With Republicans holding a majority in the House, it's unlikely the president's requests will be approved, but it does reflect issues the administration wants to prioritize as it nears the end of its first term.No matter where you are in your financial journey, budgeting is an essential money management tool. Still, Biden's budget proposal is just that - a proposal. Michael Bennet of Colorado - an architect of the ARP's expanded credit - telling Insider at the time that 'I think we should not be extending tax cuts for American corporations if we're not going to extend tax cuts for American children.' Late last year, some senators were eyeing an extension of the credit in a year-end legislative package, with Sen. Several Democratic lawmakers have also pushed for the expanded Child Tax Credit to be renewed. That's what this is going to be about,' Young said.

'When you look at this president's view of the world and what this budget put forward, it shows you what he values.

Now, the Biden administration wants to turn that around. However, after efforts to expand or prolong the credit fell short, child poverty skyrocketed in 2022. 'That kind of safety net coming in helped me with costs for my daughters, and just also catching up on some bills or paying off some of the debt that I hadn't been able to pay off before,' Lopez said. Maggie Lopez, a single mother in Texas, previously told Insider that the checks meant some breathing room for her and her newborn. In total, according to the US Census Bureau, the child tax credit expansion lifted 2.9 million children out of poverty, with 1 million of those children under the age of six. According to the US Census Bureau, child poverty fell to a record low of 5.2% in 2021, declining from 2020's 9.7% rate because of those monthly checks sent out to parents. The child tax credit proved to be formidable in its goal of reducing poverty, feeding 2 million children and keeping 3 million total children out of poverty in just the first month of the credit's existence. 'This president clearly believes that the way to grow this economy is invest in the middle class and working families, and that we have to grow the economy from the bottom up and the middle out,' Shalanda Young, director of the United States Office of Management and Budget, said. Account icon An icon in the shape of a person's head and shoulders.

Month by month budget spreadsheet