What could be in Biden's next two stimulus proposals for you?
Sarah Tew/CNETPresident Joe Biden Wednesday night in an speech before Congress set out his plans for how the US will create jobs, reduce poverty and get more money into people's hands to spur the economy out of the pandemic. "We need to make a once-in-a-generation investment in our families and our children," Biden said, "a once-in-a-generation investment in America itself."
March's stimulus bill -- the American Rescue Plan -- was just the first leg of the plan, with its one-time stimulus checks for up to $1,400 a piece, seven child tax credit payments and monthly $300 checks to fill in for lost wages for unemployed workers. The next two more stimulus proposals for 2021 Biden pitched in his speech would send more money directly to people and work to let individuals and families hold on to the money they already have. The next the package up -- which Biden calls the American Jobs Plan -- if approved would put more than $2 trillion into the US economy and create jobs through focusing on critical infrastructure. The second, called the American Families Plan, according to the Washington Post, could set aside $1 trillion for individuals and families.
Right now, the plans are just that, but we'll be following its development. We'll share every benefit we know so far. Plus, here's what to expect from the enhanced child tax credit, what is happening with canceling student debt, how to claim money your state has of yours and how March's stimulus bill can help you save money on health care costs.
When would Biden's American Families Plan bill arrive?
The American Families Plan is still months from approval. First, Biden and Congress are crafting the American Jobs Plan that Biden revealed Wednesday night, a $2 trillion plan to build and upgrade roads and transportation hubs, improve the power grid, fund EV car charging, expand affordable housing and bring high-speed broadband to more rural areas.
As far as we know, the American Jobs Plan wouldn't include a fourth check or other obvious savings. It's the bill after that -- the American Families Plan -- that could come closer to sending more money to individuals and families. Keep reading for ways Biden and Congress plans to directly help you with the third stimulus bill, plus other proposals on the table.
President Joe Biden has two more stimulus bills penciled in for this year.
Sarah Tew/CNETHow Biden's American Families Plan bill could benefit you
After the Biden administration completes its infrastructure and jobs plan, it would move on to seek $1 trillion spending and $500 billion in new tax credits, according to the Washington Post, for the third stimulus package. Here are some of the main areas the American Families Plan could cover:
Extend the expanded child tax credit through 2025: The temporary expansion of the child tax credit in March's stimulus bill is expected to reduce child poverty by 45%, according to Columbia University's Center on Poverty and Social Policy, and lift nearly 5 million children out of poverty entirely. The short-term expansion of the program is set to expire this year however, unless Congress renews the program. Biden's plan would extend the expanded child credit to 2025.
Watch this: Child tax credit: How much are you getting?
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Two years of tuition-free community college: As a presidential candidate, Biden said he would work to make the first two years of college free. Biden's plan would cover the first two years of community college, including for adults and new high school graduates. Training programs outside of community colleges would also qualify. Students would still be responsible for some expenses, like textbooks.
Free prekindergarten instruction: For another campaign pledge, the American Families Plan proposes free pre-K education for 3- and 4-year-olds.
More affordable child care: Biden during his campaign said he would work to make child care more affordable for working families through tax credits and subsidies for child care costs. His new plan embraces that campaign plan for child care.
Paid family and medical leave: Biden proposed broader support for 12 weeks of paid family and medical leave.
Lawmakers have plans to send you money too.
Sarah Tew/CNETHow else could Washington send money to you?
Details of the second and third pieces of Biden's stimulus plans are still being worked out, but other proposals are already under discussion that could either let you hold on to more of your money or send you new payments.
Student loan forgiveness of $10,000 or $50,000: With student loan debt reaching $1.7 trillion at the end of 2020 -- for an average loan amount of $30,000 -- student debt is higher than auto loans and credit cards, according to nonpartisan think tank Brookings Institution. Biden has proposed canceling $10,000 in debt per student and has directed Education Secretary Miguel Cardona to explore if he has the authority to cancel student debt.
Send a fourth stimulus check -- or checks: The IRS is still making one-time payments for the third stimulus check as well as circling back for those who it either missed paying or underestimated their payments. But before Biden even signed the American Rescue Plan bill in March, members of Congress were calling on Biden to include a fourth round of payments in the next big bill.
Watch this: Stimulus plus-up payments: What you need to know
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Minimum wage hike to $11 or $15 an hour: The first effort by Biden and members of Congress to raise the minimum wage to $15 an hour ran aground in March when the Senate failed to advance a wage increase. Senate Majority Leader Chuck Schumer said Congress would continue work for the wage boost. "We are not going to give up the fight to raise the minimum wage to $15 to help millions of struggling American workers and their families," he said in a statement. Biden again Wednesday night urged Congress to raise the minimum wage to $15 an hour.
For more ways you can save money, here's everything else the new stimulus bill includes to help you save money on health care and insurance. Plus, here's what to do if you've not received your stimulus check yet and how much money you could expect from the expanded child tax credit.
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April 29, 2021 at 08:00PM
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