Democrats new stimulus check plan cuts number of eligible people – Business Insider – Business Insider

  • Democrats are moving to propose a plan that would lower the income threshold for a third wave of stimulus checks.
  • Individuals earning $50,000 or below would get a full check.
  • Biden’s administration has said it aims to get payments out the door by mid-March at the latest.
  • Visit the Business section of Insider for more stories.

Democrats are floating a new proposal that would restrict the number of people eligible for a third stimulus check, a source familiar with internal discussions confirmed to Insider.

The newest version of the plan would provide a $1,400 payment to individuals earning $50,000 or below. Married couples making $100,000 or under would receive a full check.

In addition, heads of households making $120,000 and under would get the entire cash payment as well.

The person was granted anonymity to discuss ongoing talks but stressed the plan was not final and it was still subject to change. The Washington Post first reported that Democrats were exploring proposals to adjust the income check amount.

Over the last few months, President Joe Biden has prioritized sending stimulus checks as the US fights the pandemic. Biden and senior Democrats are pushing to top off the $600 stimulus payments with an extra $1,400, bringing the total amount distributed since December to $2,000.

The third round of payments would be geared towards the lower part of the income scale as calls mount in Congress to target the checks towards the Americans most in need of them.

Biden’s rescue package would currently provide full $1,400 payments to individuals earning $75,000 or below and couples making $150,000 and under. Parents with kids would also receive an extra $1,400 per child, meaning that a family of four could receive $5,600.

The timing of the stimulus payments depends on when the relief packages passed. Democrats in both chambers of Congress have kicked off the reconciliation process to prepare the approval of the entire $1.9 trillion package without any Republican votes.

Biden along with other senior White House officials say they are open to negotiate on the income thresholds of stimulus checks.

“Further targeting means not the size of the check, it means the income level of people who receive the check,” White House press secretary Jen Psaki said on Wednesday. “That’s something that is under discussion.”

Democrats are aiming to pass legislation before mid-March, when enhanced unemployment insurance is set to expire for millions of Americans.

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