Fourth stimulus check: summary news 12 october

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Fourth stimulus check live updates: spending bill, Social Security benefits, Child Tax Credit...

Fourth stimulus check live updates: 12 October

Headlines

- 2022 Social Security COLA expected this week, we took a back at the increase seen over the last ten years.

- States organizing own covid-19 payments, including stimulus and hazard checks.

- Medicare open enrollment is just days away.

-Calls for fourth stimulus check for Social Security recipients increase.

- Social Security recipients concerned upcoming fight over debt ceiling could jeopardize payments.

- Could a fourth federal stimulus check still happen this year?

- $480bn temporary debt increase approved by US Senate.

- Only 194,000 new jobs created in the US September, despite end of extra unemployment benefits.

Useful Information/Links

Fourth federal stimulus check

- How will September's unemployment rate affect chances of a fourth stimulus check?

Social Security and Medicare

- How does the debt ceiling deal affect Social Security payments?

- Can a married couple collect two Social Security checks?

- At what age is Social Security no longer taxed in the US?

- What are the numbers on the back of my Social Security card?

- What are the 2022 Medicare premiums?

- What are the requirements to qualify for free Medicare?

Unemployment

- What is frictional unemployment?

California Golden State Stimulus checks

- How many more Golden State Stimulus payments are still to be sent?

- When will payments arrive and who qualifies?

Have a look at some of our related news articles:

La Palma

La Palma airport but cancellations possible

La Palma airport remains open but 11 flights were cancelled on Tuesday and others were delayed, airport operator AENA said.

There were 18 seismic movements on Tuesday, the strongest measuring 3.8, according to the Spanish National Geological Institute.

Lava from the eruption that began on Sept. 19 has laid waste to nearly 600 hectares in total, said Miguel Angel Morcuende, technical director of the Canary Islands Volcanic Emergency

Plan.

yellen

Yellen and Powell to meet with Indian officials on economic ties

Treasury Secretary Janet Yellen and Federal Reserve Board Chairman Jerome Powell will meet with their Indian counterparts this week to address issues ranging from the economic recovery from the covid-19 pandemic and financial regulation to climate finance, a senior Treasury official said.

The meeting will mark the eighth gathering of the U.S.-India Economic and Financial Partnership, and the first such event since the onset of the pandemic, the official said.

The meeting underscores the growing importance of the U.S.-India relationship, and increasing economic and financial ties between the two countries, the official said.

dollar

Dollar eases from one-year high before CPI data as Fed clues sought

The dollar eased back from a one-year high versus major peers on Wednesday ahead of U.S. consumer price data that could provide additional clues on when the Federal Reserve will taper stimulus and raise interest rates.

The dollar index, which measures the greenback against six rivals, slipped 0.18% to 94.358 from Tuesday, when it touched 94.563 for the first time since late September 2020.

The U.S. currency weakened 0.13% to 113.465 yen, down from a three-year high of 113.785 yen reached in the previous session.

The dollar gained on Tuesday amid rising expectations the Fed will announce a tapering of stimulus next month, with interest rate hikes following next year. Money markets priced about a 50-50 chance of a rate increase by July, after three Fed policymakers said overnight that the U.S. economy has healed enough to begin to scale back the central bank's asset-purchase programme, including Vice Chair Richard Clarida.

Hurricane Ida victims eligible to file for tax relief

The IRS (Internal Revenue Service) reminds customers that taxpayers in several affected areas now have additional time for certain filings and payments.

US NEWS

Fourth stimulus check and own payments update by state: how's the situation in every one?

Some states are continuing with payments for those in and out of work this year. There has already been three proper stimulus checks sent out in the 18 months, and only really California can afford to keep up a similar plan.

These are not all stimulus checks in the way the previous three were, but represent payments sent by state governments to its citizens. Many of them are related to the resumption of in-school teaching, or they are extra support for people rejoining the workforce. Stimulus in terms of stimulating the return to the workplace after the confinements and tribulations of the pandemic.

Read more here

IRS calls for more to come forward for Child Tax Credit

Families come in all shapes and sizes, and some families may not realize they could receive advance payments of the 2021 child tax credit in the last months of this year. The IRS urges grandparents, foster parents or people caring for siblings or other relatives to check their eligibility.

A qualifying child can be a filer's:

- son or daughter

- stepchild

- eligible foster child

- siblings, including stepsiblings or half-siblings

- a descendant of any of the above – for example a grandchild, niece or nephew.

What could the climate impact be of not passing either bill?

2021 has so far seen the highest number of US deaths from natural disasters, 538.

It is urgent the US tackles the climate crisis soon, especially before the COP26 conference in November. The reconciliation bill goes a long way to sorting some of the problems.

Do voter support President Biden's Build Back Better economic agenda?

A new poll from Data for Progress found that in some of the most competitive swing districts in the US, voters overwhelming support the agenda. This data shows that the passing of legislation which includes these measures could help Democrats keep the House of Representatives in 2022 Mid-Term Elections.

Morning Consult tracked a "dip" in financial well being in the US in August

Throughout the pandemic, the polling organization Morning Consult has tracked financial well being of households in the US. The decline follows a trend that started in July 2021, which has impacted younger generations much more than those older. Baby boomers have report levels of well-being much higher than the national average.

For months, Millennials had seen the worst rates, but were overtaken by Gen Xers in August. Researchers at Morning Consult also reported that inequality was growing, with the gap widening "from August to September as the delta variant disproportionately impacted lower- and middle-income Americans, according to the Morning Consult/Axios Inequality Index, which also reported a rise in inequality from August to September of 0.7 percentage points."

Who is eligible for the Child Tax Credit?

New research has shown that all those eligible to receive payments for the Child Tax Credits are not receiving them. The eligibility requirement has been expanded, and the IRS hosted a webinar to help spread the world on the "non-traditional families" that could sign-up to receive payments.

SOCIAL SECURITY | COLA 2022

When is Social Security COLA 2022 expected to be announced?

Many are anticipating the 2022 COLA increase for Social Security benefits. This year, inflation, has hit beneficiaries extremely hard and many organizations are projecting that the increase could be historic in size, reaching up to six percent.

Read more.

US NEWS

$1400 stimulus check to social security recipients: the proposal and who supports it

Fourth Stimulus Check for those on Social Security

On 4 October, the Senior Citizens League, a non-profit organization, wrote a letter to Congress urging members to send a $1,400 stimulus check to those receiving Social Security benefits. The contents of the letter are extremely concerning, with the writers explaining in detail the lengths seniors have had to go to to make ends meet.

It begins by highlighting that the organization has heard from thousands of seniors “who have exhausted their retirement savings” and started “eating just one meal a day” or “ cutting their pills in half because they can’t afford their prescription drugs.”

Read more in our full coverage,

Be on the lookout for October installment of Child Tax Credit

The IRS will send out the fourth of six 2021 Child Tax Credit installments 15 October. If you are signed up to receive it via direct deposit the funds should be in your account the same day. Those receiving paper checks will have to give the Postal Service a few days.

US NEWS

Can a married couple collect two Social Security checks?

Both partners in a marriage who worked enough to claim benefits, are able to receive two checks. Spousal benefits on the other hand are a bit more complicated.

Here's what you should know...

Americans in favor of Medicare negotiating prescription drug prices

Americans pay some of the highest prices for prescription drugs on the planet. Back in 2003, when Republicans controlled Congress, lawmakers created Medicare’s Part D outpatient prescription drug program. As part of the bill they prohibited Medicare from negotiating prescription drug prices. That job was left up to private insurers even though Medicare could have much more leverage to obtain a better price.

The latest Kaiser Family Foundation (KFF) Tracking Poll finds that across party line most adults don’t believe pharmaceutical companies would be hurt financially if drug prices were to come down, that new innovations could still be acheived. 

MEDICARE

Who is eligible for Medicare? What is the minimum income required to qualify?

Qualifying for free Medicare insurance is not a straight forward process, certain requisites apply.

Here is all you need to know on how to qualify...

 

House set to vote on raising debt ceiling

After staring into the abyss in a dangerous game of chicken, Minority Leader Mitch McConnell backed down allowing for a temporary extension of the debt ceiling. The agreement passed in the Senate allows the Treasury to borrow $480 billion more to cover the financial obligations that the US has already incurred. 

To finalize the deal the House needs to pass the bill so that it can go to the White Houe for President Joe Biden's signature. Despite the waffer thin margin the Democrats have in the House it is expected to pass when it comes up for a vote on Tuesday. It's not expected that any Republicans will support the measure, even though GOP senators allowed the bill to go to a vote, none of them voted in favor of raising the debt ceiling.

The extensiongives the Treasury only a matter of weeks before it will once again be put into a financial straight jacket. 

Speaker Pelosi walks back cuts to Democrat-only spending bill

In a letter to colleagues (see full statement below) Speaker of the House Nancy Pelosi indicated that Democrats, negotiating how to bring down the top line price of the sweeping "human" infrastructure bill which includes measures to combat climate change, would need to par back the number of programs that would be included.

It now appears that the first approach will be to find price tag reductions in the number of years the programs are in place. The Democrats plan to use the budget reconciliation process to push the bill through Congress dodging a certain GOP filibuster of the proposal. That process already limited any spending on the proposals to 10 years.

Overwhelmingly, the guidance I am receiving from Members is to do fewer things well so that we can still have a transformative impact on families in the workplace and responsibly address the climate crisis: a Build Back Better agenda for jobs and the planet For The Children!  
 

House Speaker Nancy Pelosi, Letter to colleagues on progress of the Build BAck Better plan

Bipartisan infrastructure bill won't be enough to fight climate change

The bipartisan infrastructure bill, passed by the Senate, is being held up in the House pending a vote on the Democrat-only Build Back Better Plan. That bit of legislation which still needs to be formally proposed to the floor is itself tied up in negotiations over the overall size, i.e. cost, of the package, with centrist Senators Joe Manchin and Kyrsten Sinema holding back their crucial votes in the evenly divided Senate. 

Senator Manchin has taken particularly hard stand against the climate measures in the future bill saying on CNN recently, "The transition is happening. Now they're wanting to pay companies to do what they're already doing. Makes no sense to me at all."

The bipartisan infrastructure bill that he and other centrists pushed for, focuses mainly on roads and bridges, does invest $150 billion to boost clean energy and promote climate resilience. But that investment falls far short of the ambitious plans President Biden has put forth to transform US energy production making it 100 percent carbon-free by 2035.

Social Security

What medical conditions qualify you for Social Security checks?

Social Security payments don't just cover seniors, they cover the disabled as well. Both the Supplementary Security Income (SSI) and the Social Security Disability Insurance (SSDI) payments can be attained by having a disability, but both have different requirements. A recipient can have both payments at once, if they satisfy both criteria.

The Social Security Administration has a list of conditions to determine the criteria for which people are eligible for payments.

IRS issues stimulus check scammer warning

The IRS has once again warned of the "continuing threat" from identity thieves looking to steal stimulus payments. Check the full list of tax scams highlighted by the IRS here.

Next child tax credit payments to go out this Friday

The latest round of child tax credit payments are set to start going out this Friday, 15 October. Recipients are set to receive $250 for each child between 6 and 17 years old, and $300 for each child under six years old.

After Friday, there will be two more of these child tax credit payments — one on 15 November, with the sixth and final check coming on 15 December.

"I’ve never been more optimistic about this country than I am right now. We are going to pass both the Bipartisan Infrastructure Deal and the Build Back Better Agenda – and start building this economy to beat the competition and deliver for working families.

Joe Biden, POTUS

IRS stimulus check update: Unreported glitch may have misidentified people as US territory residents

If you’re one of the untold number of Americans whose third stimulus check mysteriously never showed up, new details may offer clues as to why.

Some taxpayers may have been misidentified as US territory residents and mistakenly deemed ineligible to receive the payments from the Internal Revenue Service (IRS), according to people affected by the issue and correspondence seen by Fast Company. 

The misidentification was the result of a glitch that requires a manual review, some taxpayers were told by IRS representatives. Others learned of the issue only after their representatives in Congress conducted an inquiry on their behalf.

Full story

US NEWS

Fourth stimulus check and own payments update by state: how's the situation in every one?

Some states are continuing with payments for those in and out of work this year. There has already been three proper stimulus checks sent out in the 18 months, and only really California can afford to keep up a similar plan.

These are not all stimulus checks in the way the previous three were, but represent payments sent by state governments to its citizens. Many of them are related to the resumption of in-school teaching, or they are extra support for people rejoining the workforce. Stimulus in terms of stimulating the return to the workplace after the confinements and tribulations of the pandemic.

Read more

Tax return extensions expire 15 October

Friday is one to circle on the wall calendar... not only is 15 October the day the next Child Tax Credit payments are due to go out, it is also the final deadline for people who were granted tax return extensions to file their 2021 returns.

Biden battling ratings drop

Joe Biden’s standing with Americans has plummeted, with his average approval rating plunging by nearly 15 points since late June, reports Politico. The president's popularity has seen a drop among Democrats and even more with Republicans, but the decline has been particularly steep among independent voters.

McAuliffe: "Get in a room and get this figured out"

Candidate for the governor of Virginia, Terry McAuliffe was speaking to CNN, listing his frustrations with the Democrats in Washington as the infrastructure bill is still not passed.

"We are facing a lot of headwinds from Washington. As you know the president is unpopular today here in Virginia, so we have got to plow through," he said.

"The frustration is [why isn't the infrastructure bill] done now."

Heather Gardner calls out Republicans over infrastructure bill

TV host Heather Gardner has called out Republican hypocrisy over their criticism of transport secretary Pete Buttigieg (aka 'Mayor Pete').

"Republicans railing against Mayor Pete for decades of infrastructure failures while at the same time refusing to pass the infrastructure bill to solve these problems…"

IRS issues stimulus check scammer warning

The IRS has once again warned of the "continuing threat" from identity thieves looking to steal stimulus payments. Check the full list of tax scams highlighted by the IRS here.

Next child tax credit payments to go out this Friday

The latest round of child tax credit payments are set to start going out this Friday, 15 October. Recipients are set to receive $250 for each child between 6 and 17 years old, and $300 for each child under six years old.

After Friday, there will be two more of these child tax credit payments — one on 15 November, with the sixth and final check coming on 15 December.

Senator Jacky Rosen hails Child Tax Credit Scheme

Las Vegas Democratic Senator Jacky Rosen has hailed the impact of the child tax credit scheme, calling it a "win-win" for families and businesses.

"The expanded Child Tax Credit is delivering results: tax cuts for parents, fewer children living in poverty, and more money going into Nevada's small businesses and our economy. It's a win-win made possible by the American Rescue Plan," she tweeted, sharing an article from the Nevada Independent on why the CTC could be good for state business.

Means testing Medicare expasion is the wrong move

Part of the Democrats' go it alone "human" infrastructure bill would expand Medicare access to dental, hearing and vision. However there are calls from parts of those industries and centrists in Congress to limit access through means testing. Max Richtman, president and CEO of the National Committee to Preserve Social Security and Medicare in Washington DC, argues this is the wrong approach.

In nutshell, limiting access will in the end be more costly to Medicare through increased health complications resulting from seniors living on fixed incomes forgoing necessary treatments to be able to eat properly, see and hear well to avoid accidents. Service providers would benefit despite potentially lower fees from additional business. 

"Medicare beneficiaries with incomes exceeding $39,000 per year should not be locked out of new benefits because some members of Congress see only figures on a ledger rather than seniors in genuine need," said Richtman.

Those studying higher education could be eligible for $30,000

Every year students and families across the US miss out on receiving funds from the Free Application for Federal Student Aid (FAFSA) because they apply late. The $150 billion fund provides up to $30,000 in student aid to those studying or planning to study at an institution of higher education. 

Applications are being accepted for the 2021-2022 academic year and for the 2022-2023 academic year. The sooner you file the better.

Democrat spending bill would help families with childcare

Democrats are negotiating among themselves the price tag of their spending bill with one side pushing for $3.5 trillion over ten years and the other $1.5 trillion. To reach an agreement they will need to decide whether to cut proposals or reduce the length of time those proposals are in place to bring down the final top line number. 

One of the measures they all agree on is providing more access to childcare for working families, which is out of reach for many due to the high cost. The cost of providing childcare services many times is beyond the price that families can afford. Despite the high cost to parents, those working in the industry are paid wages that border on the poverty line. The centers can't afford to raise wages because due to the labor intensive nature of the work half of the cost of services goes toward wages. 

The Treasury Department reported that the average cost of childcare for families is $10,000 per child per year, while on average teachers earn just $24,000, half of whom receive some form of public assistance due to the low earnings.

I’ve never been more optimistic about this country than I am right now.
 
We are going to pass both the Bipartisan Infrastructure Deal and the Build Back Better Agenda – and start building this economy to beat the competition and deliver for working families.

Joe Biden, US President

Biden in climate conference race

President Biden is facing pressure to get major infrastructure legislation across the finish line ahead of a global climate summit this month, reports The Hill.

Congress is currently working through both a bipartisan infrastructure bill that includes investments in an electric vehicle charging network and public transit and a Democrat-only “social infrastructure bill” that would spend heavily on clean energy. 

Summit participants are keeping a particularly close eye on the Democratic measure, which has much greater potential to deliver the kind of emissions cuts Biden has promised.

Welcome to our stimulus checks and Child Tax Credit live feed

Hello and welcome to our live blog for Tuesday 12 October 2021, bringing you the latest updates on a possible fourth federal stimulus check in the United States, and other, similar payments being sent out at state level.

We'll also be focusing on subjects such as the Child Tax Credit, which has so far seen three monthly payments of up to $300 per child go out to eligible households.

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