Stimulus Update: President Biden's State of the Union Shows Stimulus Money Isn't Off the Table for Some Americans

Hope remains for parents in need of additional stimulus funds.

Americans have had a long wait for a fourth stimulus check. In fact, the last stimulus payment authorized by the American Rescue Plan Act was delivered in 2021 and there have been no payments provided by the federal government since that time. With no legislative action, many Americans have actually given up on getting another payment from Washington D.C. deposited into their bank accounts.

But, while there's reason to doubt another check will be authorized for most people, parents may still have some hope. In fact, in President Biden's recent State of the Union Address, the president urged Congress to take action to offer parents more financial relief.

Could parents see another stimulus payment?

In the State of the Union, Biden made clear he would like one important provision from the American Rescue Plan Act to be brought back.

"Let's restore the full Child Tax Credit, which gave tens of millions of parents some breathing room and cut child poverty in half, to the lowest level in history," the president said.

Biden was referring to an expansion of the Child Tax Credit that was authorized by the most recent COVID-19 relief legislation. In the American Rescue Plan Act, Congress provided parents with $3,600 per year in tax credits for children under age 6 and $3,000 in credits for kids aged 6 to 17. Half of these payments were delivered at a rate of $250 or $300 per month for six months and the remaining half could be claimed when filing annual tax returns.

This expanded credit expired at the end of 2021, but Biden has made its renewal a top priority, which is why he urged Congress to reauthorize it in the State of the Union Address.

If Congress follows the president's lead, this could mean parents get this important form of stimulus relief back even if other Americans don't get any additional payments out of Washington, D.C.

Will Congress act?

The American Rescue Plan Act was passed with Democratic support alone, which is no longer possible since the Republicans have since taken control of the House of Representatives.

While Republicans have uniformly opposed a fourth stimulus check for everyone, there has actually been some bipartisan support for an expanded Child Tax Credit. This means there is a chance that Biden could get his wish and the credit will be renewed in 2023.

Parents can voice their support to their representatives if they're in favor of this legislation, and should keep an ear out for news that suggests they'll get more money in their bank accounts.