While millions of Americans are still waiting for their third stimulus check – or an extra ‘supplemental’ payment, some lawmakers and advocates are pushing for a fourth direct payment. And maybe more.
More than 75 members of Congress say that until the pandemic is over, regular stimulus checks should take place. President Joe Biden is being encouraged to invest in the $ 2.5 trillion in infrastructure spending he is now promoting.
A fourth stimulus test alone could lift more than 7 million people out of poverty, according to an analysis by the Urban-Brookings Tax Policy Center.
But those who want to draw more checks have considerable resistance. Here are some tips to help you get started.
‘Families do not have to worry’
According to a recent survey by credit bureau TransUnion, millions of Americans are still in financial distress, with about 4 in ten having their income remain below prepandemic levels.
Back in January, 56 House Democrats led by Ilhan Omar, Minnesota, sent a letter to Biden asking him to consider recurring stimulus payments.
“We are experiencing the worst economic crisis since the Great Depression, with millions of Americans unemployed, forced out of the workforce or having a reduction in hours and wages,” the letter reads.
And at the end of March, 21 Democratic senators joined the chorus of voices calling for more payments. “Families do not have to worry about whether they will have enough money in the coming months to pay for their necessities,” the senators wrote in a separate letter to Biden.
Many households have used stimulus money to cover basic expenses, such as groceries and rent, according to a study by the U.S. Bureau of Labor Statistics on how the first checks were spent last year.
After these needs were met, some of the cash was used to save and invest, the office found, or other expenses that include buying affordable life insurance. Demand for the policy rose during the pandemic.
New checks face major obstacles
Support for more stimulus controls is far from universal. Last month, Democratic-led Democrats struggled to push through Biden’s $ 1.9 billion COVID rescue package, which provided $ 1,400 stimulus tests and many other benefits.
The bill was passed by simple majorities using a streamlined process that required no Republican support – all of which voted no.
Even moderate members of the Democratic Party did not even agree on the need for the third round of payments, so there may not be enough political support for further stimulus controls.
“I think it’s unlikely at the moment,” Raymond James analyst Edmond Mills told CNBC.
Another reason for not holding out hope is that the Biden government has turned its attention to other priorities, including the massive infrastructure bill. So far, the White House has not commented on whether relief payments can be included.
But that seems less and less likely, with more Americans being vaccinated by the day. The stock market is reaching new highs, leasing is booming, and life seems to be back to normal, reducing the perception of the need for more economic stimulus.
What to do if you need money now
If you can not wait for legislators to decide whether to send out more stimulus checks need ASAP cash, you have some options.
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Lower the price of your debt. Bank of America data rose 45% in March compared to the same period last year. If you rely on your credit card, you will soon be dealing with a lot of expensive interest. Grease your debt – and pay it off faster – by consolidating your balances into a lower interest rate loan.
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Reduce your insurance bills. Car insurance companies offer discounts to customers because everyone has driven much less through the pandemic. If your insurer does not want to negotiate, it’s time to buy a better deal. And while you’re busy, you can save hundreds by buying a lower price on homeowners insurance.
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Stop postponing and refinancing your mortgage. If you have a mortgage and you have not tried to compare rates and refinance your loan in the past year, you will miss it. Credit provider Black Knight, a data and technology provider, recently said 11.1 million homeowners still have the potential to save an average of $ 277 a month through a refi.
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Cultivate your extra change. A popular app helps you quickly get ‘investment returns’ with ‘savings change’ – it lowers your daily purchases to the nearest dollar and lowers the difference in an investment account so you can take advantage of the flat stock market.