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Sunday, September 25, 2022

Stimulus Check 4: Further Payments Being Planned By Biden For 2022

President has been having a torrid time getting the approval for the Build Back Better Bill, even though it does not have any direct stimulus checks. Moderate Democrats such as Senator Manchin have kept up their strong opposition resulting in key policies and several promises being dropped. But the Biden administration can still have a version that has some type of fourth stimulus payment for 2022.

The Stimulus Check That Can Still Happen

The new infrastructure bill which is worth $1.75tn, half of the original $3tn, has left out numerous programs like free community college, paid family leave, Medicare coverage for vision and dental issues as well as lower prices for prescription drugs. Among the provisions that are kept or added were climate policies, universal preschool, as well as expanded Medicare benefits.

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An important provision that was changed was the expansion to the CTC. It was originally supposed to receive an expansion till 2025. However, it has received an extension for only one year. This is the closest thing to a stimulus check for many.

The CTC involves direct payments of cash for parents every month. $300 will be paid out for every kid who is younger than 6 years of age. $250 will be paid for each kid who is aged between 6 and 17. The extension for one year means that these payments will keep coming for parents until 2022 ends.

Even though the extension is not equal to making it permanent, it still ensures some kind of stimulus check for 2022. Stimulus checks from the federal government have caused the poverty rate which is supplemental to fall to 9.1% from 11.8%. Furthermore, financial instability has decreased by 43% as well as food shortages in households have dropped by 42%.

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