Health Care

Biden's name will not appear on stimulus checks, Psaki says

Biden's name will not appear on stimulus checks, Psaki says”

The Senate voted 50-49 to approve the plan on Saturday, with all Democrats voting in support of the measure - and all Republicans opposed - following a marathon debate of more than 24 hours.

Tens of millions of American parents can still bank on a proposal in President Joe Biden's $1.9 trillion COVID-19 aid package that temporarily expands the Child Tax Credit and delivers monthly checks of about $300 starting in July.

The bill got the green light from the Senate after a sharp dispute between the same Democratic ranks over helping the unemployed, which was initially expected to be higher. It now goes back to the House for approval, and if the beefy coronavirus economic relief package earns it there, President Joe Biden will soon be able to sign the legislation into law so that cash can end up in your pocket if you qualify. The House of Representatives has a Democratic majority, so an easy victory is expected.

If a taxpayer doesn't file 2020 tax returns before Congress passes the relief bill, experts say, the IRS will probably rely on the 2019 tax return to calculate the payment.

Vaccines and COVID-19 testing: Around $46 billion is allocated to expand federal, state and local testing for COVID-19 and to enhance contact tracing.

Democrats are pushing for the relief package to be signed by March 14, which is when extended unemployment benefits are set to expire.

"The Senate has never spent two trillion dollars in a more haphazard way", said Senate Minority Leader Mitch McConnell.

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"By next weekend, a couple making less than $160,000 could well have $2,800 deposited into their checking account", Chris Krueger, of Cowen & Co., said in an analyst note before the Senate approved the bill.

In addition, tens of billions of dollars will fund coronavirus testing and contact tracing, as well as vaccine distribution, along with new aid for businesses that have been hard hit by directives that curtailed their operations over the previous year.

- The amount given per child under the age of 17 will increase from $600 to $1,400.

Biden hailed the Senate passage in remarks from the White House Saturday afternoon, touting his plan's widespread public support even if it didn't earn any Republican votes.

The IRS started sending out the last two rounds of stimulus checks within days of the payments being approved. It phased out entirely at $87,000 for single filers without children and $174,000 for those married filing jointly without children.

But after a long negotiation Friday evening - and with a flurry of other amendments to consider - Manchin finally agreed to extend $300 weekly unemployment benefits through September 6, about a month earlier than what Democrats had envisioned. Some groups that were not eligible for prior payments - such as dependent college students and disabled adults - are now eligible.

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