Facts about the Fourth Stimulus Check with $2,000 monthly payments
|Facts about the Fourth Stimulus Check with $2,000 monthly payments|
Before President Joe Biden was inaugurated, he promised Americans they'd receive a third coronavirus stimulus check.
The Internal Revenue Service is in the process of sending out $1,400 stimulus payments, the latest effort to help Americans recover from the economic impact of the coronavirus pandemic. With the third round of stimulus checks beginning to hit taxpayers’ bank accounts, many are wondering if there will be a fourth round of stimulus payments.
Democratic lawmakers are pushing for more stimulus money
Two months before the current stimulus package, a group of Democratic lawmakers sent a letter to President Joe Biden and Vice President Kamala Harris calling for their support for “recurring cash payments in your future economic relief plans.”
“The stunning financial crisis for those at the bottom of the income ladder demands massive relief to those who need it most,” the lawmakers wrote. “Recurring direct payments until the economy recovers will help ensure that people can meet their basic needs, provide racially equitable solutions and shorten the length of the recession.”
In a January press release, Omar stated, “A one-time payment of $2,000 is simply not enough. The American people are counting on us to deliver transformative change, and we need to meet the moment by delivering monthly payments of $2,000.”
California Rep. Ro Khanna is one of the leading voices arguing for additional stimulus funds. On March 14, Khanna tweeted "A one-time $1,400 check is simply not enough to pay the bills. We’re one year into this pandemic, and many Americans are living paycheck to paycheck. Let’s pass $2k monthly checks."
Khanna is far from the only progressive in Congress making the argument that additional stimulus is needed. In fact, 50 Democratic representatives and 10 Senate Democrats expressed their support for ongoing payments in past letters sent to the Biden administration. Signatories included some notable names, with Reps. Alexandria Ocasio-Cortez and Ilhan Omar both lending their support.
It's not likely, although there's some support for it!
Despite this push, however, it's very unlikely that a fourth stimulus will pass.
No fourth stimulus check - here are a few primary reasons
There are a few primary reasons for that.
First and most notably, the third stimulus check was passed on a partisan basis. Democrats have just 50 of 100 votes in the Senate, with the vice president providing the tie-breaking 51st vote. Republicans can block legislation by filibustering it, so unless a bill gets 60 votes, it can't advance.
Democrats were able to push through the American Rescue Plan Act with a process called reconciliation that can't be filibustered -- so legislation can pass with a simple majority. But there are limited opportunities to use reconciliation. As a result, unless 10 Republicans change their mind and decide they want more stimulus money, it's unlikely a bill could make it through Congress.
There are other arguments against a fourth check as well, including the fact that states have begun loosening restrictions as vaccinations ramp up. Biden has suggested that American life will be closer to normal by July 4, which could reduce the need for more stimulus funds.
Any efforts for a fourth package would likely face stiff opposition from Republicans and moderate Democrats, both of which have expressed concern over the price tag for a relief package.
Finally, the Biden administration has begun discussing other priorities, such as an infrastructure bill combined with an increase to taxes for wealthy Americans and corporations. With the president focused on other initiatives, another stimulus check likely isn't high on his agenda.
For these reasons, it's a good idea to use the third check as wisely as possible, whether that means catching up on bills, bulking up your emergency fund, or investing it for the future. Consider which option makes sense for you so you can make the best use of what's likely to be your final stimulus payment.
Stimulus Checks Update
The IRS is in the process of sending out checks included in the American Rescue Plan Act.
Individuals and dependents are eligible for up to $1,400 with married couples eligible for up to $2,800. Some recipients saw funds arrive via direct deposit over the weekend, while other financial institutions are holding checks until the official issue date of March 17.
People with direct deposit information on file will receive their money first, followed by mailing of paper checks and pre-paid debit cards. So far, the IRS has distributed about 90 million stimulus payments via direct deposit.
People can check the Get My Payment tool on IRS.gov to see the payment status of the third stimulus payment.
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