Meanwhile, millions of California residents may be in line to get a fourth check via a new effort from Governor Gavin Newsom. His plan would send $600 stimulus checks to state residents under a multibillion-dollar spending plan he introduced in May, with about two-thirds of Californians possibly receiving a stimulus payment under his proposal.
The letter from the U.S. senators doesn't specify how large are the payments they are seeking, but a separate effort from Democratic lawmakers in January pushed for $2,000 monthly checks until the pandemic ends. Instead, the American Rescue Plan authorized $1,400 for each eligible adult and dependent.
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 recent 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.