The likelihood that the federal government would deposit a fourth stimulus payment into your bank account has decreased since Republicans recently gained influence over the House of Representatives in the November election. However, this does not imply there is no chance of receiving a further payment. But if one did, it would probably take one particular shape.
Likelihood of Another Stimulus Check Is Lower
The American Rescue Plan Act, passed along party lines in March 2021, was the source of the federal government’s most recent stimulus payout. It received no Republican support and narrowly passed with just Democratic votes. Republicans did not think that further stimulus was required at the time the law was passed.
The House of Representatives will now be under Republican control, making it impossible to pass partisan legislation for Democrats. They will require the backing of some Republican lawmakers if they hope to place legislation on President Joe Biden’s desk. Given that the pandemic situation has much improved from when the American Rescue Plan Act was enacted, they are unlikely to receive it.
An Enlarged Child Tax Credit
Another remuneration, such as the $1,400 stimulus check, is unlikely to be given as the Democrats can no longer act independently. The election result significantly decreased the chances of a federal stimulus payment, but it is still probable that some Americans would get more assistance from the government. This might take the shape of a modified child tax credit.
Mitt Romney and other well-known Republicans have suggested increasing this crucial form of parental assistance. Although there is a dispute about how the credit would be structured, increasing parental assistance does have bipartisan support because an enlarged Child Tax Credit was a significant component of the American Rescue Plan Act (and funded).
This Is The Best Opportunity
Congress’s divided leadership means that they must work together across party lines if they wish to do anything. One of the few sectors where there is a chance for agreement is a more significant tax credit for parents, so it’s feasible that legislators may try to reach a compromise on this matter. This is, therefore, the best opportunity for Americans to get the 4th payment from the state government.
However, it’s unlikely that more federal assistance will be provided until lawmakers reach a consensus. And if that is the case, your state must be one of the several that is using COVID-19 relief monies to give back to its citizens if you want to continue receiving financial aid, reports Fool.
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