- Biden said he is willing to adjust revenue limits for stimulus checks as part of negotiations on the latest coronavirus relief package.
- “Is there a legitimate reason for people to say, ‘Did you draw the limits in the right way? Should I go to anyone who makes more than X dollars? I’m open to negotiating these things,” said Biden.
- He also did not rule out the use of reconciliation, but said that “time is of the essence” at the beginning of relief negotiations.
- Visit the Business Insider home page for more stories.
President Joe Biden said on Monday that he is open to changing income limits for a new wave of stimulus checks for Americans, an important demand among some moderate senators reluctant to support his bailout package.
“Is there a legitimate reason for people to say,” Did you draw the lines exactly the right way? Should I go to someone who earns more than X in dollars or why? “Said Biden during a press conference.” I am open to negotiating these things. “
Biden said he included more stimulus checks in his $ 1.9 trillion proposal because they won support from Democrats and some Republicans last year. Former President Donald Trump demanded a larger sum of money in a last-minute frantic action in December.
The president said he was hesitant to “handpick” provisions that could be turned into a smaller emergency spending plan, saying they go “hand in hand”. He insisted that “time is of the essence”.
The observations indicate that Biden is willing to modify elements of his rescue package to gain support from the GOP, although he has not delved into details on the parameters for a third wave of checks. His plan includes a provision for a $ 1,400 add-on to $ 600 checks sent in December, bringing the total amount to $ 2,000 for many taxpayers.
Last year, Congress approved a pandemic aid package that included stimulus payments of $ 1,200. Individuals earning up to $ 75,000 have qualified for the full check, and the amount has been gradually reduced until the cut to $ 99,000. Couples who earn up to $ 150,000 also receive federal payment.
Some economists have criticized stimulus checks because they are also sent to higher-income people who have not lost their jobs. The House approved a plan for checks for $ 2,000 in December, and the larger amount of cash means that the revenue limits are higher. For example, payments would be eliminated entirely for single adults who earn $ 115,000.
Republicans are lining up against Biden’s package, including key centrists like Senator Susan Collins of Maine and Senator Mitt Romney of Utah. Both are part of a bipartisan group of 16 senators who spoke over the weekend with the White House about the rescue plan. They raised concerns about stimulus payments to wealthy Americans.
Biden did not rule out using a budget process called reconciliation to bypass Republicans and enact a bailout package in a majority party vote.
“The decision to use reconciliation will depend on how the negotiations will be,” he said. “I don’t expect us to know if we have an agreement or the extent to which the entire package can be approved or not, until we reach the end of this process, which will probably be in a few weeks.”
It is increasingly likely that the renewal of federal aid will not be approved for several weeks. White House press secretary Jen Psaki said on Monday that Congress should approve another government bailout package by mid-March to avoid a lapse in unemployment benefits for millions of Americans.
“There is an urgency to move forward and he certainly believes that there needs to be progress in the coming weeks,” said Psaki. The spokesman also referred to the “unemployment precipice” in mid-March as an apparent deadline for legislative action.
Congress passed a $ 900 billion economic assistance plan last month to renew these federal measures. Currently, around 11.4 million people are benefiting from the set of programs that begin to expire on March 14.
Unemployment specialists tell that Congress must intervene with an extension to avoid another lapse until February 14.