The White House is leaving the door open – albeit only slightly - to another round of direct stimulus payments.
Speaking last week, White House press secretary Jen Psaki said President Joe Biden hasn’t ruled out additional payments but for now is moving forward with existing infrastructure and job-building programs as the economy continues to recover from the COVID-19 pandemic.
“(The president is) happy to hear from a range of ideas on what would be most effective and what’s most important to the economy moving forward,” Psaki said. “But he’s also proposed what he thinks is going to be the most effective for the short term for putting people back to work, to getting through this pivotal period of time, and also to making us more competitive in the long term.”
Many Americans received their last stimulus checks – up to $1,400 for individuals and dependents and $2,800 for married couples – in the spring. Prior to that round of payment were two other rounds of stimulus checks: $1,200 in March 2020 and $600 in December. Biden’s American Rescue Plan, passed in March 2020, didn’t include more direct stimulus payments but did have rebates on unemployment taxes and monthly payments of up to $300 through an expansion of existing tax credits.
Monthly payments
Some in Congress – as well as 2.3 million people who have signed a Change.org petition – want to see more than just another round of stimulus.
Twenty-one Senate Democrats have signed a letter pushing Biden to institute $2,000 monthly payments to help people struggling financially from the pandemic’s fallout.
There’s no indication the Biden administration plans to move on the suggestion but some additional financial relief is coming this summer when an expansion of the Child Tax Credit will provide monthly payments of up to $300 per child.
Families will receive a $3,000 annual benefit for each child age 6-17 and $3,600 for each child under age 6 for the 2021 tax year. Eighteen-year-olds and full-time college students 24 and younger will qualify for a one-time $500 payment. Payments will be made monthly in $250 or $300 installments starting July 15 and running through December. The remainder can be claimed as a credit on 2021 taxes when they are filed in 2022.
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June 07, 2021 at 07:36PM
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