Economic Impact Payments may be a distant memory in the United States now that the country appears to be recovering from the COVID-19 Outbreak, but a ray of hope may be on the horizon for another form of assistance to citizens as family members struggle to deal with constantly rising prices due to inflation and often a supply chain crunch.
While President Biden wished to extend the Expanded Child Tax Credits for the next year as part of his Build Back Better plan, the effort was thwarted when the bill stuck in the Senate when Senator Joe Manchin (D-W. Va.) refused to join his party and vote for it. While the monthly payments of $300 for children under the age of six and monthly payments of $250 for kids aged between six to seventeen aren’t coming back eventually, the concept behind them is still not totally dead, as Senator Mitt Romney (R-Utah) is now suggesting his own plan that, if passed, would reinstate monthly payments for families with kids.
His idea, known as the Family Security Act, would provide $350 per month to qualified families with kids aged 0 to 5, and $250 per month to couples with kids aged 6 to 17. Expectant parents will be able to register for the benefits and begin collecting them four months before their kid’s delivery date. A maximum allowance of $1,250 would be available to families.
However, Romney disclosed in a press conference with Michael R. Strain, Director of Economic Policy Studies at the American Enterprise Institute, that there’d be one major grab to the money this time, which could possibly exclude certain American families.
The Bill Is Still In Its Initial Phase
The proposal is in its initial stages, which means that prerequisites, monetary amount, and sometimes even qualifying ages might all vary before it is put to the vote or enacted in any way. Nevertheless, Americans may profit from the program if it strikes a balance among more Progressive Democrats’ desires for certain monthly assistance to American households and being less costly and much more selective to meet with more Moderate and Conservative principles.
Presently, there is no timeline for when the credit will be available to Americans if the bill passes.
Shortly after a devastating crash, the Pakistan-Afghan border reopens.
The possibility of a new benefit comes as many people continue to be hurt by rising prices owing to inflation. However, there have also been cautions that more stimulus funding may not be forthcoming, particularly after research indicated that extra money might have been linked to increasing the number of Americans dying from opioid overdoses.
Furthermore, analysts have cautioned that inflation is extremely high due to the stimulus checks, implying that while Americans may believe they are helping, they are actually contributing to unforeseen challenges.
