Individuals increase their emergency reservesĪccording to recent Federal Reserve Bank of New York research, respondents who received the three rounds of stimulus payments reported using the majority of the money to pay down debt or put money in savings. This means that no CTC payments will be made in January or thereafter. While progressives and some Democrats lobbied Congress to maintain the increased CTC, it appears to be on hold for the time being. President Joe Biden’s American Rescue Plan, which includes an expanded CTC, assisted a lot of citizens.įamilies who met the eligibility requirements received $300 per month for each child under the age of six and $250 for children aged six to seventeen.Īccording to many families who spoke with CBS MoneyWatch, the extra money would go toward child care, back-to-school supplies, and other necessities. The IRS provides stimulus relief to certain families Despite the prospect of a fourth stimulus check, the federal government has shown little interest in making any direct payments to taxpayers in the United States.įollowing the failure of Democrats’ landmark “Build Back Better” and “voting rights” legislation, there has been little hint of a new package aimed at giving a fourth direct payment. The COVID-19 outbreak in the United States, which has claimed 900,000 lives, is approaching its second anniversary.
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