Fourth Stimulus Check: Can it actually happen?

Fourth Stimulus Check: Can it actually happen?

Now that the third stimulus check has arrived in most Americans' mailboxes and bank accounts, attention is turning to what comes next and whether more bailouts are in our future.

Some progressive Democrats have floated the idea of monthly stimulus payments, but there have been no concrete proposals for a fourth stimulus package. Proposals for further direct payments to most Americans are likely to face an uphill battle with lawmakers wary of further spending.

More than 50 progressive House Democrats sent a letter to the Biden administration in January supporting adding recurring direct payments to the $1.9 trillion American Rescue Plan, but did not specify the amount of the payments or who would be eligible.

That bill, signed by President Joe Biden in March, would have provided the one-time $1,400 now being distributed, but did not include the proposed recurring checks for progressives.

Senate Democrats jumped on a similar proposal in late March. A group of 21 senators, including Senator Elizabeth Warren (D-MA), jumped on a similar proposal in late March. A group of 21 senators, including Senators Elizabeth Warren (D-Mass.) and Bernie Sanders (D-Vermont), told Biden that the administration's upcoming recovery bill, known as the "Build Back Better" plan package, urged him to include regular stimulus checks and enhanced unemployment benefits.

"This crisis is far from over, and families need confidence that they can put food on the table and have a roof over their heads.

The proposal does not suggest who should get the funds or the amount of the payments. The letter also states that direct payments should be "linked to economic conditions," implying that if the economy recovers quickly, there may be no need for them.

Biden may attempt to include recurring direct payments in future infrastructure legislation, although there has been no White House response to the senator's letter.

According to the New York Times, the President is already considering making permanent the monthly child tax credit introduced in the American Rescue Plan Act, which is remitted to parents below or near the poverty line, and extending other short-term tax cuts aimed at reducing poverty. However, it has not proposed a fourth stimulus package.

Moreover, economists suggest that we are emerging from the deepest elements of the crisis. While some have suggested the possibility of additional economic relief, further stimulus for individuals and families is unlikely to be a priority.

Biden's $1.9 trillion stimulus package "will be the last on this front," Brett Ryan, a senior economist at Deutsche Bank, told Fortune magazine. 'No more checks.'

In short, it seems unlikely that a fourth stimulus check for the entire middle class, or any ongoing payments other than child tax credits and unemployment benefits, will garner the support necessary to pass the Senate and be signed into law.

If you have not yet received your stimulus check, use the IRS Get My Payment tool to anticipate when your check will arrive.

The IRS reports that taxpayers whose direct deposit information is already on file should have received their payments in their bank accounts by March 24. Those waiting with paper checks or debit cards will probably receive their funds within a few weeks.

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