Sunday, January 16, 2022

More than 30 million families will lose the child allowance starting this month

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The move will affect 36 million families who received monthly checks for $300 per child from the IRS to pay for groceries and other expenses.

Jan 14 (News) – U.S. families won’t get a child tax credit this weekend, the first time many families have waived the payment since July.

US President Joe Biden’s Build Back Better Act – which remains in limbo – would have ensured families received a payment on Friday.

The effort met a roadblock with opposition from Sen. Joe Manchin, DW.Va., whose support is vital to getting the bill passed.

Although House Speaker Nancy Pelosi believes an agreement can be reached, it would not be in time for families to receive a check this week.

Families plan to cut back on essentials and expenses to deal with the financial hit.

“The CTC is gone, but food prices haven’t gone down,” a 44-year-old single mother of three told CBS News. “Now that I don’t have that payment, the reality of life is there will be times when I won’t eat to make sure my kids can.”

Children may be hit hardest, with 10 million children at risk of poverty.

CTC payments reduced food inadequacy by 26%, according to a study published Thursday.

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