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Tuesday, September 27, 2022

Stimulus Check Will Be Phased Out By 2023

Stimulus Check provided a lot of respite to the people of America. The American Rescue Plan Act, passed in March, extended these stimulus checks through Sept. 30. The bill proposes a $1.5 trillion infrastructure plan that would be financed through borrowing and spending cuts to benefit programs such as Social Security and Medicare.

It also includes a $15 billion tax credit for businesses that invest in new equipment or facilities between 2020 and 2023 (the same period covered by the expired stimulus checks).

Stimulus Check: No More Checks From 2023

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The plan is a nonstarter for Republicans, who have been critical of the idea. As the New York Times reported:

“Democrats are also not likely to support Mr. Trump’s proposed approach because they oppose giving tax credits to private investors and want any new infrastructure spending to be paid for with revenue generated by revenue-neutral policies.”

As The Washington Post put it: “The president has said he hopes to attract $1 trillion in funding over 10 years from private investors and state and local governments.” But that doesn’t leave much room for congressional Democrats, who have argued for direct federal investment instead as part of an infrastructure bill.

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The checks were used to help stimulate the economy and support unemployed Americans. They are unlikely to be included in future legislation, but Congress will likely just return to business as usual.

When a smaller infrastructure deal does go through—and it’s not guaranteed that one will—it will likely not include stimulus checks. If a smaller infrastructure deal does go through and doesn’t include stimulus checks, Congress will likely just return to business as usual.

The bottom line is that these checks are going away. And while they may return in the future, it seems unlikely at this point. So if you’re getting one of these checks and have a use for them, do something with them now before it’s too late!

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