Many became accustomed to receiving monthly stimulus checks but President Joe Biden’s $2 trillion “Build Back Better” bill did not pass after Sen. Joe Manchin refused to support it.
- The IRS needed Congress to pass the bill in order to disperse stimulus checks — specifically checks for the child tax credit — in January, per Local 12 News. Now, the Senate has adjourned for the year, making the Dec. 15 check the last ones for families with children.
White House press secretary Jen Psaki said the Biden administration is workshopping a bill that could reinstate payments, and even add an extra one, per Business Insider.
- “If we get it done in January, we’ve talked to Treasury officials and others about doing double payments in February as an option,” said Psaki.
States — such as California, Georgia, Connecticut, Florida, New York and Tennessee — are taking the matter into their own hands.
- “Some states are forming their own stimulus money, making it even more unlikely that the federal government will create more stimulus checks,” said Anthony Martin, CEO and founder of Choice Mutual, per GoBankingRates.
- Some of these states gave out universal checks, others only included teachers or first responders and some states reserved these payments for students only.
But experts are doubtful that a new set of stimulus packages will be dispersed.
- “At this point, I’d say the odds of another round of stimulus checks are fairly slim,” said Riley Adams, licensed CPA, a senior financial analyst for Google and chief editor of Compare Forex Brokers, per the report.
- “For that to happen, data would need to show a rapid spike far above consensus expectations for omicron cases. This would need to result in large shelter-in-place orders coming out across most, if not all, states. As a result, it would be hard to coordinate and take action on the need for another round of stimulus checks nationally when so many states would opt not to follow a shelter in place order, preferring instead to remain open to avoid a potential downturn in the economy.”