A second stimulus package would help lessen the effects of a U.S. recession, many economists -- including the Chairman of the Fed -- agree, but whether Congress can pass one by year's end remains an open question.

Fed Chairman Ben Bernanke boosted a second stimulus package's prospects by arguing in Congressional testimony Tuesday that the likelihood of a protracted slowdown stemming from weak U.S. economic fundamentals, aggravated by the financial crisis, convinced him to support a new round of fiscal stimulus, Bloomberg News reported.

Bernanke underscored that he was commenting only on a potential fiscal stimulus package's economic impact/merits: the decision to approve/reject a package and the composition/form of any package remains the decision of Congress.

Second stimulus check ahead?

What are the chances taxpayers will receive a second stimulus check/tax rebate?

Economist David H. Wang told BloggingStocks Tuesday the worsening economy "appears to be shifting the political winds in Washington and they [elected officials] may very well pass a second stimulus package."

"I think the prospects of a $150-$200 billion stimulus package passing are pretty good," Wang said. "The main problem is unemployment. Retail sales are down and businesses are trimming back payrolls, which means unemployment will continue to rise. Rising unemployment is bad news for earnings and for the economy, so any stimulus package that creates jobs would be a help. The stimulus could also provide a refinance provision to allow homeowners to refinance mortgages with Fannie Mae and Freddie Mac at lower rates of, say, 5.5-7%."

Bernanke's testimony occurred on the heels of a White House about-face on a second package. The Bush Administration is now "open to the idea" of a second package, White House Press Secretary Dana Pirino told Bloomberg News Monday.

With unemployment rising and the signs of slowdown all around, is a second tax rebate or second stimulus check from Congress up ahead?

The U.S. economy continues to slow. More than 800,000 jobs have been lost since the slowdown began about a year ago, and many economists say the lay-offs are likely to continue or even increase.

Meanwhile, the world's major industrialized nations are striving to stabilize the global financial system and end a credit crunch that could further damage economies around the world.

Well, the answer to the question about a second stimulus check may very well rest on the answer to this one: Who are you voting for on Election Day, November 4?

Key factor: 2008 Election

Congressional Democrats, led by House Speaker Nancy Pelosi, D-California, have vowed to push for a second stimulus package totaling up to $150 billion to help jump-start the anemic U.S. economy, The San Francisco Chronicle reports.