The fourth stimulus check isn't dead yet — here's how it could still happen
Before Congress shuts down completely for its long Fourth of July recess, lawmakers are focusing on President Joe Biden’s multi-trillion-dollar proposals to fund infrastructure projects and help families.
The Democrats who control Congress are now hoping to pass a beefed-up version of the president's "families plan" through a fast-track budget maneuver that would get the package to the finish line even if all Republicans oppose it. Supporters of a fourth round of COVID stimulus checks see an opportunity to provide more direct relief.
Dozens of influential lawmakers are rallying for additional payments for the millions of Americans who still need help putting food on their tables, covering essential bills and paying down debt.
White House says Biden is 'open' to a fourth check
The White House press secretary says the president would be 'open' to a fourth stimulus check.
Biden has stayed away from addressing the topic of a fourth stimulus check directly, but when his spokeswoman was asked recently if the president supported another round of direct payments, she said he was open to proposals.
“He’s happy to hear from a range of ideas on what would be most effective and what's most important to the economy moving forward," White House press secretary Jen Psaki said — with a caveat.
"But he’s also proposed what he thinks is going to be the most effective for the short term, for putting people back to work, to getting through this pivotal period of time, and also making us more competitive over the long term," Psaki added, apparently referring to the infrastructure and families plans.
More than 80 members of Congress have signed letters urging the president to provide repeated payments for the remainder of the pandemic. In recent weeks, seven members of the influential House Ways and Means Committee wrote to ask the president to include regular checks in the families legislation.
Supporters see evidence the checks are working
Vermont Sen. Bernie Sanders supports additional stimulus checks.
Backers of additional stimulus checks are pointing to evidence that previous payments offered crucial relief. A University of Michigan analysis of census data found the last two rounds of stimulus checks resulted in lower rates of financial instability, food shortages and depression.
"Government can and should continue to address the needs of working people, not just the 1%," Vermont Sen. Bernie Sanders said in a tweet citing key results of the report.
Surveys have found that many people have spent their relief money on essential needs including food and housing, though uses also have included saving, investing and spending on other things. Affordable life insurance may be one of those — demand for policies has seen a sharp increase because of the pandemic.
Everyday Americans are urging the government to provide further payments. Over 2.4 million people have so far signed an online petition started by an out-of-work restaurant owner asking for new $2,000 stimulus checks for adults and $1,000 payments for kids, followed by recurring payments when needed.
How Congress could pass a fourth stimulus check
Congress still has a little bit of time to slip another payment into new legislation.
Biden last week announced that the White House and a bipartisan group of more than 20 senators had reached a compromise on a $1.2 trillion infrastructure measure to fix roads, bridges, water systems and more.
The president has indicated there will be a second bill combining the original families plan with items that got cut from the infrastructure proposal as part of the compromise.
Democrats will try to pass the second measure using the same arcane budget tactic that got Biden's COVID rescue package through Congress in March. The maneuver allows for passage with just simple majorities in the House and Senate — and without any votes from Republicans.
Lawmakers pushing for more stimulus checks are likely to try to get them added as the bill is streamlined along. But approval won't be easy; the Democrats will need every vote from their ranks, and some of the party's more conservative members balked at the last round of relief payments.
For now, the White House and congressional Democrats are putting a spotlight on another kind of stimulus checks already in the works. Under a temporary expansion of the child tax credit, many U.S. families will receive monthly checks for up to $300 per child for six months, starting in mid-July.
If you need cash and can't wait for Washington
The economy is recovering, but 9.3 million Americans are still unemployed, the government said in early June. Whether there will be a fourth stimulus check is still an open question. If you have an immediate need for an extra payment, here are some ways you can essentially scrape one together on your own:
Reduce your debts. If you’ve been relying on plastic to get you through the pandemic, you've likely racked up some serious balances. High-interest credit card debt can be tamed if you take out a lower-interest debt consolidation loan.
Consider a mortgage refi. If you own a home, 30-year mortgage rates recently dipped below 3% again and are offering you a new shot at slashing your housing costs. By refinancing at today’s bargain rates, you could save hundreds of dollars a month, and thousands over the life of your loan.
Cut your insurance costs. Take a little time to shop around and compare rates on homeowners insurance when your policy comes up for renewal, because you might easily find a lower price on your coverage. Comparison shopping also can help you get a better deal on car insurance.
Put your spare change to work in the stock market. Try a low-stakes approach to investing in the stock market, which has continued to climb throughout the recovery. A wildly popular app can help you grow a diversified portfolio simply by investing "spare change" from everyday purchases.
