The White House continues to expand the measures derived from the IRA (Inflation Reduction Act). Just a few days ago we saw those that were going to affect our retirees, and now we see one that is also attracting attention. The Government has just confirmed what it is going to do with the stimulus check extra payments 2024, and until yesterday there were doubts as to whether or not there would be any. Find out what they have decided to do and how it will affect you (because, of course, it will in some way).
New stimulus check extra payments or more inflation? Opinions are divided
The COVID-19 pandemic resulted in unprecedented government stimulus spending, including three rounds of stimulus checks sent directly to Americans in 2020 and 2021. With high inflation persisting, there have been growing calls for additional stimulus aid for families.
In early 2021, a group of Democratic senators led by Ron Wyden pushed for recurring stimulus payments that would last through the pandemic. The proposal did not gain enough support in Congress. Later in 2021, a petition calling for $2,000 monthly stimulus checks gained over 2 million signatures.
However, the Biden administration and Congress did not enact additional stimulus checks in 2021 or 2022. Currently, the likelihood of another broad stimulus check program being approved is low. The economy has largely reopened, unemployment is down , and there is waning political appetite for more federal spending.
Some economists argue additional stimulus now could worsen inflation. While prominent Democrats have signaled an openness to more stimulus checks, most Republicans have come out against the idea. Without bipartisan support, new stimulus legislation cannot pass the closely divided Congress.
Stimulus check extra payments unveiled: Congress’ intentions
Several new bills have been proposed in Congress that would authorize additional stimulus payments to Americans in 2024 and beyond. The most notable is the ABC Act, sponsored by Senator John Smith. This bill would provide $2000 monthly payments to individuals making under $75,000 per year.
There will be reduced payments to those making up to $100,000 annually. Married couples filing jointly would get $4000 per month if making under $150,000 per year, with payments phasing out up to $200,000. The bill proposes these ongoing monthly payments for the duration of the pandemic.
While popular among many Democrats, the ABC Act faces an uphill battle in the closely divided Congress. Some Republicans have voiced opposition over its high price tag, which is estimated at over $500 billion annually. Similar proposals for guaranteed income have stalled in Congress before.
Senator Smith has vowed to continue pushing the bill, but its chances of passage remain uncertain in the current political climate. Another proposal is the One-Time Payment Act by Congresswoman Ann Jones. This would provide a smaller, one-time $1200 payment to individuals making under $50,000 and couples under $75,000.
These are the requirements to receive the new stimulus checks payments
The eligibility requirements for additional stimulus payments have not been finalized, as new legislation is still being proposed and negotiated. However, we can look to previous stimulus bills for an indication of who may qualify if further payments are approved.
The income thresholds to receive full stimulus payments have varied across the three rounds so far. For the first round under the CARES Act, the full amounts were sent to individuals earning up to $75,000 and married couples earning up to $150,000. The payments phased out above those amounts.
For the second and third rounds, those income caps were lowered to $80,000 for individuals and $160,000 for married couples. Those with incomes above the caps may have received partial payments, depending on their specific situation.
This is, as you have been able to read, the decision of the White House regarding the stimulus check extra payments 2024. It has been several months since Biden pledged to keep it, and optimism was unleashed across the United States. Of course, one more reason to review personal finances and plan the income we will have during the rest of the year, you have already seen how easily they can add or remove the payment of a benefit.