Testifying before a Senate committee, U.S. Treasury Sec. Janet Yellen said the expansion of the Child Tax Credit (CTC) was a “profound economic and moral victory for the country.” Making advance CTC payments was part of the American Rescue Plan Act passed in March 2021. Since monthly checks began going out in July, eligible families, with over 61 million children, have received nearly $77 billion. “Families are using these funds for essential needs like food, and in fact, according to the Census Bureau, food insecurity among families with children dropped 24% after the July payments,” Yellen added. The Build Back Better Act calls for CTC payments to be extended through the end of 2022.


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