Stimulus Update: Jan. 3 Is a Crucial Date for Those Hoping for Another Stimulus Check. Here's Why

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  • Many Americans are hoping for more stimulus money.
  • If another payment comes in any form, it will likely happen before Jan. 3, 2023.
  • On Jan. 3, the new Congress is sworn in and Republicans will take control of the House of Representatives.

Keep an eye on the calendar to determine your prospects of another payment.

With inflation continuing to surge and many Americans worried about affording gas, groceries, heating, and other essentials this winter, hopes are high that Washington D.C. will step forward with more financial help. In fact, millions of people are watching lawmakers at the federal level to see if they will join the substantial number of state governments offering stimulus funds.

For those hoping for another direct payment in their bank accounts, there's a key date to be aware of: Jan. 3, 2023.

There's likely a hard deadline for another stimulus check

Jan. 3, 2023 is a crucial date for anyone who wants additional help on the federal level for one simple reason. On that day, a new Congress will be sworn in. When that happens, control of the House of Representatives will shift from Democrats to Republicans.

This change will effectively put an end to the possibility of any more direct financial help coming from the federal government. Republicans were unanimously opposed to the American Rescue Plan Act, which was the most recent of the stimulus bills, and lawmakers on the right have made clear they are not interested in handing out another stimulus check.

Although some key Republicans have voiced their support for an expanded Child Tax Credit, which is another type of financial relief included in the most recent stimulus package, it is also unlikely that this proposal would get the necessary support in the next Congress.

Is another check possible before Jan. 3?

Since the prospects of another payment will fade beginning in January of next year, the big question is whether any legislation will pass before then to offer necessary support to families.

There is actually a possibility this could happen. Democrats are obviously aware they will face an uphill battle on any legislation once they are no longer in control of the House of Representatives. During the next several weeks, they can vote on bills in a so-called "lame duck" session while they still have a chance to move President Joe Biden's agenda forward.

Since expanding the Child Tax Credit has been a major goal of the Biden administration, it is possible this could happen in the coming weeks before control of Congress shifts. This would mean that parents and families do end up getting a little extra help even if not all Americans do.

If you're hoping for more financial relief, be sure to keep a close eye on what lawmakers are doing this month since these coming weeks are the best chance of a payment heading your way.

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