President Joe Biden is touting the "historic" expanded child tax credit payments as his administration is beginning to distribute, giving parents on average $423 this month, with payments continuing through the end of the year. "It's historic and it's our effort to make another giant step toward ending child poverty in America," Biden said. The president was speaking at a White House event that included several families who will benefit from the credit. "I think this will be one of the things that the vice president I will be most proud of when our terms are up," he said. Biden has expanded the credit for one year as part of coronavirus relief for more than 35 million American families. The benefit is set to expire after a year, but Biden is pushing for it to be extended through 2025 and ultimately made permanent. Some Republican lawmakers say the payments will make parents less likely to work. Subscribe to our YouTube channel: https://bit.ly/2TwO8Gm Bloomberg Quicktake brings you live global news and original shows spanning business, technology, politics and culture. Make sense of the stories changing your business and your world. To watch complete coverage on Bloomberg Quicktake 24/7, visit http://www.bloomberg.com/qt/live, or watch on Apple TV, Roku, Samsung Smart TV, Fire TV and Android TV on the Bloomberg app. Have a story to tell? Fill out this survey for a chance to have it featured on Bloomberg Quicktake: https://cor.us/surveys/27AF30 Connect with us on… YouTube: https://www.youtube.com/user/Bloomberg Breaking News on YouTube: https://www.youtube.com/c/BloombergQuickTakeNews Twitter: https://twitter.com/quicktake Facebook: https://www.facebook.com/quicktake Instagram: https://www.instagram.com/quicktake