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LA Times Today: What you need to know about the expanded child tax credit
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LA Times Today: What you need to know about the expanded child tax credit

Watch L.A. Times Today at 7 p.m. on Spectrum News 1 on Channel 1 or live stream on the Spectrum News App. Palos Verdes Peninsula and Orange County viewers can watch on Cox Systems on channel 99.

After the Great Depression, the U.S. government stepped in to rebuild the economy by offering Social Security payments, and after World War II, it provided home loans and education scholarships.

Now, the Biden administration hopes to foster financial stability with its American Rescue Plan, which includes an expanded child tax credit. L.A. Times White House correspondent Chris Megerian has the details.