163 Million Payments: The Biden Stimulus Checks Bailed Out America

163 Million Payments: The Biden Stimulus Checks Bailed Out America

The American Rescue Plan grants individuals earning up to $75,000 annually to receive the full stimulus payment amount, as well as couples making less than $150,000 annually and heads of households earning up to $112,500.

 

Here's What You Need to Remember: Democrats continue to argue that Americans are still struggling due to the economic crisis caused by the pandemic, as they are unable to “put food on the table and keep a roof over their heads,” a group of House Democrats wrote to the president earlier this year.

Roughly 163.5 million stimulus payments, worth nearly $390 billion, from President Joe Biden’s coronavirus relief package, have been distributed through early June, the most direct aid that the IRS and the Bureau of Fiscal Service have ever delivered compared to the first two rounds of relief.

 

Biden’s rescue bill sent eligible Americans a third round of payments of up to $1,400, following two rounds that passed under former President Donald Trump for $1,200 and $600.

“With this round of payments, the IRS and the Bureau of the Fiscal Service (BFS) have delivered more Economic Impact Payments (EIPs) and more total direct relief than in any previous round of direct relief,” the Treasury Department said in a press release. “All 50 states saw more total relief with this round of payments than in previous rounds.”

The IRS reportedly delivered 160 million stimulus payments during the first round of relief and 147 million checks for the subsequent round.

The American Rescue Plan grants individuals earning up to $75,000 annually to receive the full stimulus payment amount, as well as couples making less than $150,000 annually and heads of households earning up to $112,500. The relief package sends an additional $1,400 per qualifying dependent. 

Treasury released state-by-state data on Tuesday indicating that more than 50 percent of the $390 billion that has been distributed by the IRS has gone to recipients making less than $50,000 annually, while more than 85 percent of the stimulus money went to households earning less than $100,000 per year.

The data also revealed that through early June, California received the highest amount of stimulus payments from the third round of relief, followed by Texas and Florida.

Several congressional Democrats have applied pressure on the White House to pass another round of direct relief or even multiple rounds. It’s unlikely, however, that Biden would support such a massive measure.

Democrats continue to argue that Americans are still struggling due to the economic crisis caused by the pandemic, as they are unable to “put food on the table and keep a roof over their heads,” a group of House Democrats wrote to the president earlier this year.

There have been efforts from Senate Democrats as well to push the president to provide recurring checks tied to economic conditions.

“We urge you to include recurring direct payments and automatic unemployment insurance extensions tied to economic conditions in your Build Back Better long-term economic plan,” a group of twenty-one Senate Democrats wrote in a letter to the president.

But Republicans have balked at supporting another relief bill that pumps federal aid into the pockets of Americans, contending that the stimulus money deterred people from returning back to work, citing the widespread labor shortages.

Rachel Bucchino is a reporter at the National Interest. Her work has appeared in The Washington Post, U.S. News & World Report, and The Hill. This article first appeared earlier this year.

Image: Reuters