Child Tax Credit 2021: Here's how families say they'll use "basic income for kids"

The parents of 60 million U.S. children on Thursday began receiving monthly checks through the expanded federal Child Tax Credit, a historic relief measure geared toward families of modest means. The money is sorely needed given the ongoing financial stresses from the pandemic, some parents told CBS MoneyWatch.

How people might use the funds has sparked debate, with some critics calling it a "middle-class boondoggle" or worrying that it might discourage low-income parents from seeking work. Proponents say the measure is essential at a time households face rising prices on groceries, gas and other necessities as well as the lingering financial impact of the pandemic.  Seven parents who spoke with CBS MoneyWatch said they plan to spend the money on goods and services for their children, ranging from back-to-school supplies to extras like gymnastics classes for a teenager with aspirations of joining her high school cheerleading team. Many also expressed hope that the monthly payments would continue beyond December, when the last check is due to hit accounts.