Democrats look at permanent expansion of child credit: stimulus update by Bloomberg

© Reuters.  U.S. House Rejects Trump’s Payroll Tax Deferral for Its Staff

© Bloomberg. The US Capitol in Washington, DC, USA, on Monday, November 30, 2020. Congress faces a fast-approaching deadline to approve a new round of funding for the US government. In the US, unlikely to come up with another coronavirus aid package. Photographer: Stefani Reynolds / Bloomberg

(Bloomberg) – Democratic lawmakers said they would work to make the expanded child tax credit permanent in President Joe Biden‘s $ 1.9 trillion pandemic relief bill, adding to signs that the Elements of the bill could serve as the basis for a longer-term expansion. social safety net. Lawmakers are awaiting a decision from the Senate MP on another component of the bill: Biden’s proposed increase in the minimum wage to $ 15 an hour. House Speaker Nancy Pelosi said the decision on whether the measure qualifies for inclusion in the budget procedure Democrats are using could come at any time. The House Rules Committee plans to complete the House’s work on the Covid-19 relief legislation on Friday, clearing the way for a floor vote as early as that same day. The focus then shifts to the Senate, and Congressional leaders commit to send the bill to the White House by March 14. Democrats aim to expand child tax credit Permanent Senate Democrats will begin efforts to get expanded child credit included in Biden’s Covid-19 relief permanent plan after Congress enacts the aid bill In the next weeks. “As soon as we pass the Recovery Act, we will fight to make it permanent,” Senator Sherrod Brown, a Democrat from Ohio, said of the expanded tax credit. The Biden administration has been “beyond cooperative” in working to strengthen credit, he said. The stimulus bill would greatly expand the child tax credit, which is currently $ 2,000 per child. Parents of children under the age of five would receive $ 3,600 a year and those with children ages six to 17 would receive $ 3,000 under the legislation. Payments would also be sent monthly, so families can use the money to cover expenses throughout the year. Sen. Michael Bennet, a Democrat from Colorado, said he is “confident” that Congress will pass a permanent version of the expanded child tax credit. It‘s unclear how or when that bill would be passed. Some Republicans, including Sen. Mitt Romney of Utah and Marco Rubio of Florida, support tightening tax incentives for children, although it is not clear that at least 10 Republican members would join Democrats on a bill. A one-year expansion would cost more than $ 109.5 billion, according to an estimate from the nonpartisan Joint Tax Committee. A permanent extended child tax credit could cost many multiples of that. Schumer Says Unemployment Claims Show Need for Relief Bill (11:11 a.m.) Senate Majority Leader Chuck Schumer said Thursday’s unemployment claims data, which showed 730,000 Americans applied for unemployment insurance in the past week, illustrating the need for Biden’s Covid-19 relief plan. While the figure was down more than expected from the previous week, Schumer noted that it remains above the worst reading during the 2007-09 recession. “We can’t take our foot off the gas,” Schumer told the Senate floor on Thursday. “The American people should expect no less.” Democrats want to work with Republicans and included Senate amendments that had a bipartisan vote during the debate on the budget resolution that allowed the aid legislation to move forward, Schumer said. “But at the end of the day, we can’t let obstructionism stop us,” he said, pledging to go ahead with the bill with no Republican votes. “The Senate will soon act on our plan to resolve this crisis,” one with strong public backing, he said. © 2021 Bloomberg LP

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