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$ 1.9 Trillion Incentive Package with $ 1,400 Checks, Unemployment Money: How Could It Change?



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The Biden administration factory to get off the ground runs on COVID-1

9 aid and economic recovery.

Sarah Tew / CNET

In the week since taking office, President Joe Biden has advocated his $ 1.9 trillion stimulus proposal, which will third round of stimulus controls, funding for a nationwide Covid-19 vaccine distribution effort and more. But Biden can’t put the bill into law himself – he needs it the new congress to agree on a stimulus package and urges legislators to do so quickly.

“I don’t expect we’ll know whether we have an agreement and how much the whole package can or can’t pass through until we get to the very end of this process, which will probably be in a few days’ time,” Biden said Monday. in the White House.

Biden’s American Rescue Plan includes a third stimulus check of up to $ 1,400 per person. However, a group of lawmakers is already cutting that amount back, with some propose a more targeted bill that could change the upper limit of income so that there would be fewer people qualified to get a payment in this round. “I’m open to negotiating those things,” Biden said of the $ 1,400 stimulus check figure. This is what Biden proposes.

A third $ 1,400 incentive payment, which could go lower

The IRS had a deadline of January 15th around the second stimulus control from $ 600 to eligible Americans that Congress approved at the end of 2020. But after signing the $ 600 payment, some in Congress along with Former President Donald Trump, immediately pushed the payments increase to $ 2,000. Although that attempt failed, Biden plans to catch up with a third stimulus check that is part of its economic rescue package.

Biden’s third check would net a maximum of $ 1,400, adding $ 2,000 to $ 600. (Here are all the ways a third check could make more moneyUnlike the two previous payments, this third round would aim for it include eligible adult dependents and mixed-status families.

But the bipartisan opposition is trying to make controls more targeted – essentially towards fewer people in general. There are several things that can mean: including lowering the upper limit of USD 1,400 (here’s why).

At the other end of the spectrum, Rep. Alexandria Ocasio-Cortez said that $ 1,400 is not enough. “$ 2,000 means $ 2,000. $ 2,000 doesn’t mean $ 1,400,” she told the Washington Post on Jan. 14, referring to Biden’s earlier support for a “$ 2,000” check.


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$ 400 extra in additional federal unemployment benefits

The weekly $ 300 federal unemployment checks Congress approved in December as part of the $ 900 billion COVID relief legislation expires in March. During his presidential campaign, Biden pushed for reform of the unemployment system, saying he would work with Congress to extend unemployment benefits allowed under last year’s CARES law that were extended in December, “how long this crisis also lasts “.

Biden’s plan would send $ 400 federal unemployment benefits through September with triggers that would extend benefits beyond September for those still out of work and include automatic payment adjustments related to health and economic conditions.

Nationwide supply of coronavirus vaccines

While more than 30 million doses have been distributed in the US to date, that is far behind the 100 million doses Trump promised to distribute by the end of 2020. Biden has set a goal of getting 100 million vaccinations in the first 100 days of his administration. .

Biden’s plan will set aside $ 400 billion for one national vaccine program. “I will move immediately for the most urgent need to ask Congress to give me the financial means to deal with the virus,” Biden said. January 8th. “I am determined to get 100 million shots into people’s arms in the first 100 days.”

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Democrats will push for an extension and increase of federal unemployment aid to an additional $ 600 per week.

Sarah Tew / CNET

Expansion of child discount to bring people more money

In his plan, Biden suggests extension of the child discount that currently allows families to claim a $ 2,000 credit for children under 17. If approved, the plan would extend the benefit to lower-income families who would otherwise not receive the credit. Under Biden’s plan, families could claim up to $ 3,600 per year for a young child and up to $ 3,000 per year for an older child.

The plan would also extend the childcare tax credit by one year to cover childcare costs. Under Biden’s plan, families could get a tax credit from as much as half of their childcare expenses for children under 13, to $ 4,000 for a single child and $ 8,000 for two or more children.

“The Biden Plan is the most impressive and ambitious child poverty plan ever in the United States,” tweeted economist Jason Furman, a former adviser to the Barack Obama administration. “This would not only help in the short term, but also provide long-term mobility benefits.”

Increase the minimum wage to $ 15 an hour for employees

Biden’s plan will push for an increase in the minimum wage from the current $ 7.25 an hour. “It’s time to raise the minimum wage,” said Biden. January 8th. “Nobody, nobody should work like millions of people do today, 40 hours a week on a job, and still live below the poverty line. Up to a minimum wage of $ 15 an hour.”

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Biden has asked Congress to cancel a student debt of up to $ 10,000.

Sarah Tew / CNET

Funds to Reopen Schools During COVID-19

A critical part of the economic recovery is getting students back on campus. “We will also need tens of millions of dollars to help our schools reopen and open safely,” Biden said on Jan. 8. The Biden Plan would work to return students to schools through a majority of kindergarten through the 8th. classrooms reopen safely in the first 100 days of administration.

Funds intended for national, local and tribal governments

Along with the extension of liability protections pushed by Republicans, democratic support for state, local and tribal government funding was a major impediment to reaching an agreement on a new economic assistance package in the second half of last year. With Democrats will soon be in charge of the House, Senate, and White House, Biden has pledged support for state and local funding as part of his government’s aid package.

Since the fall, economists have urged Congress to provide funding for state and local government jobs: “The arguments for additional aid are strong because the downside risk of doing nothing is quite real,” wrote the American Enterprise Institute. , a conservative think tank, late last year. “The fact that more than 1 million state and local government employees have lost their jobs is a sign that the tax problems have had real repercussions.”

On January 8, Biden reiterated his concern about national and local governments “cutting jobs” as a result of the pandemic and pledging to provide “immediate assistance”.

In addition to government and local funding, Biden’s plan would provide funds for food and water aid and food stamps.

Extension of the deportation ban until September

On January 20, Biden signed an executive order extending the deportation ban to March, meaning it may not be part of the latest new stimulus law at all. Biden’s proposal would extend the expulsion and disqualification moratoriums until September 30. The plan would provide $ 30 billion in rental assistance to renters and small landlords, especially low- and middle-income households.

Is Student Loan Forgiveness Included?

On Jan. 8, Biden government officials said the incoming president would ask Congress to cancel $ 10,000 in student debt for all borrowers and extend the pause on student loan repayment, CNBC reported. Biden’s incentive plan does not seem to address student loan forgiveness.

We will continue to update this story as Biden reveals more details about his plans. For more information about incentive money, click here Most Important Facts You Should Know About Stimulus Controls, and here’s what you need to know about it federal unemployment assistance.




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