Biden’s next stimulus plans: 5 ways they could bring you more money

The third stimulus checks are not even done going out from the recent stimulus bill, but President Joe Biden is looking to the next two stimulus plans. Wednesday night in a speech before Congress, Biden 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, offering some details for the next two bills, “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 apiece, seven child tax credit payments and monthly $300 checks to fill in for lost wages for unemployed workers. The next two stimulus proposals for agen sbobet daftar judi bola online 2021 that 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 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 of 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.

How 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.

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.