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    (CBS Baltimore) —  The pandemic continues, long after COVID first shut down the economy in early 2020. The Delta variant is still causing positive cases, albeit at a reduced rate, and President Biden has more strongly pushed to encourage vaccines. The economy as a whole has surpassed where it was before the pandemic. Still, shortages and inflation persist, and some people haven’t caught up to where they were early last year. Unemployment is approaching pre-pandemic levels, with jobs widely available in certain sectors. But many still struggle to find suitable work. The federal unemployment bonus ended over two months ago, but millions of people remain short of food and behind on bills. A fourth stimulus check would help. A few places, including California, have recognized the need for more help and provided additional payments. But will the Internal Revenue Service (IRS) be sending out another stimulus check in 2021? That hasn’t been definitively decided. But many clues point to where things are heading.Economic Recovery For SomeREAD MORE: 'I'm Healthy Again': Former Raven Lional Dalton Gets Kidney Transplant & Second Chance...
    ProPublica is a Pulitzer Prize-winning investigative newsroom. Sign up for The Big Story newsletter to receive stories like this one in your inbox. Series: The Secret IRS Files Inside the Tax Records of the .001% In March 2020, as the first wave of coronavirus infections all but shut down the U.S. economy, Congress responded with rare speed, passing a $2.2 trillion relief package called the CARES Act. The centerpiece of the law was an emergency payment to over 150 million American households that needed help. Congress used a simple filter to determine who was eligible for assistance: The full $1,200 was limited to single taxpayers who'd reported $75,000 a year or less in income on their previous tax return. Married couples got $2,400 if they had reported less than $150,000 in income. Money was sent automatically to those who qualified. Ira Rennert, worth $3.7 billion according to Forbes, did not appear to need the cash infusion offered by the CARES Act. After all, his 62,000-square-foot Hamptons home is one of the largest in...
    The IRS has issued more than 169 million payments in the third round of direct stimulus aid, with more than 2 million people in July receiving the $1,400 checks. But some lawmakers are pushing for a fourth round of stimulus aid that would effectively send recurring payments until the pandemic ends. So far, the federal response to the economic crisis caused by the coronavirus pandemic has paid out $3,200 to eligible adults: $1,200 under the Coronavirus Aid Relief and Economic Security Act in March 2020; $600 in a December relief measure; and $1,400 under the American Rescue Plan signed in March by President Joe Biden.  Despite that financial assistance, millions of Americans remain in financial distress, and the spread of the Delta variant is creating new economic headwinds. Almost one-quarter of Americans struggled to pay their household expenses in the previous week, according to new Census survey data that polled people during the last two weeks of August. The unemployment rate stands at 5.2%, still higher than its pre-pandemic level of 3.5%. And while businesses are hiring, there are...
    New York (CNN Business)The Federal Reserve is unlikely to take its foot off the stimulus gas pedal this week as the recovery has run into some roadblocks. Most notably: the Delta variant.Mere weeks ago, investors were convinced the central bank would announce a tapering of its massive pandemic stimulus program at its September meeting, which began Tuesday. But some somber economic data, including a very disappointing jobs report and changes in consumer sentiment on the back of rising Covid-19 cases, have pushed back expectations for the taper timeline."Given the uncertainty about the pandemic, fiscal policy and economic data, it seems unlikely that they will make any significant announcement," said David Kelly, chief global strategist at JPMorgan Funds.The Fed's next policy update comes out Wednesday at 2pm ET, followed by a press conference with Chairman Jerome Powell at 2:30 pm ET.Read MoreKelly expects the central bank to announce a stimulus rollback in November that would start in December.The Fed currently buys $120 billion worth of assets every month — $80 billion in Treasury securities and $40 billion in mortgage-backed securities.The idea...
    London (CNN Business)The Federal Reserve is buying $120 billion in bonds per month, part of a package of emergency measures to prop up the US economy during the pandemic. But as activity returns to normal, is that level of support necessary?That's among the key questions facing central bankers when they gather for an annual meeting in Jackson Hole, Wyoming this week.What's happening: The event, which usually includes central bankers from around the world, will be a pared-back affair due to the pandemic. Neither European Central Bank President Christine Lagarde nor Bank of England Governor Andrew Bailey will be in attendance.That puts attention squarely on the Federal Reserve, which telegraphed last week that it could begin to taper its bond purchases by the end of the year.At its current pace, the Fed would scoop up about $480 billion in assets between September and December. But debate has been growing about whether that's really needed.Read More"It's harder to argue now [that] the Fed needs to keep going with these emergency support measures," Andrew Hunter, senior US economist at Capital Economics, told me.Retail...
    CALLS for a fourth stimulus check remain persistent but Joe Biden has yet to approve an extra round of payments. More than 169million payments have reached Americans since March but some politicians fear the $1,400 check isn't enough. 2Calls for extra stimulus cash remain persistent but a fourth round of checks looks unlikelyCredit: Getty It comes as four in ten Americans say their income is below pre-pandemic levels, according to a TransUnion survey cited by CBS. And, research from the Center on Budget and Policy Priorities warned that one in four families struggled to pay for food or rent between 2014 and 2016. Currently, a fourth round of stimulus checks looks unlikely as Biden prioritizes the child tax credit rollout, according to BGR. Families will receive the second monthly payment from August 13. Parents with kids aged six or under will receive a monthly payment of $300 per child meanwhile it’s $250 for kids aged 6-17. But, calls for a fourth check have not disappeared as the Delta coronavirus variant continues to surge. Most read in MoneyCHECK YOUR CALENDAR...