So far, people who have received the three rounds of stimulus payments said they re using most of the funds to pay down debt or sock away the money in savings, according to a new analysis from the Federal Reserve Bank of New York. That could indicate that people are using the money to whittle down debt they incurred during the pandemic as well as to build up an emergency fund in case of another shock.
Still, many people said they planned to spend their stimulus funds on the basics food and housing costs were cited as the top two uses of the third stimulus check following savings, according to a February poll from Bloomberg/Morning Consult.
What s behind the push for a fourth stimulus check By Aimee Picchi Federal aid programs plagued by delays
The IRS has issued some 161 million payments in the third round of direct stimulus aid, with 2 million people this week in line to receive 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 delivered $3,200 to each eligible adult: $1,200 via 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.
Gary Gensler, who served as chairman of the Commodity Futures Trading Commission under President Barack Obama, was confirmed Wednesday as the next leader of the Securities and Exchange Commission.