President Joe Biden agreed to limit the eligibility of $1400 stimulus checks under the COVID-19 relief bill of $1.9 trillion as per reports.
The House Democrats have approved to initiate the third round of the stimulus checks distribution. According to the sources, the bill still offers the amount of $1400 to every individual who got himself registered to have an income of $75000, but the Senate will cap the payments at $80,000.
A couple filing jointly, with an income up to $150,000 will be entitled to get the full amount. The cut-off payment will be $160,00 in earnings rather than $200,000. Similarly, for the taxpayers – according to the new plan – full payment will be made for earnings under $112,500 with the payment cut-off at $120,000.
Under this proposal agreed by President Biden, the payment will phase out faster to the needy individuals. The decision came just after a day when a group of Democratic senators met President Biden and voiced their concerns over the need to narrowly target the relief fund.
The bill approved by the Senate will still maintain a $400 per week payment under the federal unemployment benefits till August. It is expected that the Senate will pass the $1.9 trillion COVID-19 relief bill as early as Thursday, initiating a final vote out by the end of the week.
This is the second time that the Democrats have worked down the $1400 stimulus checks details. The House bill plans to phase out the $1400 payments more quickly than the precedent stimulus bills. It will still be crucial to transmit the $1400 bills to the needy families, in the wake of a surge in the number of recipients.
This is the campaign which Biden is determined to hold on to. This is the campaign that enabled the Democrats to win the Georgia runoffs in January. Both Jon Ossoff and Raphael Warnock managed to gain votes in Georgia after the announcement of these stimulus checks. It helped the Democrats capture those two seats that helped them wrest control of the Senate for the next four years.