The US House just passed a COVID settlement bill to give you a third stimulus check – up to $ 1,400 – and the legislation is now being moved to the Senate. House Speaker Nancy Pelosi and the other Democrats leading the Congress will have it ready for the president’s signature by March 14, so you can receive your cash within a few weeks.
And will that be the end? No more direct payments?
As March marks an entire year of the pandemic, and where Americans are still struggling to get past, some lawmakers are arguing for a fourth stimulus check – and more after that. So if you find that you need more money for bills and for pay off debt, you wanted it.
But the current emergency law cleared the House early Saturday by a vote of only 219 to 212, and the Senate vote will be a squeaker. So is it realistic to hope for further relief? Here is a closer look.
Some Democrats are pushing for more stimulus control
Fifty Democratic U.S. representatives, including Minnesota’s Ilhan Omar and New York’s Alexandria Ocasio-Cortez, have signed a letter urging President Joe Biden’s administration to issue recurring stimulus checks to help Americans meet essential needs throughout the pandemic.
“One more check is not enough during this public health and economic crisis,” the letter said.
Like the previous two rounds of stimulus control, the expected third batch would help Americans with the essentials. Last ril, the very first, $ 1,200 checks were mostly spent on household expenses such as groceries and rent, according to the U.S. Bureau of Labor Statistics.
Others used at least some of the cash for savings and investment, an agency investigation found or for other purposes. Some consumers probably went shopping for affordable life insurance, because these policies have seen an increase in demand during the pandemic.
While the letter from lawmakers does not suggest a dollar amount for the regular payments, Omar reiterated in January that she would like to see the government provide $ 2,000 per year. Month to lead people through the crisis.
Friends and foes of recurring control
The idea of monthly stimulus monitoring may attract some fans in high places.
Federal Reserve Chairman Jerome Powell (pictured) made a good case this week for the government to spend more on COVID relief. He testified before Congress that the economy is “very uncertain”, and he suggested that stimulus controls and other aid are unlikely to increase inflation.
Retail chain directors are likely to support giving consumers more public cash. Retail sales rose in January after round 2 of the checks went out, and Macy’s expects a big sales increase in the coming months from a third round.
But a plan for future, recurring checks would not have a shortage of opponents. Republicans are already against third controls as costly and unnecessary, and some Democrats believe payments should be more targeted at lower-income people.
A major barrier to further stimulus control
In addition to the likely resistance, there is a more complicated reason why you should not get your hopes too high for more cash from Uncle Sam.
Democrats are currently pushing Biden’s $ 1.9 trillion bill through Congress through a vague budget process that allows them to pass legislation by a simple majority – and potentially no Republican support.
House Republicans all voted no on Saturday.
The bite and the Democrats can use the streamlined, go-it-alone proach just one more time this year, and they will have to wait until the next fiscal year starts on October 1st to do so.
With other priorities in mind, including climate change, health care and infrastructure, the president is unlikely to use his remaining opportunity to hand out more stimulus controls.
What if you think you need more relief?
If you are anxiously awaiting a third stimulus check and are already worried about your income later in the year, you have some options to build more cash in your budget.
Lose interest. Have you leaned hard on your credit cards through the pandemic and amassed expensive interest rates? Make your debt more manageable – and pay it off faster – by folding your balances into one debt consolidation loans with lower interest rates.
Make savings for your policy. Are you sitting at home these days instead of crossing the open road? Car insurance companies have paid discounts for drivers who use their cars less. If your not going to offer savings, shop around for a better deal. And while you’re at it, compare prices homeowners insurance could save you hundreds of dollars a year.
Refinance your mortgage (if you have one) and cut your payments. If you have not looked for a lower interest rate on your home loan in the last year, there is no better time than now. Rates remain historically low, and refinancing your existing mortgage could re large savings. An estimated 16.7 million U.S. homeowners could reduce their monthly home payments by on average $ 303 through a refi, mortgage lender and data provider Black Knight reported in early February.
Trim your budget and “make your own” stimulus control. Using a few creative ways to cut down, you can come up with the answer to a monthly stimulus check. Need a big data plan if you’re just at home on Wi-Fi all day? Call your mobile phone provider and switch to a cheer option. Do you have a hobby or a special talent? Make it one side congestion to get extra income. And download one free browser extension that automatically searches for better prices and coupons when you shop online.