Thursday, May 26

Will Biden include a fourth stimulus check in the new employment plan?

A group of senators has requested through a letter to the White House to include recurring stimulus checks in the new economic package.

Drew Angerer / Getty Images

President Joe Biden unveiled his new economic recovery and infrastructure plan to deal with the coronavirus pandemic. The American Employment Plan is expected to provide more than $ 2 trillion in federal funding that will give a long-term boost to the economy ravaged by the pandemic.

Although the focus is expected to be on infrastructure investment, the question arises whether the new package will provide direct aid to the millions of Americans who urgently need assistance.

More stimulus checks

Earlier this week, 11 Democratic senators wrote to Biden asking him to include recurring stimulus checks in the new recovery plan, the first sign that there is clear support among some members of the Upper House for more payments. direct.

The proposal was spearheaded by Finance Commission Chairman Ron Wyden of Oregon and signed by Senators such as Bernie Sanders, Sherrod Brown, and Senator Elizabeth Warren.

“This crisis is far from over, and families deserve the assurance that they can put food on the table and keep a roof over their heads,” the letter says. “Families should not be at the mercy of legislative deadlines that are changing.”

The request of the economists

An open letter from more than 150 leading economists also underscores the need for more direct help and propose an “automatic activation” system that begins with another round of stimulus checks. “Regular and durable direct stimulus payments will boost consumer spending, driving the economic recovery and shortening the recession.”

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Related: Most Social Security Recipients Will Receive Their Third Stimulus Check Before April 7

Will a fourth stimulus check be included in the new package?

A national poll conducted earlier this year revealed that 65% of voters would be in favor of receiving a stimulus check of $ 2,000 per month for every American until the end of the pandemic.

The proposal even has 54% support among Republican votersSignificant after not a single Republican Party representative or senator supported the latest stimulus bill.

Nevertheless, it seems unlikely that a new stimulus check will be included in the new bill, so shortly after the previous round of payments.

Related: Not only is the IRS behind with your tax refund, your child tax credit payments are also affected.

Ed Mills, Washington policy analyst at Raymond James, told CNBC he believes that a fourth stimulus check is unlikely at this time, but suggested that other forms of direct support might be.

It notes that Biden could choose to prioritize the extension of the reformed child tax credit program, which currently expires after 12 months. The new system provides support of up to $ 300 a month for children under the age of six and $ 250 for those between the ages of six and 17.

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