President Biden and other lawmakers are pushing a massive stimulus package.
“Hopefully in two-weeks we’ll have something at the Senate and this will be complete,” House Speaker Pelosi said to reporters on Friday. Democrats intend on pushing a package similar to President Biden’s $1.9 trillion aid proposal, which includes $1,400 stimulus checks.
Once the bill is enacted into law by President Biden, Treasury Secretary Yellen will be able to send out the first $1,400 deposits a few days after the bill passes. That’s about how fast the Treasury got the last checks out during December.
Democrats are using Biden’s relief package and $1,400 payments as a guideline, however, the details are being worked out. After discussing this topic in the White House, Pelosi told reporters that her party would meet next week “to work out the specifics.”
The $600 and $1,200 checks in 2020 went to people earning $75,000 or less, and to couples with incomes below $150,000. Those checks went away for individuals earning higher than $99,000, and couples with no children at the level of $198,000. Incomes were based on a tax payer’s AGI.
But this time around, those levels could be lowered. Last month Biden said he might do just that—as a way to laser-target the money to those most in need. Last Thursday, The Washington Post has said Democrats may only give $1,400 direct payments to those earning $50,000 or lower, or $2,800 to couples who make less than $100,000.
We don’t know what the new income levels might be and it is unclear if the package would be based upon 2019 or 2020 incomes.