US Agriculture Secretary Tom Vilsack said a few weeks ago that a fourth stimulus check is on its way to certain households. It was derived from the so-called American Rescue Plan, the $1.9 trillion legislation passed earlier this year allowed the $1,400 stimulus checks that everyone received several months ago.
This law also included support for a $700 million program that will fund the fourth stimulus check. The funds will be distributed to farmworkers, meatpacking workers, and grocery store employees, but it is unknown how much the latter would get at this time.
Per BGR, while this does solve the topic of a fourth stimulus check coming soon, there are still other aspects of this that we don't know much about. Likely, Vilsack announced this new payment.
Did the Biden administration approve the fourth stimulus check?
In other words, a Biden official, but unlike other stimulus payments, this one will not come from the federal government. The funds will be provided by state agencies, tribal governments, and non-profit groups. We also have no idea when this procedure will be done.
On a similar topic, don't forget that another child tax credit stimulus payment is due in a few weeks. That one will be paid out on October 15, and two more will follow. One on November 15 and one on December 15
As a reminder, the quasi-stimulus payments provide a few hundred dollars extra each month to parents with qualifying children. In September, the IRS reported that the total amount of Child Tax Credit checks distributed for the month was about $15 billion.
This is a substantial sum of money regularly from the federal government until the end of the year. Democrats voted along party lines to support the American Rescue Plan Act, which delivered the third stimulus check.
They employed a procedure known as reconciliation, which is a legislative tactic used to avoid a Republican filibuster in the United States Senate. Because of the filibuster, legislation usually takes 60 votes to move ahead if lawmakers disagree with it. Bills enacted via reconciliation, on the other hand, require 51 votes.
The Democrats have 50 senators in their caucus, and the vice president can cast the 51st vote. Democrats are now hoping to use reconciliation again to pass another piece of legislation called the Build Back Better Act along party lines.
Progressives are hoping to move the Build Back Better Act as early as this week, although disagreements with more moderate senators will likely make this impossible.
Build Back Better contains a variety of policies aimed at assisting the public, including a continuation of the increased Child Tax Credit included in the American Rescue Plan Act.
What to expect with Biden's reconciliation bill?
It also includes initiatives like free preschool and community college, increased health insurance coverage, and assistance for aging seniors who want to stay in their homes and get home care.
However, Build Back Better does not yet give a fourth stimulus payment. And, given that some key senators on the left have already stated that they would not support the measure with its current $3.5 trillion price tag, it is more probable that benefits will be reduced rather than increased.
Reconciliation can only be used a limited number of times to pass legislation. Suppose legislators reach an agreement and Build Back Better passes without any stimulus funds. In that case, it effectively ends the possibility of another check this year unless economic circumstances deteriorate substantially and there is bipartisan support for more aid.
Suppose Build Back Better fails to pass this week. In that case, legislators may continue to work on a compromise - but this would almost certainly include making significant concessions to reduce the bill's cost.
In other words, unless the economy collapses, another stimulus check this year is unlikely. Those looking for more payments should look at other sources for financial help, as per The Motley Fool via MSN.
A majority of Americans support regular relief payments as well. According to a Data For Progress poll conducted in January, over two-thirds of all respondents favor $2,000 monthly stimulus payments to all Americans for the duration of the pandemic.
The bulk of supporters are Independents and Republicans. The online petition of a struggling restaurant owner requesting $2,000 monthly payments for every American adult has exceeded 2.9 million signatures. According to the Urban Institute, another stimulus payment may cut poverty by at least 6.4 percent by 2021. Many economists have also jumped on board.
Related Article: $2,000 Fourth Stimulus Check: Petition Reaches Millions of Supports and Unemployment Rate Rises, Will Next Payments Come Until 2021?
