Economy

Did Biden's Tweet Really Hint of New Round of Stimulus Checks in 2023?

People have long been waiting for another round of stimulus checks, but there hasn’t been any since 2021. However, a tweet from President Joe Biden on New Year’s Eve left many wondering about a fresh round of stimulus checks in 2023.

Did Biden Hint At A Fresh Round Of Stimulus Checks In 2023?

On December 31, President Biden sent a tweet celebrating the accomplishments of his administration in 2022.

“We signed historic legislation to lower costs for working families and seniors, help keep our communities safe from gun violence, and create good-paying jobs across the country,” read the tweet.

This part of the tweet was as expected, with President Biden applauding his administration for some of the new bills passed in 2022. However, it was the last part of the tweet that opened speculations of a new round of stimulus checks in 2023.

“We’ve got more work to do,” Biden said. “I look forward to more progress in the new year.”

Though President Biden didn’t talk about or mention new stimulus checks in 2023 in his tweet, many believe a fresh round of stimulus checks could be in the pipeline.

There are also speculations that instead of stimulus checks, President Biden could be hinting at expanding the child tax credit again, a measure that he has long been in favor of.

Many say that the tweet was likely pointing toward some of Biden’s plans in the Build Back Better initiative that failed to pass early on in his term. It must be noted that expanding the child tax credit was one of the most important provisions in the Build Back Better plan.

What Are The Chances?

President Biden first approved the expanded child tax credit under the America Rescue Plan Act 2021. Since the end of the expanded child tax credit in December 2021, many Democrats have called for its renewal. Moreover, it is one of the few relief measures that could potentially have bipartisan support.

Though there is growing support for expanding the child tax credit, it would still be challenging for President Biden to get this measure passed, especially now that the Republicans have regained control of the House of Representatives.

On the other hand, if President Biden is able to get some Republicans on board, there is a very good chance of Americans getting another round of relief checks this year.

As of now, however, the chances of another round of stimulus checks in 2023 looks dim. Even though many states are still sending targeted stimulus money, there isn’t any real action so far from the federal government, except for this vague tweet from President Biden.

The federal government approved three stimulus checks during the COVID-19 pandemic, including $1,200 in April 2020, $600 in December 2020 and $1,400 in March 2021. In addition to the stimulus checks, the child tax credit was also expanded to $3,600 per year for children under age 6 and $3,000 per year for children aged 6 to 17.

This article originally appeared on ValueWalk

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