Fourth Stimulus Update Likely This Week
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Congress is meeting this week for the first time since May 20, and all eyes are on the lookout for comments on a fourth stimulus update.
See: Fourth Stimulus Checks Rumors Are Everywhere - Here's What's Really Going On (And How To Get Some Money)
Finding: Two new stimulus checks might be on the way - here's everything you need to know
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The government's last update was given by White House Secretary Jen Psaki in May. When asked about the possibility of a fourth incentive, she replied, "We'll see what Congressmen propose, but it's not free," kept taxpayers waiting for new information.
Now that Congress meets again, discussions about another stimulus payment are likely.
Several developments since the last session of Congress could help reinforce the case for a fourth incentive.
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That includes a new study from the University of Michigan that showed the number of households with children who reported food shortages, financial instability, and / or depression decreased by 20 to 42% from January through April, the ABC subsidiary reported WXYZ 7. Distribution period for the last two rounds of stimulus payments.
In addition, research by the Federal Reserve Bank of New York predicted that about 13% of the stimulus money from the third stimulus plan would be spent on staples such as groceries and housing. How stimulus money was spent varies according to income levels, with households earning less than $ 40,000 reporting using or using 44% of their stimulus money to pay off debt, while those making $ 75.00 or more , have only used or expected to have 32% for this purpose. The lower-income households were also found to spend more of their stimulus payment, which supports the argument for a fourth payment.
See: New Stimulus Perk helps pay for your WiFi and laptop
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In addition, over 80 Democrats in Congress, including at least six on the House of Representatives' powerful Ways and Means Committee, have joined the call for a fourth stimulus payment in the past two months, according to Newsweek.
As the joint session ends this week, some sort of update on the legislators' intentions for a fourth payment is expected. It seems unlikely since the Biden administration has focused its attention on its two massive Infrastructure and American Families plans, both of which are worth more than $ 1 trillion and could replace another direct payment.
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This article originally appeared on GOBankingRates.com: Fourth stimulus update likely this week
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