Recent data released by researchers at the University of Chicago and the University of Notre Dame shows that 7.8 million Americans fell into poverty status this year, the biggest jump since the government first began tracking the statistic over 60 years ago, reported the Washington Post. The researchers noted that while the absolute levels of poverty are still relatively low, the latest jump is twice that of the second-largest increase, which took place during the 1979-1980 oil crisis. The causes are twofold: There are many more people out of work, and there's a lot less government aid than there was at the beginning of the year. Government aid, in fact, actually reduced the poverty rate until July, when the money began running out.

An analysis by the JPMorgan Chase Institute, detailed in Bloomberg, tells a similar story: While the median household checking account balance surged by 65 percent after the arrival of stimulus checks in April, balances began to decline almost right after, especially among lower-income workers. By now, people's cash cushions have grown thin, assuming they still have any cash on hand at all, which, given the Washington Post story, is likely not the case for many.

Given all this, the pressure is great on Washington to produce a new aid package before the end of the year. Though we have heard leaders say this before, this time around, congressional Democrats and Republicans say they really are close to a deal this time on the $900 bipartisan plan, reported CNN. The package will also include $1,200 direct payments, which had not been part of the original plan, after the unlikely pair of Sens. Bernie Sanders (I-Vt.) and Josh Hawley (R-Mo.), said they would not support a bill without it.

Missing from the final bill will be aid to state and local governments, which Democrats wanted, and a broad liability shield for businesses, which Republicans wanted. These two points became roadblocks in negotiations as neither party wanted to move from their respective positions, and so eventually both were sacrificed in the name of getting a bill passed.

With these two elements gone, lawmakers once more are confident that a deal can be reached soon, possibly before the end of this week.