Image source: Getty Images
On Wednesday Jan. 19, 2022, President Joe Biden spoke at a press conference about a wide range of issues -- including legislation he would like to see passed by Congress in 2022.
There was one particular type of stimulus relief that the president made clear is high on his list of priorities.
Biden "feels strongly" about this form of stimulus money
At his Wednesday press conference, Biden spoke about Build Back Better, a large-scale piece of legislation based on his campaign promises that the president has been hoping to get Congress to pass for months.
Biden indicated there are "two really big components that I feel strongly about," and went on to explain that "one is the childcare tax credit." The credit he is referring to is the expanded Child Tax Credit, which passed Congress in March as part of the coronavirus relief legislation that Biden signed into law early on after taking office.
That relief legislation, called the American Rescue Plan Act, authorized $1,400 stimulus checks for all eligible adults and dependents and provided additional relief to parents in the form of an enhanced Child Tax Credit worth $3,600 per child under age 6 and $3,000 for children ages 6 to 17. The American Rescue Plan Act facilitated the delivery of half of the total credit amount by having the IRS make payments of $250 or $300 per month into Americans bank accounts from July through December of 2021. The remainder of the credit can be claimed when filing 2021 taxes.
Th president wanted to renew the expanded Child Tax Credit in Build Back Better, as well as to accomplish a number of other tasks including providing subsidies for community college tuition. He referred to both the tax credit and the community college plan as "massive things," which he campaigned on.
Will parents see more stimulus money in 2022?
Although Biden indicated he felt strongly about offering stimulus relief to parents in the form of the expanded Child Tax Credit, he also conceded in the Wednesday press conference that he wasn't sure he'd be able to get either an extension of the credit or his community college plan into the Build Back Better Legislation.
The issue is, there are just 50 Democrats in the U.S. Senate out of 100 total senators. Republicans are able to block most legislation through a procedural move called a filibuster, which requires 60 votes to overcome the filibuster and move the bill forward. But Democrats have a few opportunities to get around the filibuster using a process called reconciliation, which allows a bill to pass with 51 votes. Vice President Kamala Harris can serve as the 51st vote.
That would mean any bill Biden wanted to get passed would need either support from at least 10 Republicans or would need unanimous support from all Democrats in the Senate. Republicans will not vote for Build Back Better, and two moderate Democrats -- Joe Manchin and Kyrsten Sinema -- have expressed reservations about passing Build Back Better.
Unfortunately, this means that despite the fact that Biden feels strongly about the financial relief for parents that he hoped to provide in 2022, there's a very real chance that neither parents nor any other Americans will see any new COVID relief checks at all this year.
Alert: highest cash back card we've seen now has 0% intro APR until 2023
If you're using the wrong credit or debit card, it could be costing you serious money. Our expert loves this top pick, which features a 0% intro APR until 2023, an insane cash back rate of up to 5%, and all somehow for no annual fee.
In fact, this card is so good that our expert even uses it personally. Click here to read our full review for free and apply in just 2 minutes.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
