Official! New Stimulus Package Announced 2022 & Biden Supporting Bill – Stimulus Check Update

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Official! New Stimulus Package Announced 2022 & Biden Supporting Bill - Stimulus Check Update
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It’s official. The long-awaited stimulus package will be requested by the administration, and a new bill recently introduced is getting support by the President. All of these updates, plus more on this topic.

All right. So what a coincidence. In fact, earlier today I was out with a video talking about this stimulus package that was supposed to be introduced about a month ago by the administration, and they wanted to get it fully passed by this Friday. While in that video from earlier, I was saying, hey, we haven’t heard anything about it. Looks like it’s not going to happen.

Sure enough, guess what they announced today. I’m serious. This just happened. So what a coincidence. So I had that video out earlier today, and at the time, we didn’t know anything about this.

But now since that video until now, yes, they have come out today talking about this stimulus package. I mean, seriously, what a coincidence. But anyway, here’s what we know about it as of right now. Now, remember, just like all of the stimulus packages, they are all subject to change as they work their way through the congressional process. Right?

We’ve known this before. We’ve seen this play out many, many times. So just because we see it right here on the surface level means that it’s probably going to change many times before it actually gets through Congress and actually does get passed. So about a month ago, I was out maybe four or five weeks ago, I was out and said, hey, the administration is going to be introducing a new covered relief bill, otherwise known as a stimulus package, requesting it out of Congress and asking them to get it done by mid-February, which is, by the way, the deadline that they had in the sand was Friday of this week, the 18 February. Well, we didn’t see anything about it.

And now we got this information today. So here’s what the details are as of right now. But remember, anything is subject to change out of this. So they’re going to be requesting $30 billion of new spending as a result of this new bill. The administration, as in the President will be calling on Congress to get this thing done.

However, remember, this is $30 billion as of right now. It’s probably going to change substantially by the time they actually get this legislation through. Now, what’s interesting is they want $30 billion of new spending. However, at the same time, Mitch McConnell was also out and said we should probably be reallocating the already appropriated money out of the previous stimulus packages, just like we’ve talked about in previous videos. According to the reports that I’ve been finding, they have $800 billion that are still sitting there doing nothing.

They haven’t spent it yet. It’s already been basically approved by Congress, but yet they have not done anything with it. So Mitch McConnell was coming out saying, why should we actually be approving more spending right now when we have all this money sitting on the books and all we need to do is just reappropriate it, right? It’s already been approved. It’s already been allocated.

We just need to basically reassign where the money is going to go. So that’s what Mitch McConnell was saying. And the administration is saying we need $30 billion as a result of this package. So these are kind of the preliminary information that we have as of right now. Previously, we had no idea how much it was going to be, but they just released this information today.

And I literally had that video earlier today saying we haven’t heard a word about it in four or five weeks since the original announcement on this package. So kind of funny how that happens, right? But that’s just what came out today. Now, again, I’ll continue watching this very closely as we do get more details on this and as this bill potentially continues to grow or anything like that, of course, I will continue to keep you posted, but we’re finally getting a little bit more information on this and they are finally recognizing that, yes, more relief is needed. So maybe they’ll get something done here.

Anyway, I’ll keep you updated on that as we do get more information. Also, let’s quickly talk about this new bill that was introduced about a week or so ago. I was actually bringing you the details then, but the President was out today actually showing his support for this bill. Now, a few lawmakers introduced this bill to repeal the federal gas tax until 2023. Now, you might be wondering how much would that actually be, and what is the whole point of this?

Well, the deal is gas prices are getting out of hand right now. In fact, yesterday alone, one barrel of crude oil hit $95 a barrel. Now, prices did come down a little bit today, but still, they are very elevated. In fact, $95 a barrel was the highest prices that we’ve seen in many, many years. So that was yesterday that that price was hit.

However, the national average of one gallon of gas right now is three-point $49 as an average across the country. However, California, it’s four-point $71 right now just in the state of California, and they’re looking at $5 here very soon. So with the whole deal behind this repeal of the federal gas tax, it would remove the federal gas tax through the rest of 2022 until 2023. Now, you might be wondering what’s the breakdown on this? The federal gas tax is $18.4 per gallon.

So if you have a ten-gallon tank on your vehicle, you’d basically be saving $180. If you had 20-gallon tank, which again, you’d have to have like a pretty big vehicle. But I’m just saying if you have a 20-gallon tank on your vehicle, you’d basically be saving about three point 60. So it’s not like Earth breaking, Earth-shattering news, right? You’d be saving a little bit of money, but at the end of the day, at least it’s something.

But realistically, according to what the experts, the analysts, and the economists are saying, oil is just going to continue moving higher, which is ultimately going to translate into higher gas prices. So realistically, at the end of the day, yes, it’s going to help a little bit, but realistically, it’s just going to continue moving higher and higher. So it’s just going to be all eaten up with those price rises anyway. So anyway, this is still a provision. It’s still one of these that’s in this up in the air status right now as we do get more information.

And if they do happen to pass this, of course, I will continue to keep you updated. Also, President Biden was out earlier today talking about how Americans are getting clobbered. By the way, those are the words he uses. Americans are getting clobbered by inflation right now. Yes.

Where have you been, right? No, but seriously, he recognizes this, and everybody in Congress also recognizes this. But yes, what’s interesting about it is the President, the administration, and lawmakers are finally starting to realize as of just about a week and a half ago or so, they’re starting to recognize that, yes, this inflation is really digging in on Americans. In fact, just a couple of days ago on Sunday, Nancy Pelosi was out in the interview also and recognized and openly recognized that Americans are struggling right now as a result of this massive inflation. But here’s what’s interesting about what President Biden said just earlier today.

He said that if Congress acts, they could get relief with the stroke of a pen by tomorrow. Really? Is that so if that’s the case, then what are we waiting for? Seriously, Congress? Basically what he was saying is all it would take is Congress to do something and relief could be given with the stroke of a pen by tomorrow.

So, I mean, that fast, apparently. So anyway, I guess I think a lot of us here are wondering what is Congress waiting for? And it sure would be nice if they did offer some relief with a stroke of a pen by tomorrow. But again, interesting stuff. I’ll keep you posted as we get more details.

Also, one more note here that I want to hit on. So as we all know, the whole Russia and Ukraine situation going on right now, according to the recent reports, they’re saying that as a result of this escalation between these countries that we could start to see inflation moving up even higher and we could actually breach 10% inflation relatively soon because of the whole escalation over there. Wow. I mean, seriously, that’s another two and a half percent higher than where we’re currently sitting right now in accordance with the last reading that we just saw just a couple of days ago at seven and a half percent. Right.

So again, this inflation is not going anywhere anytime soon. So very interesting with everything going on right now. Again, the President was also out earlier today, just a short time ago, a couple of hours ago, talking about the latest updates out of the Russia and Ukraine situation once again. And it looks like there may be a little bit of de-escalation over there. But at the same time, we need to see more proof before we can actually really write that one up in the books and say that, yes, for sure, things are deescalating.

But at this time, these are the updates that I have for you. As of right now, this afternoon, there’s still a lot going on right now when it comes to the stimulus package. Honestly, there wasn’t a whole lot of new revelations that I saw today. I did see a little bit of talk about it. Basically.

They’re just still trying to work on this very slowly. But for the most part, same old thing that we’ve covered here in the last couple of topics. So we don’t need to go over it once again. But as of right now, this is about what we have for the updates. And of course, I’ll be back later with another update and let you know what is going on out there, because I want you to stay connected with everything going on and anything that anything that comes out that we may be able to take advantage of, whether it’s money, benefits, programs, anything else, of course.

I’ll let you know about that right away. So again, thanks so much for visiting our site.

Enjoy your day and I’ll catch you again later. bye

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