Fourth stimulus check news summary: Saturday 19 December
US stimulus checks: live updates
Headlines
- Senator Manchin says he will not support the Build Back Better bill - what next for the Child Tax Credit?
- Senate goes on Christmas recess without Child Tax Credit extension - January payments will be delayed
- Double Child Tax Credit in February possible, says White House press sec Psaki
-Build Back Better bill stalled by opposition of moderate Dems
- Federal Reserve to reduce stimulus spending in coming months to combat inflation
Useful information & links
Child Tax Credit
-President Biden in fight to seal Child Tax Credit extension
- Final monthly Child Tax Credit payment of 2021 distributed on 15 December
Stimulus checks
- Could the Omicron variant lead to another federal stimulus check in the US?
- Some Atlantamedical students get $6,300 stimulus check
-New parents could see another stimulus check reflected in their tax refund in 2022
- What's the deadline to get your stimulus check plus-up payment in 2021?
- Will Social Security recipients get another stimulus check?
Social Security
- How many Social Security payments are still to be sent out in 2021?
- When does COLA 2022 take effectin Social Security benefits?
- How much will the 5.9% COLA increase affect Social Security benefits?
Unemployment
- What is the natural unemployment rate formula?
Latest articles:
Christmas cheer vs fear
'Tis the season to be shopping, but just how cheerful are we all ? Clues should come from the December U.S. consumer confidence index on Wednesday and November new home sales, consumer spending and durable goods orders on Thursday.
U.S. consumer prices grew at their fastest pace in around four decades in November. Any signs that rising living costs and pandemic fatigue are weighing on spending - which accounts for over two thirds of U.S. economic activity - will not make for comfortable reading at the Fed.
After all, the central bank just doubled the pace at which it will cut bond purchases and signalled as many as three rate raises for 2022/
IRS warn against online imposters
The Internal Revenue Service warns customers against social media accounts who looks for personal data or passwords.
2021 Child Tax Credit: how will it affect my 2022 tax return?
It looks like any faint hopes of passing the Build Back Better bill before the end of the year have been extinguished and the Child Tax Credit monthly payments will come to an end after the December round of payments.
But what does all this mean for next year's tax filing? Can you still rely on a Child Tax Credit to reduce the size of your family’s tax bill, or even use it to boost a tax refund?
GOP accuses Biden of being over-ambitious
President Biden was today dealt a blow as Sen. Manchin confirmed that he has no plans to vote in favour of the vast Build Back Better legislative package. Manchin, himself a Democrat, has faced a lot of flak from those without the party for refusing to support the proposals, but some Republicans claim that the bill was simply too costly in its current form and Biden overreached with the $1.9 trillion package.
Lawmaker floats alternative Build Back Better legislation
After the startling admission by key Democrat Sen. Joe Manchin that he will not support the Build Back Better bill in its current form, it appeared that the President Biden's ambitious legislation lay in tatters. However Sen. Ron Wyden has already come forward with a revised version of the package which may be more palatable for moderates like Manchin, while retaining some key measures like the Child Tax Credit expansion.
Stimulus checks in 2022: how long will the Federal Reserve keep paying them?
This week the Federal Reserve announced that it would be withdrawing financial stimulus in the coming months, in part an effort to curb the soaring inflation rate that is hurting consumers across the country. Since the start of the pandemic the Fed has poured roughly $4 trillion into the US economy by buying up bonds and other securities but that will soon come to an end.
But what does this mean for the long-awaited fourth stimulus check?
“Senator Joe Manchin made a promise to President Biden to support a framework that would help lower health care costs, cap the price of insulin and other prescription drugs, lower child care costs for Americans, address the climate crisis, and give working people and poor people a shot in America.
"Today, Senator Manchin has betrayed his commitment not only to the President and Democrats in Congress but most importantly, to the American people. He routinely touts that he is a man of his word, but he can no longer say that. West Virginians, and the country, see clearly who he is."
Sanders wants explaination on Manchin's Medicare refusal
Sen. Bernie Sanders has insisted that a vote should still be held on the Build Back Better bill, albeit only to force Sen. Joe Manchin to cast a vote against the popular bill. Many elements in the proposal, such as the Medicare expansion and Child Tax Credit extension, have bipartisan support across the country and Manchin would have to explain the reason for his decision.
Manchin rejects Build Back Better: what does this mean for the Child Tax Credit?
The Build Back Better bill includes a one-year extension to the popular Child Tax Credit monthly payments but there appears no hope of it passing before the end of the year. On Sunday Sen. Joe Manchin confirmed that he will not vote for the package, meaning that the monthly payments will end after the December installment.
However you can still claim the remainder of the 2021 Child Tax Credit in the New Year; here's how...
Build Back Better refusal could cost poverty accomplishments
Earlier today Sen. Joe Manchin, a Democrat from West Virginia, confirmed that he will not be voting in favour of the Build Back Better bill. The package includes an extension to the expanded Child Tax Credit which has been in place since July, and has brought about a marked decrease in childhood poverty in the last six months.
Senator Manchin promised to continue conversations in the days ahead, and to work with us to reach that common ground. If his comments on FOX and written statement indicate an end to that effort, they represent a sudden and inexplicable reversal in his position, and a breach of his commitments to the President and the Senator’s colleagues in the House and Senate.
White House press secretary responds to Senator Manchin's comments on Fox
Senator Joe Manchin told Bret Baier on "Fox News Sunday" that he would not support the $1.75 trillion bill that would invest in social and climate policy prompted by President Biden. The President and Manchin had been meeting one on one to bridge the gaps between the senator's position and the bill the House passed in November.
Press secretary Jen Psaki took the Senator to task on the concerns he cited for why he can't support the legislation in a long statement released by the White House.
Stimulus checks in 2022: how long will the Federal Reserve keep paying them?
The Federal Reserve announced it will taper off the pandemic stimulus program put in place almost two years ago, what does that mean for stimulus checks?
Democrats react to Manchin's "No" on Build Back Better Act
Senator Joe Manchin's colleagues are not pleased with his announcement that he will not support the Build Back Better bill in the Senate. The legislation represents 85 percent of President Biden's social and climate policy priorities.
Representative Ayanna Pressly was not surprised by the announcement, she and five other members of the Progressive Caucus who in November voted against the bipartisan infrastructure bill, championed by Manchin, due to concerns about the Senator's support for the companion Build Back Better bill.
Progressives had been holding up the infrastructure legislation to ensure the rest of Biden's agenda didn't get binned.
Sen. Manchin is a "No" on Build Back Better Act imperilling Child Tax Credit
Senator Joe Manchin has been in negotiations with President Joe Biden over the past month about how to move forward with the Build Back Better Act under consideration in the Senate. Manchin has been one of the main holdouts on passing the roughly $2 trillion sweeping social and climate policy bill.
Democrats had hoped to get the legislation to the President's desk by Christmas but Manchin's said that his concerns over the cost of the bill and its effects on an economy already running hot wouldn't let him vote for it as it was written. The Senate adjourned for the Christmas holiday Saturdeay morning looking to take up the negotiations on the Build Back Better Act when lawmakers return in January.
However, the bill may now be dead in the water. Senator Manchin on "Fox News Sunday" said "I cannot vote to continue with this piece of legislation. I just can't." Adding "I've tried everything humanly possible. I can't get there."
The final Child Tax Credit payment of 2021 went out on 15 December. It now appears the temporary changes to the tax provision will expire for good at the end of the year along with the short-lived advance payment scheme. The enhancements to the Child Tax Credit have been credited with reducing hardship for families with children cutting the childhood poverty rate by over 40 percent.
What is the $2,000 Saver’s Credit and how to claim it through the IRS
It’s never to soon to start saving for retirement nor too early to prepare for tax season. The Saver’s Credit can help you reduce your tax liability by up to $2,000 while at the same time putting money away for your golden years.
The credit, also known as the Retirement Savings Contributions Credit, is targeted at lower to middle income taxpayers and is fairly straightforward to claim. However, few know about this credit among the very group of taxpayers that would most benefit from it.
Here’s a look at how you can kill two birds with one stone.
How much were the first, second and third stimulus checks and when were they sent out?
So far, three federal stimulus checks have been sent out in the United States during the covid-19 pandemic, with eligible Americans able to claim a maximum overall amount of $3,200, plus additional credits for households with qualifying dependents.
We take a look back at each of the direct payments distributed by the US government
How do zip codes affect social security benefits?
Social security benefits are not impacted by geographic location but other federal benefits are. We took a look at these programs and how benefits vary.
"I didn't have to choose between paying one bill or the other"
MSNBC has been speaking to Jennina Gorman, a single mother of five whose children had had to go into foster care because she couldn’t afford to support them, until the introduction of the enhanced Child Tax Credit gave her a crucial extra injection of monthly income.
Three of Gorman’s children have been able to go back to living with their mother because of the monthly Child Tax Credit payments, which are set to expire at the end of December as Washington lawmakers haggle over an extension.
“This $750 a month meant for the very first time ever I was able to pay all of my utilities and my rent, and still make sure my kids had glasses and clothes to wear at school,” Gorman said. “It meant that I could still have food on the table and pay off all the utilities.
“It meant that I didn’t have to choose between paying one bill or the other, and that I could spend more time with my kids.”
Will Social Security beneficiaries get a fourth stimulus check?
The Senior Citizens League (TSCL) is urging Congress to send those receiving Social Security additional stimulus money, with Chairman Rick Delaney calling for a one-off $1,400 Social Security stimulus payment for seniors.
"I have $50 left before the Child Tax Credit"
NBC has been speaking to parents who have been benefiting from the monthly amounts sent out since July as part of the enhanced Child Tax Credit, and who will struggle to make ends meet in the new year if the recurring payments do not continue.
Monthly Child Tax Credit payments are currently set to end in January, as President Biden struggles to get his Build Back Better bill, which proposes an extension to the scheme, through Congress. Biden is facing opposition from moderate Democrats such as West Virginia Senator Joe Manchin.
Mother-of-two single parent Stormy Johnson, who has been getting an additional $500 per month as part of the Child Tax Credit, told NBC: “I have $50 left before the Child Tax Credit, and that's just with my house, car payment, my insurance and necessary utilities. That's before I buy any food, pay for gas for work or get any toiletries."
Without the extra monthly payments, says Johnson, “I’ll do what I've done in the past - I don't eat so my kids can.”
Will it be possible to receive third stimulus check plus-up payments after 31 December 2021?
While hopes of a fourth stimulus check appear to be slim, there are still some third-check payments available, in the form of plus-up payments. They are intended for Americans who originally received a check based on their 2019 tax return, but whose earnings in 2020 mean they qualify for a larger amount.
But there is a catch: applicants have until the end of the year to submit their 2020 tax returns and receive the money, or they will not be able to claim it.
Why is the Federal Reserve cutting back stimulus? How will this affect stimulus check payments?
The Federal Reserve says it intends to slash the level of financial stimulus in the US economy in the coming months, in a bid to combat inflation.
Yang on enhanced Child Tax Credit extension: "Let's get it done"
Businessman Andrew Yang, who was among the candidates to represent the Democratic Party in the 2020 presidential election and the 2021 New York mayoral election, has called on Congress to extend the enhanced Child Tax Credit is beyond the end of this year, declaring: “Let’s get it done.”
Describing the program as “the best thing to come out of D.C. in eons”, Yang said: “It reduces poverty, gives kids a chance to eat and learn […]. Let’s make it go forever. 448 economists agree - that’s kind of a lot.”
Senate now on recess; Build Back Better won't be passed this year
Early on Saturday morning, the US Senate went on its end-of-year recess, putting paid to any hopes that the Build Back Better bill - and, with it, a proposed extension to the enhanced Child Tax Credit - will be passed before 2022.
When does COLA 2022 take effect in Social Security Benefits? How to calculate your amount
Thanks to the 5.9 percent COLA increase for 2022, Social Security recipients will see their monthly benefits increase.
Here is how to calculate your amount
US stimulus checks latest news: welcome
Good morning and welcome to AS USA’s daily live blog for Sunday 19 December 2021, in which we’ll be bringing you the latest news on President Biden's Build Back Better bill, and the attempts to extend the enhanced monthly Child Tax Credit payments as part of the proposed legislation.
We'll also provide you with updates on a potential fourth federal stimulus check in the US, as well as information on unemployment and Social Security benefits.