Similarly to the beginning of the pandemic, lawmakers are discussing another stimulus package. This comes as a new wave of COVID-19 sweeps the nation.
This time, the discussion is over a bill worth $68 billion dollars to protect the economy as Omicron spreads rapidly.
The discussions are preliminary and have been had by both Democrats and Republicans.
Newest stimulus package discussion
The Washington Post reported that Democratic senator Ben Cardin and Republican senator Roger Wicker have been talking about it since Dec., according to The Sun.
While this may sound like good news to Americans, it’s not likely that this bill will have the same individual stimulus checks the first ones did.
This bill will probably focus more on businesses like restaurants, gyms, and other places that have suffered greatly since the start of the pandemic.
White House Press Secretary Jen Psaki explained that today is different compared to 6 months or one year ago.
Stimulus packages don’t only cover individuals, but vaccination efforts, unemployment levels, and economic growth overall.
Economically, things are looking good following private business’ payroll and holiday retail sales.
The concern for lawmakers is the rapid increase in positive COVID-19 cases because of Omicron.
2022 stimulus package discussions with Congress
Today, the Biden administration is working to get the Build Back Better bill passed.
The possibility of its passing is becoming slim. Senator Joe Manchin voiced he could not support the $1.9 trillion dollar package.
Without its passing, monthly child tax credit payments worth up to $300 per month end.
With that, child tax credits revert back to being worth $2,000 for the year 2022.
36 million families benefitted from the advanced child tax credit payments in 2021.