Biden s Next Stimulus Plans: 5 Ways They Could Bring You More Money
id="article-body" class="row" section="article-body">
What could be in Biden's next two stimulus proposals for you?
Sarah Tew/CNET
The are not even done going out from the , but President Joe Biden is looking to the next two stimulus plans. Wednesday night , Biden set out his plans for how the US will create jobs, reduce poverty and get more money into people's hands to spur the economy out of the pandemic. "We need to make a once-in-a-generation investment in our families and our children," , offering some details for the next two bills, "a once-in-a-generation investment in America itself."
March's -- the American Rescue Plan -- was just the first leg of the plan, with its one-time for up to , seven and monthly $300 checks to fill in for . The next two stimulus proposals for 2021 that Biden pitched in his speech would send more money directly to people and work to let individuals and families hold on to the money they already have. The next package up -- which Biden calls the -- if approved would put more than $2 trillion into the US economy and create jobs through focusing on critical infrastructure. The second, agen sbobet judi bola called the American Families Plan, , could set aside $1 trillion for individuals and families.
Right now, the plans are just that, but we'll be following its development. We'll share every benefit we know of so far. Plus, here's what to expect from the enhanced , what is happening with , how to and how March's stimulus bill can help you .
When would Biden's American Families Plan bill arrive?
The American Families Plan is still months from approval. First, Biden and Congress are crafting the that Biden revealed Wednesday night, a $2 trillion plan to build and upgrade roads and transportation hubs, improve the power grid, fund , expand affordable housing and bring to more rural areas.
As far as we know, the American Jobs Plan wouldn't include a or other obvious savings. It's the bill after that -- the American Families Plan -- that could come closer to sending more money to individuals and families. Keep reading for ways Biden and Congress plans to directly help you with the third stimulus bill, plus other proposals on the table.
President Joe Biden has two more stimulus bills penciled in for this year.
Sarah Tew/CNET
How Biden's American Families Plan bill could benefit you
After the Biden administration completes its infrastructure and jobs plan, it would move on to seek $1 trillion spending and $500 billion in new tax credits, , for the third stimulus package. Here are some of the main areas the American Families Plan could cover:
Extend the expanded child tax credit through 2025: The temporary expansion of the in March's stimulus bill is expected to reduce child poverty by 45%, according to , and lift nearly 5 million children out of poverty entirely. The short-term expansion of the program is set to expire this year however, unless Congress renews the program. Biden's plan would extend the expanded child credit to 2025.
Now playing:
Watch this:
Child tax credit: How much are you getting?
3:52
Two years of tuition-free community college: , Biden said he would work to make the first two years of college free. of community college, including for adults and new high school graduates. Training programs outside of community colleges would also qualify. Students would still be responsible for some expenses, like textbooks.
Free prekindergarten instruction: , the American Families Plan proposes free pre-K education for 3- and 4-year-olds.
More affordable child care: he would work to make child care more affordable for working families through tax credits and subsidies for child care costs. His new plan embraces that campaign plan for child care.
Paid family and medical leave: Biden proposed broader support for 12 weeks of paid family and medical leave.
Lawmakers have plans to send you money too.
Sarah Tew/CNET
How else could Washington send money to you?
Details of the second and third pieces of Biden's stimulus plans are still being worked out, but other proposals are already under discussion that could either let you hold on to more of your money or send you new payments.
Student loan forgiveness of $10,000 or $50,000: With student loan debt reaching at the end of 2020 -- for an average loan amount of $30,000 -- student debt is higher than auto loans and credit cards, . Biden has proposed per student and has to explore if he has the authority to .
Send a fourth stimulus check -- or checks: The IRS is still making one-time payments for the as well as circling back for those whom it either or . But before Biden even signed the American Rescue Plan bill in March, members of Congress were calling on Biden to include a in the next big bill.
Now playing:
Watch this:
Stimulus plus-up payments: What you need to know
2:58
Minimum wage hike to $11 or $15 an hour: The first effort by Biden and members of Congress to raise the minimum wage to $15 an hour ran aground in March when the a wage increase. Congress would continue work for the wage boost. "We are not going to give up the fight to raise the minimum wage to $15 to help millions of struggling American workers and their families," he said in a statement. Biden again Wednesday night urged Congress to raise the minimum wage to $15 an hour.
For more ways you can save money, here's to help you save money on health care and insurance. Plus, here's what to do if and how much money you could expect from the .