By Aman Jain. Originally published at ValueWalk.
The White House last approved stimulus money in March 2021. Though the economy has improved since then, rising inflation and gas prices have made life difficult for many Americans. Thus, many are expecting the federal government to send some stimulus money to help people combat inflation. So far, it was believed that the White House wasn’t interested in sending more stimulus checks. However, since late last week, reports are circulating that approval of gas stimulus checks from the White House could be a possibility. If approved, the stimulus money would come in the form of gas rebate cards.
Gas Stimulus Checks From The White House Possible
A report from Axios in March noted that the White House briefly discussed the idea of sending out gas cards, but they shelved the idea eventually. The report, citing an unnamed aide, claimed that even some House Democrats were against the idea of sending more stimulus money.
Another factor that reportedly pushed the lawmakers to shelve the plan at the time was that they didn’t want to over-extend the IRS, which would be responsible for distributing the money. Though the lawmakers shelved the plan at the time, it seems they are revisiting the idea again.
Over the weekend, there were reports that the Biden administration is considering a stimulus plan to send rebate cards to Americans to help them offset the rising gas prices.
For instance, The Washington Post noted that the senior White House executives recently revisited a plan to send gas rebate cards to Americans. Also, Fox Business, citing an unnamed official, noted that the Biden administration is considering sending rebate cards.
Gas stimulus checks from the White House, if approved, could offer much-needed relief to Americans. As per the data from the American Automobile Association (AAA), the national average gas price per gallon was $5 on Friday, compared to $3.075 at the same time last year.
Why There May Be No Gas Rebate Cards
Though the outlets reported on the possibility of gas stimulus checks from the White House, they also cited a few sticking points that are blocking further progress on the stimulus plan. Officials have expressed concerns that people could use the money for buying items other than gas. Also, the ongoing chip shortage may slow down the production of the card. There are also concerns that Republicans in Congress wouldn’t back the stimulus plan.
Another point blocking the progress is a concern that more stimulus money would further contribute to the soaring inflation. In an effort to control inflation, the Federal Reserve last week announced its biggest interest rate hike in 28 years.
Though there is no denying that Americans need respite from soaring gas prices, the sticking points that the outlets reported are also valid. So, only time will tell if the White House will send more stimulus money or not.
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