Stimulus money could start hitting your bank account AUTOMATICALLY as calls mount for a fourth round of relief checks
RELIEF payments for the proposed fourth stimulus checks could start hitting bank accounts automatically, says a report.
The political push continues for another round of financial help to bolster cash-strapped Americans hit hard by the coronavirus pandemic.
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While Americans enjoy the third round of stimulus payments, there are positive hints that a fourth round of checks could be cut.
However, White House Press Secretary Jen Psaki recently warned another round of “direct payments” would be dependent on Congress.
“We’ll see what members of Congress propose, but those [payments] are not free,” said Psaki.
Yahoo! Money reports that lawmakers continue urging the White House to approve a fourth stimulus check.
They also hope that any future relief could be pegged to economic conditions - to cut red tape and inject cash straight into Americans' bank accounts automatically.
The lawmakers' aim is to avoid the bureaucratic nightmare faced by people anxiously awaiting stimulus checks to be painstakingly approved during partisan quarrels.
The hope for automatic payments was hinted at in a letter signed by 26 Democrats.
That missive, sent to the White House, outlines "automatic stabilizers” for expanded unemployment and stimulus checks.
If followed through, any future economic disasters - as witnessed during the current pandemic - would be swiftly dealt with, as stimulus checks wouldn't be obstructed along party lines.
The House and senators have recently been weighing in on launching automatic relief to prepare for future recessions caused by public crises.
The Economic Security Projects proposed automatic stabilizers to 50 members from the Senate Finance Committee, according to Newsweek.
Those stabilizers would connect future unemployment payments and stimulus checks to the status of the economy.
According to the organization’s plan, this means that when the unemployment rate is high, relief payments would be sent out broadly.
But when that rate drops, those payments would be narrowed and delivered to low-income families.
“They understand that this is smart policy and good politics,” Adam Ruben, director of the Economic Security Project, told Newsweek.
“Putting in place these kinds of triggers would smooth out the recovery and no one is left at the mercy of Washington gridlock in future recessions," he added.
The Economic Security Projects is hoping that the Joe Biden administration would add this measure to either the American Families Plan or the American Jobs Plan.
The organization's director, Adam Ruben, told Newsweek that automatic stabilizers are needed to send out targeted payments amid economic recovery.
Ruben added that those payments should be at least $1,000 each and should be sent out frequently.
“Whether it’s $1,000, $1,200, or $2,000, people spend that money … it lasts people a couple of months at most,” Ruben added.
He said: “The important thing is the regularity of it - that people know another one is coming and they can keep their heads above water.”
A fourth round of stimulus payments could be included in Biden's next coronavirus relief package.
He is currently working on two stimulus proposals, which currently focus on creating jobs and supporting families respectively.
However, many are hopeful that additional stimulus checks and student loan forgiveness will also make the cut.
Biden has told Americans how to track their $1,400 stimulus check using the IRS tool in a letter that you must keep.
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The letter was sent out to Americans that have received a third stimulus check, last month.
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The document, on The White House letterhead and signed by “President Joseph R. Biden Jr.” was addressed to “my fellow American.”
It went on to detail the elements of the American Rescue Plan that was signed into legislation on March 11.