Temple professor breaks down what's in the $1.9 trillion relief package

PHILADELPHIA (WPVI) -- House Speaker Nancy Pelosi described the passage of the $1.9 trillion measure as "the most consequential legislation of our lifetime."

The centerpiece, for many, being the $1,400 direct stimulus payments to individuals making less than $75,000 and $2,800 to married couples making less than $150,000.

From there, the payments start to phase out at $75,000 in income for individuals, and capped at incomes exceeding $80,000.

But just like the previous stimulus plan, some folks will be falling through the cracks.

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Dr. Steven Balsam, professor of accounting at Temple University's Fox School of Business, says a prime example is young people who graduated from college last spring. Many of whom entered the real world months after the pandemic hit didn't have jobs lined up and cannot apply for jobless benefits spelled out in the relief package.

"Those students, because they didn't lose their jobs due to COVID, and didn't have job offers withdrawn due to COVID, don't quality for unemployment," he says.

Then you have the one-year expansion of the child tax credit increases to $3,600 per child under the age of 6 and $3,000 per child between the ages of 6 and 18.

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Some supporters of the plan saying that could lift millions of children across the country out of poverty.

Detractors say, assuming the money is actually spent on children, it will only help for a limited time.

"The truth, when you're talking about Democrats and Republicans, when you're talking about politicians, the truth is always somewhere in the middle," Balsam said.

President Biden is expected to sign the bill on Friday.

The first stimulus payments are expected to go out by the end of the month.
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