Stimulus checks: Biden 'not cutting the size... They're going to be $1,400'
President Joe Biden reiterated his commitment to economic reviews for $ 1,400 as his $ 1.9 trillion aid package got closer to a vote on Friday. Although the amount may not change, it is unclear whether the eligibility criteria would stay the same.
“I don't cut off the checks. That'll be $ 1,400, "Biden said at a press conference on Friday. "That was promised to the American people."
Read more: What to do if you haven't received your stimulus check
Under Biden's stimulus package, eligible recipients would receive a payment of $ 1,400 plus $ 1,400 for all dependents. Individual filers earning up to $ 75,000 would qualify for full payment, while those earning less than $ 100,000 would receive an expiring payment under the original proposal. However, some legislators have pushed for lower income thresholds.
United States President Joe Biden speaks about relief from Covid-19 from the State Dining Room of the White House on February 5, 2021 in Washington, DC. (Photo by Brendan Smialowski / AFP) (Photo by BRENDAN SMIALOWSKI / AFP via Getty Images)
A group of 10 Republican Senators, including Senators Susan Collins (R-ME), Lisa Murkowski (R-AK), Mitt Romney (R-UT), and seven others presented a $ 618 billion incentive proposal, to counter Biden's plan. Your plan also includes stimulus checks.
Under the GOP plan, the direct payments for all dependents will be reduced to $ 1,000 plus $ 500. In addition, the income thresholds are lower; Individual filers earning up to $ 40,000 are eligible for full payment, and those earning less than $ 50,000 are eligible for a reduced check.
Read More: Here's what Joe Biden's $ 1.9 trillion "rescue plan" says that could help your wallet
While Biden said he won't cut the amount of payments, he didn't say he won't adjust the income thresholds. The same group of senators asked him to look into this in a letter on Thursday.
"Our goal is to direct these direct payments to families with the greatest needs," the senators wrote in a letter on Thursday. "We are encouraged by reports that your administration is considering extending direct payments to low- and middle-income families."
As part of the “Vote-a-Rama” process on Thursday and Friday in the Senate, an amendment came from a non-partisan group of Senators, including Senator Joe Manchin (D-WV) and Senator Susan Collins (R-ME). would prevent “higher-income households” from receiving the $ 1,400 stimulus checks passed under Biden's stimulus plan.
While the amendment is only advisory, Democrats may need to consider it or other amendments while putting the Reconciliation Act which requires 51 votes or the support of the entire Democratic caucus in the Senate along with Vice President Kamala Harris' tie.
Read more: This means the new coronavirus stimulus offering for your wallet
Manchin supported further development of the budget resolution but would like support from both parties. Acceptance of some changes may provide for this coverage.
"The president remains confident that we can get bipartisan support in the future," Manchin said in a statement on Tuesday. "I will only support proposals that will get us through and end the pain of this pandemic."
Denitsa is a writer for Yahoo Finance and Cashay, a new personal finance website. Follow her on Twitter @denitsa_tsekova.
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