The Biden administration has gotten a lot of the blame for inflation, which has led to many American households struggling to pay for basics like groceries and gas.
According to a Newsweek report in November, 61 percent of Americans thought that President Biden was “significantly” or “fairly” responsible for inflation. Regardless, in the past few months, the prices have started decreasing, despite still being higher than average. Congress is also trying to reach a decision on whether or not to increase the nation’s debt ceiling.
Biden has not introduced his new budget proposal which could help decrease the deficit by close to $3 trillion. The budget could help put more money into the pockets of Americans. As part of the newly proposed budget, the American Rescue Plan’s Child Tax Credit would be restored to the amount that was given in 2021. The tax credit according to a fact sheet by the White House helped halve child poverty in 2021. If approved the $3,000 per child credit would not once again be available to parents. Those with a child under the age of 6 would be eligible for an even bigger credit of $3,600.
The White House in their fact sheet disclosed that the credit would also be reformed so that it could be “fully refundable.”The President has also called on Congress to expand the Earned Income Tax Credit available to childless workers permanently. This would also help reduce poverty rates among low-paid workers.