Third stimulus check news summary: 28 February 2021
Stimulus relief bill live updates - 28 February
Headlines:
- $1.9tn American Rescue Plan passed by the House (full story)
- Biden's covid relief bill moves to Senate floor for debate (full story), where a vote could happen as early as this week
- Some Democrats oppose Biden's covid-19 relief package (who and why?)
- Senate parliamentarian rules minimum-wage hike can't be passed under reconciliation
- Republican Sen. Josh Hawley proposes legislation to "increase the minimum wage for big business"
- Stimulus checks of at least $600 approved in California (who qualifies?)
- IRS tax return could decide your third stimulus check entitlement (full details)
- Tax saving of $3,100 in stimulus bill (more info)
- Child tax credit expansion and stimulus check boost could halve child poverty in the US, study explains
- Get the latest stimulus check news in Spanish - las noticias sobre los cheques de estímulo en español
- US covid-19 cases/deaths: 28.6 million/513,091 (live updates)
Take a look at some of the latest related news stories:
Third stimulus check: how you might save $3,100 in taxes with the new payment?
Tax saving of $3,100 in stimulus bill
Analysis shows that the Democrats’ covid-19 relief bill would reduce household federal tax bills by an average of $3,100 each this year.
Full lowdown:
Third stimulus check: when will the proposal be voted on in the Senate?
When will the stimulus bill be voted on in the Senate?
On Saturday, the House approved President Biden’s $1.9 trillion coronavirus relief package, which includes a round of stimulus checks of up to $1,400 for qualifying Americans. It now goes to the Senate, where Democrats will try to pass it before 14 March.
Full story:
How to claim your stimulus check on 2020 tax return
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.
Full details:
Dems drop proposed penalties for companies that don't pay $15/hour
Democrats in the Senate are to abandon plans to hand tax penalties to big companies that don’t pay their workers at least $15 an hour, The Hill has reported.
The media outlet cited two sources as saying the bid to include such a measure in President Biden’s $1.9tn coronavirus stimulus package has been dropped over concerns that finalizing the details of such a proposal would slow down the passage of the bill.
Although a minimum-wage rise to $15 an hour was in the stimulus bill passed by the House on Saturday, the Senate parliamentarian has ruled that this provision cannot be approved in the upper chamber under the ‘budgetary reconciliation’ process Dems are using to get the relief package through Congress.
Penalizing large corporations for paying employees less than $15 an hour was seen as a potential alternative to a direct minimum-wage increase, but it now appears this won’t happen, either.
"We worked through the weekend and it became clear that finalizing 'plan B' with the caucus would delay passage and risk going over the jobless benefits cliff on March 14," The Hill was told.
House minority leader hits out at Dems over stimulus bill
Republican House Minority Leader Kevin McCarthy has taken aim at the Democrats as they bid to push through President Joe Biden’s relief package without GOP votes, branding the $1.9tn stimulus bill passed by the House of Representatives on Saturday as "unbelievable" and "corrupt".
Not a single House Republican voted for the bill, which now goes to the Senate - where Democrats are set to use the 'budgetary reconciliation' process to pass the legislation without GOP support.
"It’s just unbelievable," McCarthy told Fox News this weekend. “This thing is just so corrupt, so costly, and when you look at it, it’s just so liberal. Think about it for one moment […]: we have done five other covid relief bills and every single one of those was bipartisan. The Biden administration has become the most partisan administration in modern history."
(Photo: REUTERS/Octavio Jones)
Oil prices rebound after House passes stimulus bill
Oil prices rebounded more than $1 on Monday after the US House of Representatives passed a huge stimulus package.
Brent crude futures for May rose $1.07, or 1.7%, to $65.49 per barrel by 0410 GMT. The April contract expired on Friday.
US West Texas Intermediate (WTI) crude futures jumped $1.01, or 1.6%, to $62.51 a barrel.
"Oil prices are recovering this morning in line with most risk assets on the back of the U.S. stimulus bill passing the House," Stephen Innes, chief global markets strategist at Axi, wrote in a note on Monday.
The House passed a $1.9 trillion coronavirus relief package early on Saturday, lifting investors’ risk appetite and Asian stock markets. The package will now move to the Senate for further deliberation.
The approval of Johnson & Johnson’s covid-19 vaccine also buoyed the economic outlook.
(Reuters)
Over half of Americans counting on another round of stimulus
According to a CNBC and Acorns poll carried out by Survey Monkey, 53% of Americans are "counting or need another round of stimulus".
The survey found that BAME people in the US are most in need of economic relief: the above percentage rose to 53% for Asian Americans, 66% in the case of Hispanic Americans and 73% for Black Americans.
The CNBC/Acorn/Survey Monkey research also found that black women have been particularly badly affected by the financial impact of the coronavirus pandemic: 38% of people in this demographic said they were digging into emergency savings or have had to borrow money from family or friends.
This is 13% more than the figure of Americans overall who have used savings or had to borrow money, the survey said.
What is the Child Tax Credit and how does it affect tax filing?
How does the child tax credit help families?
The Child Tax Credit helps families cover some of the cost of raising a child, lowering families tax burden or even putting some money in your pocket.
Read the full story:
Reopening schools is part of stimulus bill, can it be done on Biden’s timeline?
Unlike other countries, the US leaves school control at the local level, and the challenges to providing in-person instruction are not the same everywhere. Experts fear that the revised guidance published by his administration could make it harder for some schools to reopen.
The obstacles are varied from district to district, and building to building. In some places, school authorities face strong opposition from powerful teachers' unions. Some buildings don't have enough space to spread students out, while others don't have adequate ventilation systems.
$3000 new child tax credit: how to calculate
How much could you receive with the enhanced child tax credit?
Congress is pushing forward with the American Rescue Plan Act 2021 that would benefit many Americans with children. One of the provisions in the bill that will be of great interest to families with children is the enhanced Child Tax Credit.
If the coronavirus relief package is approved in the Senate and signed into law, families could see a child tax credit of up to $3,600 per child under 6 and $3,000 per child under 18 for 2021.
Read the full story:
Dr. Fauci: Take whichever of the three vaccines available
Dr. Anthony Fauci, the top U.S. infectious disease official, said on Sunday he would take the newly approved Johnson & Johnson covid-19 vaccine, as he encouraged Americans to accept any of the three approved shots. The U.S. government authorized Johnson & Johnson’s single-dose covid-19 vaccine on Saturday, and is expected to get final approval for widespread use on Sunday. Shipments are expected to begin Sunday or Monday.
Both the Pfizer and Moderna vaccines showed higher efficacy rates in trials that used two doses versus J&J’s single-shot vaccine. However, Fauci and other experts say direct comparison is difficult because the trials had different goals and J&J’s was conducted while more contagious new variants of the virus were circulating.
“All three of them are really quite good, and people should take the one that’s most available to them. If you go to a place and you have J&J, and that’s the one that’s available now, I would take it,” Fauci said on NBC’s “Meet the Press.”
Stimulus checks helped increase spending and saving
Personal income jumped 10% in January on the back of the second stimulus checks and the extra $300 in weekly unemployment benefits to reach its highest level on record. This led to an increase in savings and spending by 2.4%, the biggest increase since June. The savings rate reached 20.5%, but is still shy of its pandemic peak of 33% in April.
High-income households largely have driven the high savings rate during the pandemic, even though some low-income families may have some in savings. The top quintile of households saved an average of $50,000 from March to December 2020, while the second-highest quintile averaged $9,000, according to an analysis by Oxford Economics. For the rest of the population, their savings are currently at pre-pandemic levels or, in some cases, lower.
Rep. Paul Gosar skipped stimulus vote to speak at white nationalist conference
Representative Paul Gosar from Arizona spoke at the America First Political Action Committee (AFPAC) on Friday night. AFPAC is an extremist alternative to the annual CPAC gathering of conservatives where Gosar spoke on Saturday, both of which are being held in Florida this weekend. In order to attend both events he bailed on voting on the $1.9 trillion covid-19 relief bill that passed the House early Saturday. Instead he had a House colleague proxy vote for him.
He had notified the House in writing that he couldn't be physically present in Congress because of the ongoing coronavirus pandemic. Previously he has been critical of proxy voting, in a now deleted tweet Gosar posted “Pelosi's 'proxy voting’ scheme is shameful and unconstitutional,” adding about Democrats, they “didn’t show up for work this week. Yet they still got paid by taxpayers.”
Gosar wasn’t the only GOP Representative to skip voting in person in the House to attend the CPAC gathering. Representatives Matt Gaetz, Lauren Boebert, and Madison Cawthorn, were among those who also filed for proxy voting. They, too, cited the ongoing health emergency for their absence in Congress.
If minimum wage hike can’t be in stimulus bill, what are the alternatives?
Raising the minimum wage has become a priority for Democrats in Congress. The measure is popular with the American public among Democrats and Republicans. However among lawmakers it is another story.
The GOP is against raising the minimum wage to $15 per hour, but Senators Mitt Romney and Tom Cotton proposed a smaller increase to $10 per hour. Among Democrats Senators Joe Manchin and Kyrsten Sinema have indicated that they would vote against the $1.9 trillion stimulus bill if it includes the $15 wage rise.
Whether Democrats keep the measure in the final version has yet to be seen as the Senate will take up the legislation soon. On Thursday the Senate parliamentarian decided that the measure can’t be included in a budgetary bill using reconciliation. Reconciliation allows the Senate to pass budgetary bills with a simple majority, avoiding a filibuster and thus a 60-vote threshold to pass a bill.
Some Democrats have proposed bypassing the Senate parliamentarian’s ruling, some even calling for her to be replaced. The White House, however, has indicated that Biden intends to respect the parliamentarian’s ruling.
As a Plan B, Democrats are considering a tax penalty for fortune 1000 companies that pay employees less than $15 per hour. Another option being voiced is to remove the filibuster so that a simple majority can pass the legislation and avoid future gridlock in Washington.
Pelosi says minimum wage hike is inevitable
Biden’s first major agenda item passed 219-212 in the House with unanimous GOP opposition and two Democratic representatives crossing the aisle. The $1.9 trillion stimulus plan known as the American Rescue Plan Act of 2021 is a sweeping relief package aimed at stabilizing the economy and boosting coronavirus vaccinations and testing.
House Democrats included a $15 minimum wage hike, despite the Senate parliamentarian ruling on Thursday that it could not be permitted in the legislation under Senate rules for reconciliation. The measure will most likely be removed in the Senate but Democrats are considering alternatives to implement the wage hike. The federal minimum wage has been set at $7.25 since 2009.
Will I be able to apply for a third stimulus check and $3000 child tax credit?
How will American families benefit from stimulus bill and child tax credits?
Parents across the country could see a lot of help coming their way if the American Rescue Plan Act 2021 passes, with stimulus checks and child tax credits.
Read the full story:
Student loan cancellation excluded from new stimulus package
FORBES: Congress dropped student loan cancellation from the new stimulus package — again.
In response to the covid-19 pandemic, the House of Representatives passed a $1.9 trillion stimulus package that includes stimulus checks and unemployment insurance. However, the stimulus package doesn’t include any student loan cancellation.
Student loan cancellation is supported by some progressives in Congress, but not enough to be included in this new stimulus package.
President Joe Biden, who proposed the $1.9 stimulus package, wants Congress to cancel student loans immediately. Biden says he likely doesn’t have the authority to issue an executive order for wide-scale student loan cancellation.
So, why didn’t Congress include student loan forgiveness in the stimulus package? First, it’s possible that Democrats want to focus on stimulus checks and unemployment insurance as highest priority to stimulate the economy.
Second, Republicans don’t support student loan cancellation, and including it in the stimulus package may have delayed the entire stimulus package. While student loan cancellation wasn’t necessarily expected to be included in this stimulus package, it’s still a disappointment to at least some of the 45 million borrowers who are expecting student loan cancellation.
Senate Majority Leader Chuck Schumer (D-NY) and Sen. Elizabeth Warren (D-MA) have said student loan cancellation is a top priority, but so far, Congress has not acted.
Biden White House asks 'Trump who?' ahead of speech to conservatives
President Joe Biden's White House has made it clear it plans to ignore Donald Trump's speech on Sunday to a conservative conference in Florida, where the former president is expected to go on the attack against his successor.
"Our focus is certainly not on what President Trump is saying" at the Conservative Political Action Conference, White House Press Secretary Jen Psaki told reporters.
It's a strategy that has worked before, political veterans and historians say.
"Biden is obeying an old political rule, which is 'Never get in the way of a train wreck'," said Bob Shrum, former Democratic strategist and director of the Center for Political Future at University of Southern California.
Biden's approval ratings in Gallup polls have remained above 55% since he took office on Jan. 20, and support for the White House's $1.9 trillion covid-relief package is higher.
Obrador, Biden to discuss migrant worker guarantees
Mexican President Andrés Manuel López Obrador said on Saturday that he would press for a deal to get legal guarantees for workers from Mexico and Central America when he speaks with his US counterpart Joe Biden on Monday.
He estimated that the United States needs another 600,000 to 800,000 workers per year.
"It's better to manage the migration flow, legalizing it to provide guarantees to workers, so they don't risk their lives, so their human rights are protected," Lopez Obrador said at a public event.
Lopez Obrador and Biden are expected to discuss migration and economic recovery from the coronavirus pandemic in a virtual meeting. "It's better that we come to a good agreement," he said.
Photos by ALFREDO ESTRELLA and SAUL LOEB / AFP
A man carries a Foot Locker bag as he walks down 34th Street in Midtown Manhattan in New York City. The US household income raised 10% in January after the government delivered stimulus payments to households. The increase was the second largest on record, after April 2020 when the first round of pandemic-relief payments were sent out by the federal government.
Photo: Michael M. Santiago/Getty Images/AFP
Third stimulus check: who voted in favour in the House of Representatives?
A new coronavirus relief package, including $1,400 stimulus checks is making its way to the Senate for approval. Who voted for the bill in the House?
Biden: "No time to waste" on stimulus bill
The US president urged Congressional lawmakers to push through the American Rescue Plan as swiftly as possible after the House of Representatives passed the $1.9 trillion bill on Saturday, leaving it open to a debate in the Senate next week.
“If we act quickly, decisively and boldly, we can finally get ahead of this virus, we can finally get our economy moving again,” Biden said in a statement. “The people of this country have suffered far too much for too long. We need to relieve that suffering.”
Some Republicans calling for $10k stimulus checks
Lauren Witzke, spokesperson for Republican outlet Hold The Line PAC for God, Guns, and Election Integrity, shares a photo of herself with Arizona Republican congressman Paul Gosar, who has put forward an amendment to the American Rescue Plan that would increase the size of the stimulus check from $1,400 to $10,000.
"I offered an amendment providing $10k stimulus to Americans most affected by COVID-19 & lockdowns. Democrats chose foreign aid, Big Tech transit, and Pelosi’s political priorities over direct relief for Americans," Gosar said.
For her part, Witzke tweeted: "It’s common for Politicians to vote by proxy. Nancy Pelosi does it all the time. The media completely fabricated the 'public health emergency' story. $10k stimulus checks for everyone, get on board with us or get left behind!"
Biden won't be drawn into battle of words with Trump
Donald Trump is due to give a speech to a conservative conference in Florida on Sunday but President Joe Biden won't rise to the bait if he is attacked.
Biden's approval ratings in Gallup polls have remained above 55% since he took office on 20 January and support for the White House's $1.9 trillion Covid-relief package is higher. Democratic strategist Steve Elmendorf said, "One of Biden’s great strengths in the campaign was he focused on the future ... he is doing exactly what he needs to do which is talk about Covid and the economy".
But there's little reason to comment on Trump otherwise, Princeton political history professor Julian Zelizer added that Biden "is on the cusp of a major stimulus relief package that is enormously popular so why allow the former president to take the people’s eyes off of that? I just don’t think there is any incentive for him to do it".
3 in 4 voters approve of $1.9 trillion stimulus
Not one Republican lawmaker voted in favor of Joe Biden's American Rescue Plan in the House on Saturday, and the same is expected to happen when the Senate votes on the bill as early as next week.
This is despite the fact that, according to a new survey, 60% of Republican voters either "strongly support" (34%) or "somewhat support" (24%) the bill. In comparison 89% of Democratic voters either "strongly support" (70%) or "somewhat support" (19%) the stimulus bill, which includes provisions for a third round of stimulus checks valued at $1,400.
"There may be no creature on this planet more stubborn than a Republican member of Congress. President Biden’s Covid-19 stimulus package is popular, but the GOP caucus is still digging in its heels"
Stimulus and it’s impact on various asset classes
CNBC anchorman Nigel D'Souza shares a graph on how having more stimulus or alternatively no stimulus could impact various asset classes...
Will the American Rescue Plan pass the Senate?
That is the big question and the answer is ‘Yes’, as long as all 50 Democratic senators vote in favour of the bill.
It is taken as a given that their 50 Republican counterparts will vote against Biden’s $1.9trn stimulus bill, which leaves the vote split 50-50. That the means Vice-President Kamala Harris, as the President of the Senate, will cast the deciding vote, thus giving Democrats a simple 51-50 majority.
The Dems then plan to use a mechanism called Budget Reconciliation that will allow them to approve the bill with a simple majority, at which point the bill can be sent to the President’s desk and signed into law. House leader Nancy Pelosi has already said her party hopes to have the whole thing wrapped by 14 March.
Keenly spotted from Derek Willis
Maine Democratic Congressman Jared Golden has published two statements on his website about why he voted no to the American Rescue Plan. But as journalist Derek Willis point out (and we can vouch for this as we also checked), neither link to the statements works.
Rep. Karen Bass argues for minimum wage hike under stimulus bill
California congresswoman Karen Bass explains why she supports raising the federal minimum wage, a measure which has been included in the $1.9trn stimulus bill passed by the House on Saturday.
"Why would we in the richest country in the history of the world essentially subject people to poverty wages?" argued Bass.
"What happens when you work for a big company like Walmart or something else, and your paid the minimum wage, well basically the federal government is subsidizing you because some people end up qualifying for public assistance and medicaid."
Under the American Rescue Plan approved by the House, the federal minimum wage would be increased to $15/hour. However this measure will not be included in the version of the bill that goes to the Senate.
Georgia governor calls vote for Stimulus Bill "very disappointing"
Georgia Gov. Brian Kemp joined dozens of US governors who have expressed opposition to vote to pass Joe Biden's $1.9 trillion American Rescue Plan, calling the move "very disappointing".
“It is very disappointing to see Georgia Democrats vote to send $1.3 billion less to our state than previous federal aid formulas would have allocated to the Peach State. Instead of using allocation formulas that enjoyed bipartisan support and provided funds based on population, this legislation rewards lockdown states with high unemployment rates," Kemp said.
“Those additional funds could be utilized to get every student back in the classroom five days a week, expand internet access to rural and underserved communities, increase support for Historically Black Colleges and Universities, provide aid to families who adapted to virtual learning, and strengthen community and local government responses to the pandemic.
Kemp is one of 22 governors who signed a join statement that claims Biden's stimulus bill allocates funding based on a state’s unemployed population rather that its general population -- arguing that this will unfairly punish states with “healthy state budgets and strong economies.”
Robert Reich puts things in perspective
"Your reminder that the increased wealth of America's 664 billionaires since the pandemic began is $1.3 trillion -- enough to fund a $3,900 stimulus check to all 331 Americans. Yet every House Republican just voted against a $1,400 stimulus check."
“The coronavirus pandemic is continuing to destroy lives and livelihoods across the country. Just last week, we passed the tragic milestone of having lost 500,000 lives to the virus. Meanwhile small businesses are struggling to keep their doors open and millions of workers have lost their jobs The nationwide vaccination effort is moving us in the right direction and giving us hope for the future, but in the meantime, we need to get relief out to Kansans who are hurting."
DNC releases video slamming Republicans for vote against stimulus bill
The Democratic National Committee (DNC) War Room on Saturday released a new video slamming House Republicans for voting against Joe Biden's $1.9 trillion American Rescue Plan.
In a statement shared with The Hill, DNC War Room spokesperson Daniel Wessel said, “Democrats, Republicans, and independents across the country have made it clear that they support President Biden’s American Rescue Plan.”
“Yet last night, instead of joining Democrats in passing the much-needed stimulus plan to deliver thousands of dollars of relief to those who need it most, Republicans voted to leave millions of families high and dry,” he added.
"We have no time to waste. If we act now, decisively, quickly and boldly, we can finally get ahead of this virus. We can finally get our economy moving again, and the people of this country have suffered far too much for too long,"
Third stimulus Check: is it necessary to live in the US to be eligible for payment?
Third stimulus Check: is it necessary to live in the US to be eligible for payment?
US citizens living abroad are eligible to receive the first two stimulus checks and will be for the third direct payment in the American Rescue Act of 2021. Read more...
Will I be able to apply for a third stimulus check and $3000 child tax credit?
Will I be able to apply for a third stimulus check and $3000 child tax credit?
Parents across the country could see a lot of help coming their way if the American Rescue Plan Act 2021 passes, with stimulus checks and child tax credits.
Read full story...
$1,400 stimulus checks to go to same Americans who were eligible for second check - for now
As it stands, under Joe Biden's American Rescue plan that passed the House on Saturday, the eligibility rules remain the same, meaning the $1,400 stimulus checks will go to the same people who received direct payments in round two of coronavirus relief.
However, changes to the proposal could be made when the bill goes to the Senate, where a vote could happen as early as next week. Republicans were looking for more "targeted" checks and it's something that Biden has previously said he would not be against.
Republican Arizona lawmaker offers amendment to increases stimulus payment $10k
Well this really is something coming from a Republican congressman. Arizona Rep. Paul Gosar has put forward an amendment to the American Rescue Plan that would increase the size of the stimulus check from $1,400 to $10,000.
"I offered an amendment providing $10k stimulus to Americans most affected by COVID-19 & lockdowns. Democrats chose foreign aid, Big Tech transit, and Pelosi’s political priorities over direct relief for Americans," Gosar tweeted.
“Democrats should join Republicans in getting students back in the classroom, making vaccines available to everyone who wants one, and letting small businesses safely and fully re-open. Unfortunately, tonight they decided to pass a bill that would spend billions to bailout state governments while putting more burdens on small businesses that have been devastated by the pandemic and state-imposed restrictions. Today’s bill is not Covid Relief. It is a repeat of the failed Obama-Biden spending policies that led to the slowest economic recovery in American History.”
“Whether it’s direct stimulus checks, ramping up vaccinations, or ensuring schools have the resources to safely re-open, the American Rescue Plan has the robust relief needed to help our state and country get through this pandemic. The vast majority of Americans – as well as mayors, governors, business leaders and economic experts from across the political spectrum – support this bill, and I will work with my Senate colleagues to swiftly pass this package and send it to the President’s desk.”
McMaster, 22 other governors oppose how funds will be allocated under new stimulus bill
South Carolina governor Henry McMaster, along with 22 other governors across the country, have released a joint statement to express their opposition to how federal funds will be allocated under President Joe Biden’s American Rescue Plan, which passed the House yesterday.
In a statement, the governors claimed Biden's stimulus bill allocates funding based on a state’s unemployed population rather that its general population -- arguing that this will unfairly punish states with “healthy state budgets and strong economies.”
The statement read: "A state’s ability to keep businesses open and people employed should not be a penalizing factor when distributing funds. If Congress is going to provide aid to states, it should be on an equitable population basis.”
The governors claim that 33 states are expected to lose funding under the proposal.
The governors who signed the statement include: Kay Ivey (R-AL), Mike Dunleavy (R-AK), Doug Ducey (R-AZ), Ron DeSantis (R-FL), Brian Kemp (R-GA), Brad Little (R-ID), Eric Holcomb (R-IN), Kim Reynolds (R-IA), Laura Kelly (D-KS), Tate Reeves (R-MS), Mike Parson (R-MO), Greg Gianforte (R-MT), Pete Ricketts (R-NE), Chris Sununu (R-NH), Doug Burgum (R-ND), Mike DeWine (R-OH), Kevin Stitt (R-OK), Henry McMaster (R-SC), Kristi Noem (R-SD), Bill Lee (R-TN), Spencer Cox (R-UT) and Mark Gordon (R-WY).
House approves Biden relief bill: what are the next steps and when will stimulus check will passed?
RECAP: $1.9tn stimulus bill passed in House: what happens now?
The House of Representatives passed Joe Biden's $1.9 trillion relief package on Saturday but the bill still has to face the Senate before being passed into law.
RECAP: $1.9tn stimulus bill passed in House: what happens now?
The House of Representatives passed Joe Biden's $1.9 trillion relief package on Saturday but the bill still has to face the Senate before being passed into law.
ITEP breaks down how stimulus package targets those most in need
The Institute on Taxation and Economic Policies analyzes how the President Biden’s American Rescue Plan, which passed the House on Saturday morning, would boost economic well-being for those whose livelihoods were most affected by the pandemic-induced economic crisis. The plan’s cash payments and tax credit expansions combined would have a significant impact on households earning less than $65,000 annually.
The analysis also counters the idea that the covid-19 relief package isn’t necessary because incomes have increased. They argue that the numbers are skewed due to the unprecedented job losses at the lower end of the income spectrum, 80 percent of which were by those earning less than $27,000 annually.
Will I be able to apply for a third stimulus check and $3000 child tax credit?
American families could benefit from a third stimulus check and child tax credit
Parents across the country could see a lot of help coming their way if the American Rescue Plan Act 2021 passes, with stimulus checks and child tax credits.
Read the full story:
Left and right, the American public support stimulus bill
Biden’s first major agenda item passed 219-212 in the House with unanimous GOP opposition and two Democratic representatives crossing the aisle. The $1.9 trillion stimulus plan known as the American Rescue Plan Act of 2021 is a massive relief package aimed at stabilizing the economy and boosting coronavirus vaccinations and testing.
The bill extends enhanced federal unemployment benefits through August, provides $350 billion in aid to state and local governments, boosts funding for vaccine distribution and coronavirus testing. As well it includes other measures, such as money for schools, nutritional assistance and housing aid in addition to a third round of stimulus checks, this time for $1,400.
House Democrats included a $15 minimum wage hike, that on Thursday the Senate parliamentarian ruled could not be permitted in the legislation under Senate rules for reconciliation. The measure will most likely be removed in the Senate but as a Plan B, Democrats are considering a tax penalty for fortune 1000 companies that pay employees less than $15 per hour.
Hello and welcome
Good morning and welcome as we begin our live blog this Sunday, 28 February covering all the latest news and reaction on Joe Biden's American Rescue Plan and the long-anticipated third round coronavirus stimulus checks. The president's bill has now passed the House and will now be debated at the Senate with Democrats hoping it can be approved as soon as possible.