Stimulus Update: This Biden Tweet Shows Restoring This Payment Is a Top Priority

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Would you get more money if the president’s plans went into effect? 

The federal government has not passed a bill providing stimulus money since the American Rescue Plan Act was signed into law in March of 2021.

The American Rescue Plan Act provided $1,400 direct payments to adults and dependents. In addition to putting this money in people’s bank accounts, it also provided parents with extra financial help in the form of an expanded Child Tax Credit.

Parents could potentially see this extra financial help come back again — at least if President Biden gets his wish. The president has made restoring the extra help to parents a top priority. And he’s not giving up on his efforts, as a recent tweet makes clear.

President Biden wants this stimulus relief back on the table

Biden recently released his proposed budget, which would reauthorize the expanded Child Tax Credit that was included in the American Rescue Plan Act.

This form of stimulus relief provided parents of young children with a $3,600 refundable tax credit (or $3,000 if their children were aged 6 to 17). The money was scheduled to be sent to parents at a rate of $250 or $300 per month.

Parents received the monthly payments from July to December of 2021 and were able to claim the other half of the money when filing their 2021 taxes in 2022. And the president’s hope was that this credit would be continued on an ongoing basis.

That has not happened yet, but the Biden administration is still trying hard to make an expanded credit a reality again for parents. The president included the expansion of the credit in his latest budget proposal and recently sent out a tweet explaining why he believes it is so important for parents to get this money.

“Thanks to the American Rescue Plan, the expanded Child Tax Credit cut child poverty in half and gave tens of millions of parents breathing room,” Biden explained. “My budget would restore it.”

While Biden has sent out many tweets addressing various economic issues, this is one of the few tweets that highlights a specific financial request in his budget plan. By sending out this tweet and explaining the monumental impact the expanded credit had, the president has made clear that the restoration of this credit is a top priority.

How an expanded Child Tax Credit could help you

If you are a parent or guardian of a child and the tax credit is extended, you could find yourself with hundreds of dollars more per month to assist you in covering expenses. If the credit was delivered the way it was structured under the American Rescue Plan Act, you could expect a steady stream of government money coming in and could adjust your budget accordingly.

It remains to be seen if the president will be able to make his proposed plan to bring back this credit a reality. With some bipartisan support for offering extra help to parents, there’s actually hope that this stimulus check will be back in some form in 2023 or beyond.

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