A group of Republican senators calls for $1,000 checks per person as part of a COVID-19 stimulus plan that attempts to reduce the $1.9 trillion plan proposed by President Joe Biden.
If the GOP lawmakers plan is approved the next coronavirus stimulus checks could be smaller than the $1,400 checks planned by the President and also reach fewer people, according to a CNBC report.
That would bring the direct payments to $1,600, including the first payment authorized in December.
Individuals earning up to $40,000 per year would be eligible for the full payments. Those with incomes at that threshold and above would see payments gradually phase out, and eligibility would be capped at $50,000 in annual pay.
For married couples who file taxes jointly, the payments would begin phasing out at $80,000 in income and be capped at $100,000.
Children and adults who qualify as dependents would be eligible for $500.
Convicted inmates would not be eligible. Right now, prisoners are eligible to receive the $600 checks that are being deployed.
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The checks would total an estimated $220 billion, per the Republican plan. Meanwhile, the total package, including additional funding for vaccines, child care, enhanced unemployment insurance and nutrition benefits, would cost an estimated $618 billion.
In contrast, Biden’s plan that calls for $1,400 checks per person would cost an estimated $465 billion for the direct payments, or $1.9 trillion total.
Bill Hoagland, Senior Vice President at the Bipartisan Policy Center and a former Senate staff member described the Republican proposal as a “beginning package for negotiations.”
“There’s no way that Democrats would agree to ($618] billion, and I think they will feel it’s not sufficient,” Hoagland said.
While the package could lose backing from some Democrats, the compromise could potentially pick up support from some Republicans. How soon the checks reach the people will depend on how long the negotiations between the two parties take.