second round of $1,200 payments. Even Biden said the bill would be "better" with a stimulus check.

The current proposal does not include a second round of stimulus, but does include funding for unemployment relief, rental assistance, and payroll protection programs for small businesses. It also extends the eviction moratorium and suspends student loan payments.

Remaining issues are liability protections for businesses (a Republican priority) and generous funding for state and local governments (a Democratic demand).

The $908 billion proposal was conceived by a bipartisan group of centrist senators, including Joe Manchin (R-WV), Mitt Romney (R-Utah), Susan Collins (R-Maine), and Mark Warner (R-VA).

So far, neither House Speaker Nancy Pelosi (D-CA) nor Senate Majority Leader Mitch McConnell (R-KY) has stated their support for the new legislation. However, both agree on the need to combine a stimulus package with a larger annual spending package that must be passed by December 11 to avoid a government shutdown, Politico reports.

"There is momentum for action taken by Senators and Representatives on a bipartisan basis," Pelosi said Friday.

The current proposal does not include a $1,200 stimulus check, but adding a new check provision has not been ruled out entirely. Biden also added that several legislators pushing for new direct payments "are still a possibility."

Pelosi and Senator Chuck Schumer (R-NY) have also suggested that checks could be added to the final bill. If so, the money could be in their bank accounts by the end of the year. If not, cash payments will likely not be made until February, or later, after Biden's inauguration.