The second phase of the Biden Administration’s plan, known as “Build Back Better,” to address the economic crisis unleashed by the pandemic is valued at $3 billion.
The second phase of the Biden Administration’s “Build Back Better” stimulus plan to address the economic crisis unleashed by the pandemic is valued at $3 trillion, and its focus will be investment in infrastructure and renewable energy systems.
Although the package is still in the making and under discussion in the U.S. Congress to establish the specific outlines of the legislation, many are already wondering if it could include a fourth stimulus check.
Although there are calls from Democratic lawmakers, particularly from the more liberal wing of the Party, for the Government to send recurring stimulus check payments to millions of Americans, there is no indication at this time that such a provision will be included as part of a fourth stimulus package following the “American Bailout Plan” that goes into effect this month under which the $1,400 direct payments are sent.
Biden’s Approach to New Stimulus Package
What has transpired to date about the closed-door discussions of the new plan does not include provisions for a fourth stimulus check, but rather mentions funds for roads, bridges and rail routes.
In addition, earmarks for electric vehicle charging stations and a cellular network are contemplated.
The goal, according to an Associated Press report this week, is to facilitate the switch to renewable energy while boosting the economy.
A second component of the proposal would be investments that would benefit community colleges, universal pre-kindergarten programs and paid family leave.
It should be noted, however, that nothing has been formally written yet and the content of the bill could change. the bill could change.
The $1.9 billion stimulus package was very generous.
One issue to consider in this discussion is that at least three programs approved under Joe Biden and his team’s first $1.9 trillion stimulus package mean several direct inflows of money into Americans’ pockets, which could ultimately impact the decision on new stimulus legislation.
In addition to the stimulus checks of $1,400 and an equal amount for each dependent, adult or child, in the household, the “American Rescue Plan” provides for monthly payments of up to $300 per qualifying child and up to $3,600 per year as a result of the extension of the “Child Tax Credit,” funds that could begin to be sent in July.
In addition, the extension of the extra $300 per week unemployment benefit through September will benefit millions of residents across the country.
Both Democrats and Republicans could seize on the above points to rule out the inclusion of new stimulus checks for Americans to battle the economic effects of the pandemic.
Bernie Sanders and Democrats insist on recurring payments.
However, the possibility remains on the table. Earlier this month, a group of mostly Democratic senators sent a letter to the president urging him to push for recurring or monthly payments for American families. The call refers to the letter signed by more than 150 economists in support of continued aid to avoid repeating the mistakes of the Great Recession of 2008.
“Recurring direct payments have broad support from both the general public and economic experts. Polling revealed that 65% of Americans support recurring payments,” reads part of the document signed by 10 senators, including Elizabeth Warren and Bernie Sanders.
Since the second stimulus package was being discussed at the end of 2020, representatives of the Progressive Caucus in the federal Congress have also insisted on the request to extend this aid so that direct payments are sent monthly.
“This type of assistance has proven critical to lifting people out of poverty and are among the most effective programs to address the economic consequences of the pandemic,” reads part of a missive signed by 17 Democrats and sent to top congressional leaders.