By Aimee Picchi

8th February 2021 / 3:15 p.m.
/ MoneyWatch

President Joe Biden’s $ 1A9 trillion coronavirus relief plan would give millions of Americans a third round of government stimulus checks Although lawmakers on both sides of the aisle have expressed support for the proposal, there is less consensus on it, who for the direct payments in the amount of 1400 USD should be eligible

Congressional Democrats come with the passing of Mr. Biden’s relief plan through a process called budget balancing, which would allow the Senate to pass the effort without Republican support, as the process progresses, the House and Senate committees will discuss spending priorities before drafting and voting on legislation, according to economists at Goldman Sachs is expected to do so later this week

On 4 In February the Senate approved a bipartisan plan introduced by Democratic Senator Joe Manchin and Republican Senator Susan Collins to deter “higher-income citizens” from the next round of stimulus checks. In particular, however, the plan does not define “upper income” The move would ensure “the families who need it most” get the checks, Collins said in a statement

The amendment adds that “there is uncertainty as to whether all Senate Democrats will support President Joe Biden’s full plan, with Joe Manchin already expressing doubts about the need to 1Send $ 400 to those who may not need the money, “Paul Ashworth, Chef US. An economist at Capital Economics, investors said in a research note

Here’s what the experts are saying about the next stimulus check and who may be eligible

The first two state economic reviews – 1$ 200 for the first round and $ 600 for the second round – also set income thresholds that banned higher-income households from making payments.In both previous rounds, individuals who received up to 75000 USD earned, and married couples earning up to 150$ 000 earned, the full payments

People with higher incomes received lower payouts as their income increased, until payments for higher income families were completely stopped. In the first round, the exit was 99$ 000 for single and $ 198000 USD for married couples

In the second round, the exit was a little lower – 87$ 000 per year per individual and $ 174$ 000 per couple, however, this was a function of the smaller size of the checks, as the law reduced both checks by 5% for every $ 100 earned over the income limits for full payments

Recent economic research shows finances have stabilized for many middle- and higher-income families.This is a heated debate among lawmakers and experts about whether direct aid should target lower-income households, which is facing the ongoing economic impact of the coronavirus pandemic

Households that are less than 78$ 000 a year quickly gave up their second stimulus checks after receiving them in January, while households with incomes above that level quickly spent most of the time, according to research by the Opportunity Insights Economic Tracker, a nonprofit group led by Harvard Economics professor Raj Chetty

brought in money

“Since mid-June, the recession in jobs has been over for higher-income households – employment was the same as it was before the pandemic,” because their work can be done remotely, Michael Stepner, economist at Opportunity Insights, told CBS MoneyWatch

Not yet – nothing has been decided. Nevertheless, Mr. Biden has expressed his willingness to negotiate The president said he would pay $ 1 on checks$ 400 persists while he suggested that the checks should be directed to those in need of the most assistance

This could result in Democrats lowering the income threshold to qualify for payment to individuals who are 50 years oldEarn $ 000 or less, and married couples with an income of 100$ 000 or less, according to the Washington Post In that case, millions of households who received the previous two stimulus checks would likely not qualify for the third

For example, the IRS said it sent 30 million payments to households that exceeded 75 in the first round of stimulus checksEarned $ 000 Under the income thresholds reported by the Washington Post, many of these households would likely not sign up for the full check for $ 1Qualify for $ 400

Wall Street analysts aren’t counting on many changes, however Goldman Sachs expects the same income thresholds as the first checks – 75$ 000 for individuals and $ 150000 USD for married couples

Some lawmakers are pushing against restricting payouts to a smaller group of households, such as Senator Bernie Sanders, a Vermont independent

“It is absurd that some Democrats think we should give a worker who is 52Earned $ 000 a year saying they are “too rich” and can’t get the full $ 2,000 benefit we promised, “he wrote on Jan. February on Twitter

According to analysts, not for a few weeks. The committees of the House of Representatives and the Senate must first draft laws and vote on them

“At this stage, we will learn a lot more about the details, size and timing of certain provisions,” noted Goldman Sachs economists. “However, the key decision may not be made for a few weeks when the Senate is likely to approve its version of the COVID- Auxiliary law will take up “

There is a high chance a stimulus package is worth $ 1.5 trillion to $ 2. According to Hunter Hammond, an analyst at Heights Securities, 25 trillion will pass by the end of March, “We anticipate tensions over total costs, both political as well as from an economic point of view, “he said

The legislature is monitoring the expiry of the extended unemployment benefit on 14 March, which includes an additional $ 300 weekly federal unemployment benefit, but that could “last until the end of March if things don’t go smoothly,” noted Goldman Sachs

As soon as the auxiliary law has been passed, it must be approved by Dr Biden After that, the IRS will forward the stimulus checks to eligible households.Based on previous payment plans, checks could be made within a week of Mr Biden signs the bill

Individuals who do not have bank accounts or payment information on file with the IRS may have to wait longer for checks or prepaid debit cards to arrive in the mail

First published on 8 February 2021 / 3:15 p.m.

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World News – USA – Third Stimulus Check: Receive a check for 1400 USD?

Source: https://www.cbsnews.com/news/third-stimulus-check-will-you-get-1400-check-2021-02-08/