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Friday, January 27, 2023

Stimulus Checks In 2023 Seem Like A Dream

The new Congress, which includes elected and re-elected MPs, was sworn in on Tuesday. Republicans now govern the House of Representatives, even though the Democrats may yet maintain control of the Senate. As a result, Congress no longer fully supports President Biden’s request for a fourth stimulus check. Millions of Americans are unsure if President Biden’s initiatives to raise government money will receive support from the incoming Congress. One of Joe Biden’s top aims was to extend the increased Child Tax Credit stimulus payment through 2025.

Extension Of Stimulus Checks

Now that the governing Democrats have lost their majority in Congress when the Republicans took control of the House of Representatives in the 118th Congress, the chances of another round of government stimulus checks seem bleak.

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Republican control of the lower house makes it exceedingly unlikely that any legislation, including President Biden’s preferred plan to extend the enhanced Child Tax Credit stimulus check, could be passed that would result in the continuation of another stimulus check. Even a measure allowing one won’t be permitted to go to a vote. Another wave of direct payments comparable to the previous three, which are available to most Americans, is unlikely to occur. The federal government might still intervene and offer additional funds but in a different way. A larger Child Tax Credit for Parents would most likely be the form that the stimulus payment delivered in 2021 would take.

The first round of CTC payments, however, was blocked by the GOP despite being a primary goal for the Democrats and receiving direct backing from Vice President Biden.

The CTC stimulus check had a major role in the decline in child poverty that was shown in the latter two quarters of 2021 and the first quarter of 2022. Republicans have demanded that the Child Tax Credit be altered and that parents get more direct financial aid because they think it is unsatisfactory in its current form.

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