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White House says child tax credit should boost economy, Cancel unemployment phaseout

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Economy2 hours ago (Jun 15, 2021 06: 25PM ET)

© Reuters. FILE PHOTO: Children are greeted on their first day of pre-school, as New York City pre-school students began in-person school following the outbreak of the coronavirus disorder (COVID-19) in the Queens borough of New York City, U.S., September 21, 2020. R

WASHINGTON (Reuters) – The Biden government expects the beginning of child tax credit payments in July to provide a good boost to the U.S. market that needs to more than offset a block in extra unemployment benefits from 25 nations, a White House official said on Tuesday.

Half the U.S. countries are falling an extra $300 in unemployment benefits in forthcoming months, citing concerns that the funds were contributing to labour shortages in certain sectors.

The White House official said the moves would have only a short-term impact on spending, also said President Joe Biden’s COVID-19 relief program was always meant to finish when no more needed.

The child tax credit payments, that will reach millions of American households in July, such as 88percent of kids in the country, could have a more lasting impact in reducing youth poverty and boosting future earning potential, the official said, underscoring Biden’s push to make the payments permanent.

The general outlook for the U.S. economy looked glowing, ” the official said, citing optimistic predictions from the World Bank and Organization for Economic and Cooperation and Development that foresee growth of almost 7% for 2021.

The official stated Biden’s strong rescue program and long-term investments were underpinning that expansion, although the dropoff in supplemental employment benefits are temporary, lasting only 90 days.

The White House also stays confident that increasing inflation will be transitory, the officer said, adding that supply chain challenges, including a shortage of semiconductors that has constrained auto production, would ease in coming weeks.

Producer prices were up, representing supply chain challenges in areas like lumber, but a Number of those pressure were beginning to ease, the away

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