Many Americans have still not even received their third stimulus checks, however, that has not stopped the talk of yet another round of payments in the near future.
Progressive Senators Pushing for Additional Stimulus: A group of 21 senators is advocating for a fourth stimulus payment. Included in this cohort of progressive senators are Bernie Sanders and Elizabeth Warren. The group formally asked President Joe Biden to implement recurrent stimulus payments as part of the next spending bill. In addition, the group also asked Biden to include automatic unemployment insurance with the amounts tied to the current economic picture.Read More »
Proposal Calls for Checks to be Tied to Infrastructure Package: The senators are asking that the recurrent checks be tied to the upcoming infrastructure legislation proposal. Biden is planning to unveil the details of his “Build Back Better” plan on Wednesday while speaking in Pittsburgh. The massive proposed legislation package is intended to invest heavily in the nation’s infrastructure, initiate policies to fight against climate change, and boost domestic manufacturing output.
During Wednesday’s presentation, Biden is also expected to talk about how he plans to fund the legislation. Early estimates project that the funding will come from a combination of increased taxes on wealthy Americans and corporations.
Criticism of Plan: Critics of the fourth stimulus plan say that it will just add to the already massive amount of debt that the nation is incurring as the economy continues to flounder. In addition, those against the plan say that the payments are not targeted enough, putting cash into the hands of Americans who have not suffered financially as a result of the pandemic.
History of Stimulus Checks: Just a little over one year into the pandemic and there have been three federal stimulus checks issued to eligible Americans. The first relief package was passed at the end of March of 2020, providing eligible Americans with checks up to $1,200.
After months of wrangling, a second package was passed as the year came to an end. The amount of money issued to eligible Americans was up to $600. A third relief package was one of the first major pieces of legislation pushed through by the Biden administration, allocating money up to $1,400 for each eligible individual.
In addition to the direct stimulus payment, the March 2021 relief package also provided an expansion of the Child Tax Credit. This expansion raised the credit from $2,000 per child to $3,600 for each child under the age of six and $3,000 for kids age six or older. Part of this credit will likely be paid in periodic payments beginning this summer and continuing through the rest of the years.
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