Child tax credit likely to extend beyond 2025

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President Biden hopes for a longer program extension but may have to wait another year to maintain joint leadership. On Friday, the White House seemed confident it would offer the other president a groundbreaking deal to bring together the various representatives.

President Biden met with House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer to discuss the Social Security Act. It is known that the tax credit for children was extended by one year, which does not justify Biden’s hopes of extending the program until 2025.

At a briefing on Friday, White House spokeswoman Jen Psaki said: Terrible details. There is a consensus on some of the major investments in our society. “The alternative is great. So the goal is to continue to put pressure on the US to complete the historic package, ”added Psaki.

The US bailout plan, signed in March, includes a major overhaul of the child tax credit program first introduced during the Clinton administration.

For the first time, the tax credit is provided as a result of an increase in monthly payments, and there is no minimum income ceiling previously excluded for the poorest. Another 27 million households can benefit from this change. A study by the Center for Poverty and Social Poverty at Columbia University found that in just the first two surveys, 3.5 million children lifted themselves out of poverty.

The cost of the child tax credit program is controversial for some Democrats, and tightening eligibility rules to reduce the number of people who can receive benefits is an important moderate option. Joe Manchin has a voice he must defend in the Senate at a 50/50 split to get a package close to the bandwidth Biden wants. However, some are generally reluctant to support proposals for such huge costs.