Third stimulus check Summary on February 12

AS English

COMMENT

US stimulus check news: live updates

Headlines

President Biden's American Rescue Plan looks to put struggling families first (full story)

- Stimulus checks and child tax credits approved by House Ways and Means Committee 

- CBO projects federal deficit of $2.3 trillion for 2021, excluding stimulus checks

- Democrats pushing for child tax credits worth up to $300-a-month (full story)

- US consumer prices rise modestly; airline fares tumble

- Stimulus pushback from Republican Party in early talks

- Biden commits to $1,400 stimulus checks, but eligibility still being discussed (full story)

- Nasdaq gains on tech stocks, hopes for more stimulus

- Global spending on green economic stimulus slowly tracking upwards 

- Senate adopts budget resolution that will allow the $1.9tn stimulus bill to be passed

- Asia stocks hold at highs, sustained by US stimulus possibilities

- Senate votes in favor of non-binding amendment to tighten stimulus check eligibility

- Over 50 House Democrats urge Biden to maintain $75,000/$150,000 income thresholds

- For the latest stimulus check news in Spanish (las noticias sobre los cheques de estímulo en español a través de este enlace)  

- US covid-19 cases/deaths: 27 million / 475,279 (live updates)

NP

Bill to meet 14 March deadline.... 'Absolutely' claims Pelosi

House Speaker Nancy Pelosi recently stated that she aims to pass the package in two weeks, before handing the bill over to the Senate, where the Democrats plan to push through a vote without Republican support. When asked whether the bill would meet the previous forecast deadline of 14 March, Pelosi responded "Absolutely...without any question. Before then.

 

Stimulus checks and child tax credit approved by House committee

On Thursday the House Ways and Means Committee voted in favour of a $940 billion legislative package that forms the basis of President Biden's plan to provide economic relief to struggling Americans. Included in the funding were $1,400 stimulus checks for anyone earning less than $75,000-per-year and a substantial expansion of child tax credits. 

The proposal was passed after a 25-18 vote along party lines, but this does not mean that the bill has been officially passed yet. This is just one of the stages in the reconciliation process that Democrats are using to pass the American Rescue Plan despite Republican opposition. 

For full details on the vote and the consequences for the American Rescue Plan, check out our breakdown of what was agreed. 

Miami Mayor calls for greater stimulus for local government

On Friday afternoon Republican Mayor Francis Suarez met with President Biden in the White House to discuss the administration's plan to provide federal funding for state and local government. Despite sharing a party, Suarez told reporters that he was unhappy with the stimulus provision included in President Trump's CARES Act. 

The American Rescue Plan includes billions to aid states with things like the vaccine roll-out and other public health issues. When will it come? The date has not yet been decided but elements of the American Rescue Plan have been approved by House committes in recent days, suggesting that it could be signed soon. 

Biden calls for Congress to pass the American Rescue Plan

Eager for Congress to pass his stimulus bill President Biden has reiterated the good that he believes the $1.9 trillion of federal funding can do in the fight against the pandemic. Elements like stimulus checks and unemployment benefits will provide financial relief, but there is also a plan to see American society return to normality as soon as possible. 

The American Rescue Plan includes approximately $400 billion to help deal with the public health aspect of the pandemic, which will be used to improve the vaccine roll-out and ensure that schools can be reopened safely. Biden has set the ambitious target of getting kids back in schools within his first 100 days and this will be an important part of that effort. 

Biden's child tax credit plan may have issues

The planned expansion of the child tax credit allowance was one of the key inclusions in Biden's American Rescue Plan, bumping the amount parents can receive at a time when one in three families are struggling to cover household costs. The new proposal would see parents given up to $3,600 a year but experts warns that there may be issues with the distribution of the vital support. 

As it stands the plan is for the process to be overseen by the IRS, who would base the eligibility on tax returns from either 2019 or 2020. However families who have had a change in situation since then (loss of employment, income decrease, change in child custody) may be missed out. 

To get around the problem some Democratic lawmakers are reportedly willing to switch the benefit from the IRS to the Social Security Administration after the programme is first implemented this year. The hope is that the SSA will be better placed to decide which families need the support. 

Read more on the proposed Child Tax Credit Increase.

American Rescue Plan includes infrastructure spending

As the Democrats attempt to pass Biden's stimulus bill in separate segments, $100 billion in federal funding has been approved by the Transport Committee. The final package has not yet been signed into law but this marks an important step in the reconciliation process. 

On Thursday evening the Ways and Means Committe voted in favour of a $940 billion batch of legislation that forms the backbone of Biden's direct assistance plan. Included in that package was funding for a round of $1,400 stimulus checks for everyone earning less than $75,000 a year, and a significant increase in child tax credits which would see parents given up to $3,600 a year in monthly payments. 

Stimulus bill boost for millions of Americans

Biden promised to focus on the most vulnerable in his covid-19 response and his American Rescue Plan could provide vital support for the poorest in the US. The package includes stimulus checks worth $1,400, a big increase in the child tax credit system and a new earned income tax credit.

A study has shown that these three inclusions alone would provide a 33% boost to the pre-tax incomes of the poorest 20% of Americans. The bill has not yet been signed into law but these figures show how much good the $1.9 trillion package could do. 

House committees approve stimulus checks and child tax credits

At long last there has been some progress in Congress as President Biden's American Rescue Plan appears to be moving closer to being passed. This week House committees having been voting on aspects of the $1.9 trillion package so the Democrats are able to move forward with the reconciliation process that will finally allow Biden to pass the bill. 

The Ways and Means Committee was given the task of approving details like the $1,400 direct payments, and voted in favour of the package presented. 

Read more: 

Stimulus checks wil avoid millions missing rent payments

The stimulus bill proposed by Biden is expected to be passed in the coming weeks and at a crucial time for the American economy. A new study by Morning Consult shows that over 30 million Americans were unable to pay their bills in January as the economic consequences of the pandemic continue to drag on. 

The American Rescue Plan includes stimulus checks worth $1,400 to provide instant relief for those who are struggling. On Thursday evening the Ways and Means Committee advanced the Democrat's attempt to pass the checks by voting in favour of a $940 billion package which also included a boost for child tax credits. 

Stimulus checks will provide much-needed relief 

New figures released by the Biden adminstration have outlined the scale of the economic problems in the United States. Data from the US Census Bureau shows that a third of American households are currently struggling to pay for usual expenses like rent and food. Separate studies have also showed that childhood poverty is on the rise nationwide. 

Aside from the stimulus checks, there is a real need for more support with 11 million Americans set to lose their additional unemployment benefits in April unless another deal can be agreed. They will hope that Biden's American Rescue Plan is passed as quickly as possible. 

Newsome: Democrats should get the stimulus checks out to those in need

It was a cornerstone of the Party's vital victories in the Georgia Senate runoff races, and many are frustrated that the promised stimulus checks are still yet to materialise. Biden had hoped to find a bipartisan consensus on his American Rescue Plan but after weeks of opposition from Republican lawmakers the Democrats are not just going to push through the package using reconciliation. 

The delay has angered political activist and organiser Bree Newsome, who says that the Democrats risk losing vaulable political capital if they do not get stimulus checks and vaccinations rolled out soon. Committees have been gradually approving elements of Biden's stimulus bill in recent days and should be able to pass it in Congress soon. 

How much is this stimulus check compared to the last one?

The new covid-19 relief package will provide the third round of stimulus checks to be distributed since the pandemic began last year. The size of the checks included in the bills has varied greatly as Congress has struggled to agree on the most effective method of protecting the covid-ravaged economy. 

The American Rescue Plan is expected to include direct payments worth up to $1,400, but how much were previous stimulus checks worth?

Read more: 

Financial markets rise amid stimulus bill talks

There are clearly hopes on Wall St that Biden's American Rescue Plan will be passed into law in the coming day as investors bet big on more financial stimulus. The President's $1.9 trillion proposal is designed to help kick-start the economy by putting stimulus checks in people's pockets and easing the burden on small businesses. 

Also a factor is the new wave of funding for vaccine distribution with an additional $400 billion to be put aside to help the US deal with the public health crisis and return to some form of normality. It appears that after months of lockdown restrictions, investors now see a light at the end of the tunnel. 

Child tax credits could be upped to $300-a-month

Biden promised to focus on those worst affected by the pandemic in his new stimulus bill and working families are clearly a central part of that. His American Rescue Plan includes a hefty increase on the amount offered through child tax credits, coming at a time when childhood poverty and food shortages are on the rise. 

The new proposal would see the financial relief distributed more like stimulus checks in the form of a monthly direct payment. There would also be changes to eligibility requirements to ensure that the poorest are not missed out, as had been the case in the past. 

Read more: 

Democrats unite behind $75k stimulus check threshold

After weeks of discussion it seems like there is finally some degree of agreement in Washington over the third round of stimulus checks. There had been calls for President Biden to narrow the eligibility requirements for the $1,400 direct payments, meaning that fewer people would be able to receive the full amount. 

Previous rounds of stimulus checks began to phase out for people earning over $75,000-per-year, or $150,000-per-year for couples who file jointly. Despite discussions with GOP lawmakers it seems that the Democrats are now settled on keeping those thresholds, as the Senate Majority Leader Chuck Schumer and House Democrats give their support for Biden's original proposal. 

Stimulus bill would provide huge boost for vaccine effort

The American Rescue Plan provides stimulus checks and child tax credits but there is also billions of dollars included to tackle the public health crisis facing the United States. The $1.9 trillion stimulus package includes $400 billion of federal funding to combat the pandemic directly, allow the Biden administration to accelerate vaccine deployment and to safely reopen schools as quickly as possible. 

"When I became president three weeks ago, America had no plan to vaccinate most of the country," Biden told reporters recently. "It was a big mess. It is going to take time to fix, to be blunt with you."

LIVE: White House briefing on Biden's stimulus bill

President Biden's Press Secretary Jen Psaki is joined by Detroit Mayor Mike Duggan and Miami Mayor Francis Suarez as they outline the future of the administration's covid-19 response. Duggan has made clear that he believes Congress must pass the American Rescue Plan as swiftly as possible to provide the economic stimulus needed. 

Bloomberg stimulus bill and economy update

The American jobs market has regained some jobs over the last week but is still struggling to cope with the far-reaching consequences of the pandemic. In this handy breakdown, Bloomberg detail the current state of play as Biden looks to pass his stimulus bill. 

Chair of the Federal Reserve Jerome Powell has said that economic stimulus is vital to ensure the the US can bounce back from the pandemic. This comes after some experts had suggested that Biden risks going too big on his American Rescue Plan, which is expected to cost around $1.9 trillion. In response BIden told reporters in the White House: "The only risk is going too small". 

What are the income thresholds for the new round of stimulus checks?

Democrats in Congress are preparing to pass President Biden's $1.9 trillion American Rescue Plan but there are a number of details that are still yet to be agreed. In recent days Biden has reaffirmed his committment to $1,400 stimulus checks but there may be some room for discussion of the eligibility requirements for the direct payments. 

Republican lawmakers have called for the entitlements to be narrowed down to ensure that the funding is more targeted, but Democrats have argued that this will see millions of Americans going without the vital payments. 

Read more:

Nobel prize winner backs American Rescue Plan

Kailash Satyarthi has spoken out in favour of passing the stimulus bill proposed by President Biden to help combat the growing economic divide in the United States. The Nobel Peace Laureate described it as "a big step towards ending child poverty", which has been exascerbated by the covid-19 pandemic. 

Two key elements of the proposal were approved by the House Ways and Means Committee on Thursday night, paving the way for the bill to be passed into law. The Democrat-led committee approved $960 million of federal funding for a third round of stimulus checks and a raise for the child tax credit allowance. The new system would see parents offered up to $300-per-month for children aged under six and a monthly payment of $250 for those aged between 7 and 16. 

Stimulus check news en español 

Get the latest stimulus check information in Spanish here / las noticias sobre los cheques de estímulo en español a través de este enlace

 

Sanders positive about stimulus bill minimum wage hike

Progressive Senator Bernie Sanders has been campaigning to raise the national minimum wage for years and at long last it seems that there is a realistic chance of that happening. The American Rescue Plan includes legislation to gradually increase the minimum wage to $15-per-hour over the next five years. This would be a huge increase on the $7.25 that is currently mandated. 

Many states have already passed their own laws which raise the minimum wage, but around 60% of workers are only protected by the national minimum wage. The latest to introduce a $15 minimum wage was the state of Florida, which passed a bill in December which will see the old minimum wage gradually phased out. Critics have suggested that this could raise costs for businesses but President Biden has made clear that the change will be done gradually, to avoid any sharp increases. 

Stimulus bill vital to protect struggling families

President Biden hopes his American Rescue Plan will shield those most vulnerable from the economic consequences of the pandemic as a third of American households struggle to make ends meet. Covid-19 has left millions out of work but a significant portion of the $1.9 trillion package is aimed at providing direct support. 

Experts are torn on the ideal size of the package by most are in agreement that a major burst of federal spending is needed to prevent to consequences dragging on for years to come. Nicole Mason, CEO of the liberal Institute for Women’s Policy Research, described the stimulus bill as "a really bold idea."

She added: “Things that we wouldn’t have been talking about as possible a year before the pandemic are suddenly on the table — and this is one of those things.”

Elements of the American Rescue Plan passed by Democrats

It is not the bipartisan deal that President Biden had hoped for but it seems that his $1.9 trillion stimulus package is slowly drawing closer. Last night the Ways and Means Committee approved a segment of the bill which refers to direct assistance for Americans. 

Included in the $940 billion is federal funding for a third round of stimulus checks and a huge overhaul of the child tax credits system. Thie does not mean that the final bill has been passed, but represents another step in the process of reconciliation which allows the Democrats to pass Biden's stimulus bill with a simple majority in the Senate. Talks are still ongoing to decide the eligibility requirements for the $1,400 checks, which some lawmakers have suggested needs to be more targeted. 

High hopes for American Rescue Plan

Joe Biden's sweeping legislative package to kick-start the US economy contains several initiatives to foster employment growth. First-time unemployment claims fell by 793,000 last week and the White House is confident that Biden's plan can get the US back on track for full employment as early as next year. 

Biden, Harris White House meeting gets underway

The president and vice president are meeting with state and city leaders at the White House to seek bipartisan support for the $1.9 trillion relief bill and will also hold talks with Janet Yellen. 

The Treasury Secretary will lay out the financial implications of the latest stimulus package, which follows the allocation of $900 billion from the federal coffers last December. 

Some 400 city mayors have urged Congress to push through Biden's relief package. 

A statement is expected to be released at around 13:30 ET.  

george

Consumer sentiment drops in February 

US consumer sentiment unexpectedly fell in early February amid growing pessimism about the economy among households with annual incomes below $75,000, even as the government is poised to deliver another round of covid-19 relief money.

The University of Michigan said on Friday its consumer sentiment index slipped to 76.2 in the first half of this month from a final reading of 79 in January. Economists polled by Reuters had forecast the index little changed at 80.8. "More surprising was the finding that consumers, despite the expected passage of a massive stimulus bill, viewed prospects for the national economy less favorably in early February than last month," the University of Michigan said in a statement.

President Joe Biden has proposed a $1.9 trillion recovery package, which is under consideration in the US Congress. The government provided nearly $900 billion in additional pandemic relief in late December.

US financial markets were little moved by the data. The survey's measure of current economic conditions dipped to a reading of 86.2 this month from 86.7 in January. Its gauge of consumer expectations dropped to 69.8 from 74.0 in Januaryattributed entirely to households with incomes below $75,000

"Households with incomes in the bottom third reported significant setbacks in their current finances, with fewer of these households mentioning recent income gains than anytime since 2014," the University of Michigan said.

"Among those with incomes in the bottom third, just 23% reported improved finances, the lowest since 2014. In contrast, among those with incomes in the top third, 54% reported their finances had improved."

(Photo by TIMOTHY A. CLARY / AFP)

Biden approval ratings remain high

According to a report from the CNBC All-America Economic Survey, the US president has maintained steady approval ratings since taking office, with his current score standing at 62 percent and not dipping below that level thus far amid popular legislative initiatives including a proposed $1.9 trillion relief package that includes $1,400 stimulus checks for American households. 

Donald Trump's highest Gallup approval rating during his presidency stood at 49 percent, making the former president the only incumbent of the Oval Office not to have got over the 50-percent mark during his entire four-year term since the scoring system was introduced in 1937.  

"It doesn't matter if you're a Democrat or a Republican"

As well as meeting with a cross-party group of state and local politicians on Friday in a push to have a $1.9 trillion stimulus package approved, Joe Biden and Kamala Harris will also be briefed by Treasury Secretary Janet Yellen, who will lay out the economic ramifications of the relief bill after she takes part in the first meeting of the Group of Seven rich economies since the new administration took office.

Biden's proposed spending package, coming on top of $4 trillion enacted by his predecessor Donald Trump, will have important consequences for the global economy which is slowly recovering - but very unevenly - after last year suffering its worst downturn since the Great Depression in the 1930s.

Taking part in the Oval Office meeting will be Republican and Democratic elected officials whose states and cities have been hammered by the coronavirus pandemic and its economic fallout. Many have seen tax revenues fall and costs soar as they race to vaccinate their citizens.

The group includes four governors, including New York Governor Andrew Cuomo, a Democrat, and Maryland Governor Larry Hogan, a Republican, and five mayors, including Jeff Williams of Arlington, Texas, a Republican. 

Williams, who met with Yellen virtually last week, said his city urgently needed the federal aid earmarked for state and local governments in Biden's rescue plan. He said cities were crushed when Congress removed similar aid from a previous relief bill that passed in December.

"We've been crippled. We haven't gotten help," Williams told Reuters. "Our property taxes are down and costs are way up. It doesn't matter if you're a Democrat or a Republican, this is the right solution so we can achieve economic growth much faster."

Ways and Means Committee backs Biden's American Rescue Plan 

The US president's commitment to providing $1,400 per-person stimulus checks to American households was included in a legislative package unveiled by Biden's administration as soon as the White House transition was completed. 

The American Rescue Plan, as well as making provisions to combat the spread of covid-19, aims to tackle the climate crisis, create millions of jobs, provide direct relief to US citizens economically affected by the pandemic and advance racial equality. 

According to a White House press release from 20 January, Biden's American Rescue Plan could cut child poverty in the US by half. 

CBO projects 2021 US deficit at $2.26 trillion, excluding Biden stimulus plan

The Congressional Budget Office on Thursday estimated the US federal budget deficit would shrink to $2.258 trillion in fiscal 2021 from $3.132 trillion last year, but the projections exclude President Joe Biden's proposed $1.9 trillion stimulus plan.

The CBO, releasing its 10-year budget outlook, said deficits based on current spending and tax laws enacted as of 12 January would shrink to $905 billion by fiscal 2024, but would rise steadily after that to $1.9 trillion by fiscal 2031, due in part to rising interest costs from a growing debt burden.

The non-partisan budget referee agency has not estimated the fiscal costs of Biden's covid-19 aid plan, which is steadily advancing through congressional committees. Some parts of the bill are not yet finalized.

But the package is expected to add to US deficits and debt, as some $4 trillion in coronavirus spending did in fiscal 2020, which ended 30 September.

A $900 billion round of coronavirus stimulus passed at the end of December is pushing up estimates for fiscal 2021 deficits. It restored enhanced unemployment benefits and sent $600 direct payments to many Americans.

But the spending has also boosted economic growth and revenues somewhat, the CBO said. More spending will likely do the same.

Georgia Senators won’t lower eligibility cap for stimulus checks 

 

Senators Jon Ossoff and Raphael Warnock both won the Senate runoffs early last month in Georgia. Both of them along with Joe Biden promised to deliver $2000 stimulus checks, not without some controversy after the fact.  

Voters delivered and in two tight races the Democratic candidates won. Now they are reiterating their promise, throwing their support behind not lowering the income eligibility limit as has been proposed. 

The House Ways and Means committee voted on their portion of the proposed legislation, leaving the same eligibility limits as in the first two rounds.  

The new round of direct payments for $1,400 would go to individuals earning up to $75,000 per year and $2,800 to couples making up to $150,000. After those thresholds, the amounts would phase out up annual earnings of more than $100,000 and $200,000, respectively.

Krugman says focus on the interest payment 

Paul Krugman says that too much focus is being put on the size of the debt. The US debt is projected to reach 102% of GDP in 2021, even before the new covid-19 relief package is passed, including the $1400 stimulus checks. The Biden administration argues that with low interest rates and the growth that the spending will create, will offset the cost.  

The IMF said has projected that the US economy will grow by over 5% in 2021. The outlook would likely improve further if the U.S. Congress passes a $1.9 trillion relief package proposed by Biden according to Gita Gopinath. 

“So you can say ‘100 percent of GDP’ in your best Doctor Evil voice, but the effect of passing that threshold is … nothing." Paul Krugman

Don’t worry about inflation for now 

There has been worry expressed that the American Rescue Plan, the framework for the $1.9 trillion covid-19 relief package taking shape in Congress, will over heat the US economy. Christine Lagarde, the president of the European Central Bank says “it’s going to be a while before we worry about inflation.” 

The Consumer Price Index showed only a 1.4% rise in what Americans paid for goods and services over the last year in December. And top Federal Reserve officials made clear in recent days that they continue to view too-low inflation as the bigger risk to the economy, not soaring prices. The Feds target is 2%. 

Listen to Lagarde's discussion with Zanny Minton Beddoes, The Economist's editor-in-chief.

Masking up for another year? 

Biden suggested during a speech at the NIH that Americans may need to wear masks “through the next year.” Health officials have been clear that even with effective vaccines, many of the same safety protocols will have to remain in place until there is clear herd immunity, 70 to 90 percent of the population. 

On Wednesday, the CDC announced the findings of a report that found wearing tightly-fitted masks or a surgical-and-cloth mask combo could reduce transmission of covid-19 by 96.5 percent.

New covid-19 guidelines 

Reopening schools is a top priority for the Biden administration with large sums earmarked in his American Rescue Plan. Biden has repeatedly said he won’t push schools to open until his administration produces new safety guidelines and until Congress provides funds to do so.  

The CDC plans to issue new guidelines on Friday on how to reopen U.S. schools as safely as possible. In the House, Democrats advanced a bill this week that includes $129 billion in education relief funding, which can be used for a variety of reopening measures. 

It is unclear whether any of that will be enough to bring resistant teachers and their unions along or how hard the president will push them.

There is bipartisan support for stimulus... just not in Washington 

President Joe Biden will meet with a bipartisan group of mayors and governors on Friday as he continues to push for approval of a $1.9 trillion coronavirus relief plan to bolster economic growth and help millions of unemployed workers. 

More than 400 mayors wrote to leaders in Congress earlier this month to urge them to pass Biden’s relief package. Republicans for their part are backing a far less ambitious plan, roughly a third the size.

Minimum wage hike debate 

The House Education and Labor Committee completed its portion of the economic aid package on Wednesday. Among funding for schools, health care subsidies and food assistance programs, the package also includes a gradual increase in the federal minimum wage to $15. 

The $15-per-hour minimum wage is a central part of Biden’s plan to empower the low- and middle-earners. Critics say that it will lead to job losses due to higher labor costs. A CBO report on Monday said that 1.4 million jobs would be eliminated by 2025 if implemented. 

The counter argument is that the CBO is at odds with the latest research. Ben Zipper, economist at EPI, believes the additional spending power will actually boost the economy, saying: “This injection of wages will help stimulate the economy and spur greater business activity and job growth”. 

Democratic Senators get onboard with stimulus checks

Democrats are not waiting around for the GOP to move the $1.9 trillion American Rescue Plan through Congress. With the Senate evenly split 50-50 between Republican and Democratic caucuses, they will need all 50 Senators to pass the bill using budget reconciliation.

$1400 stimulus checks get first approval 

The House Ways and Means Committee on Thursday approved a $593.5 billion portion of the covid-19 relief bill. The majority of which go toward the third round of stimulus checks. Also included were advance tax credits for children to be sent monthly beginning in July. 

The new round of direct payments for $1,400 would go to individuals earning up to $75,000 per year and $2,800 to couples making up to $150,000. After those thresholds, the amounts would phase out up annual earnings of more than $100,000 and $200,000, respectively.

No entry

'Ok to feel overwhelmed': banks tackle burnout inflamed by virus

From a burned-out bank boss to call centre workers isolated at home, the financial sector is suffering a surge in mental health issues exacerbated by the covid-19 pandemic.

Despite the industry's cut-throat reputation, senior bankers have responded to the extra strain by rolling out additional help and opening up about their own vulnerabilities.

"It's okay to feel overwhelmed by what life is throwing at me and mine," wrote Susan Revell, deputy chair of the $41 trillion asset Bank of New York Mellon's Europe, Middle East and Africa business.

"Providing staff with some downtime to rest and recuperate is absolutely vital and can prevent worsening stress, poor mental health, sickness absence, and even falling out of the workplace altogether in the long run," stated Emma Mamo from MIND.

Biden to meet on Friday to advance America Rescue Plan 

White House reporter at Bloomberg News Jennifer Epstein reports that President Biden and VP Harris will meet on Friday (12th) with a bipartisan group of governors and mayors to discuss the vital need to pass the American Rescue Plan. 
A briefing is expected at the White House subsequently at approximately 13:30 (ET).

Stimulus check, purchasing plans 

Despite the latest round of checks still yet to be issued, many Americans are already making plans for spending with Alex here planning on getting better nights sleep with a new mattress and pillow combo.

US unemployment claims dip to 793,000

First-time claims for US unemployment benefits fell to 793,000 last week in the United States as the labour market showed modest signs of improvement as it tries to rebound from the winter surge in covid cases.

Dollars

When will the stimulus checks be sent out?

Congress is currently writing the legislation for the covid-19 relief bill which must pass through both chambers of Congress before President Biden can sign it. Democrats in both the House and the Senate have vowed to work quickly to enact the new bill. House Speaker Nancy Pelosi said that she aims to get the House version to the Senate in two weeks.

With extended unemployment benefits and other pandemic-related measures set to expire in mid-March, the Senate wants to get the final bill passed ahead of that deadline. With the Senate evenly split 50-50 all of the Democrats will have to vote in favor of the bill with GOP support so far lacking. The Democrats have approved using budgetary reconciliation to pass the covid-19 relief bill with a simple majority, avoiding a GOP filibuster which would impose a 60 vote threshold

IRS warns against account scamming

After thousands of people lost millions of dollars and their personal information to tax scams the IRS warns against scammers who use regular mail, telephone, or email to set up individuals, businesses, payroll and tax professionals. 

The IRS confirms that it doesn't initiate contact with taxpayers by email, text messages or social media channels to request personal or financial information. 

Biden

Adult dependents could be included in new stimulus checks

Biden’s American Rescue Plan does seem to place a new emphasis on the need to support struggling families and another element of the stimulus check provision could see some thousands of dollars better off.

In previous rounds of payment adult dependents were not eligible to receive a stimulus check. This meant that college students and elderly relatives who are included as dependents on tax filings were excluded.

House Speaker Nancy Pelosi said Thursday that she believes a covid relief package, which is likely to include the $1,400 checks that President Joe Biden has insisted on, will be on Biden's desk by March 14 (via WHAS 11 News)

Connecticut based and ABC-affiliated television station News 8 offers some handy tips and insight on how the pandemic will affect filing your taxes this year.

When was the second stimulus check sent out and how much was it?

President Biden is still waiting for Congress to pass the American Rescue Plan, but how does the third round of stimulus checks compare to previous payments?

Talks in Washington are continuing as President Joe Biden looks to pass the American Rescue Plan, his $1.9 trillion covid-19 stimulus bill. The package includes federal funding for additional unemployment benefits, boosts the child tax credit system and provides a third round of stimulus checks.

(full story)

Wall St

Stocks edge higher as eyes on stimulus; oil dips

U.S. stocks were higher and MSCI's gauge of stocks across the globe was set for a ninth day of gains on Thursday as investors were optimistic about more fiscal stimulus, while oil prices slipped.

Investors digested a dovish Federal Reserve outlook. Fed Chairman Jerome Powell reassured investors on Wednesday that interest rates will remain low for some time to spur the economy and jobs growth, but provided no new insights on monetary policy.

"There is room for the market to take a breather but usually there is some sort of catalyst that gets that going," said Tom Martin, senior portfolio manager at Globalt Investments in Atlanta. "And right now the news isn't providing you that - fiscal stimulus, monetary stimulus, coronavirus information and earnings are all pretty positive."

Taylor Swift 3-2 Stimulus checks 

Taylor ahead as we head into the second half ....

How to claim your stimulus check on 2020 tax return

Didn’t get your second stimulus check? Never fear, you can claim your missing payment as part of your 2020 tax return through Recovery Rebate Credit.

DT

US, with Trump gone, seeks to build bridges on global economy

Global finance chiefs meet on Friday for the first time since Joe Biden replaced Donald Trump as U.S. president, vowing to rebuild bridges with allies to steer the world economy out of its deepest slump since the Great Depression.

U.S. Treasury Secretary Janet Yellen, a familiar face to global policymakers from her days in charge of the Federal Reserve, will join her counterparts from the Group of Seven (G7) rich nations for the online discussions.

Britain's finance minister, Rishi Sunak, who will co-chair the talks, wants the meeting to send a fresh signal that trillions of dollars of stimulus from G7 members will not be scaled back while COVID-19 vaccinations are still ramping up.

Biden has proposed a further $1.9 trillion in spending and tax cuts on top of Trump's $4 trillion. Sunak is expected to say next month that he will extend his economic rescue programmes and fixing public finances will have to wait.

The G7 was also likely to help low-income countries raise funds to fight the pandemic by backing a new allocation of the International Monetary Fund's own currency.

Speaking to FOX News: Financial advisior and radio host Dave Ramsey on stimulus checks: 'If $600 or $1400 changes your life, you were pretty much screwed already'

Third stimulus check: does child support affect stimulus payments?

The American Rescue Plan is still yet to be passed by Congress but we know that President Biden's proposal looks to put struggling families first.

Biden

US stimulus check: live updates

Welcome to our daily live blog bringing you updates on the progress being made in attempts to pass President Joe Biden's $1.9tn coronavirus relief package, which includes provision for a stimulus check of up to $1,400.

.