Biden Is Willing To Adjust Income Thresholds for Third Stimulus Check

By Dana Cruz First Posted: Jan 26, 2021 05:18 AM EST

Economic Stimulus Package Tax Rebate Checks Printed

(Photo : Jeff Fusco/Getty Images) Economic stimulus checks are prepared for printing at the Philadelphia Financial Center May 8, 2008 in Philadelphia, Pennsylvania.

President Joe Biden said on Monday that he is willing to adjust the income thresholds for his proposed $1,400 stimulus check.

Adjusting the thresholds was one of the key demands among moderate senators when it comes to Biden's stimulus check plan.

In adjusting the stimulus check threshold, high-earning Americans who are less affected by the economic impact of COVID-19 would not qualify for the payment, noted Newsweek.

Biden recognized that some people are doubtful about the current scheme of stimulus check thresholds, and he was "open to negotiate those things," reported Business Insider.

"There's legitimate reason for people to say, 'Do you have the lines drawn the exact right way?'," the president said in a press event.

Since the first round of the stimulus check were also sent to high-earning Americans, economists criticized the threshold for which it was measured.

Biden Defends Hefty Stimulus Bill Over Targeted Plan

Biden said that for stimulus payments, "time is of the essence," and he would rather have a large stimulus bill instead of having to "cherry-pick" proposals.

For him, each item in the bill supports one another and integral in extending help to struggling Americans.

Apart from stimulus checks, Biden's $1.9 million proposal will also include $400 in unemployment benefits, a rise in the national minimum wage, and paid leave expansion, among others.

The proposal didn't sit well with several congressional Republicans, even those supportive of the stimulus checks. However, Biden said he included more stimulus checks in his proposal because of the support it garnered from Democrats and some Republicans last year.

It is worth noting that former President Donald Trump demanded an increase in the value of stimulus check during a December push for the bill.

Business Insider noted that Biden's comments appear to indicate that he is willing to change some aspects of his COVID-19 relief package to get support from the GOP.

"The decision to use reconciliation will depend upon how these negotiations go," he said.

He didn't provide any assurances regarding passing the bill but said negotiations on it could take place "in a couple of weeks." He didn't provide a lot of specific information about the third wave of stimulus checks.

More People Could Qualify for $1,400 Stimulus Check Than First Round

A CNET article said that any amount higher than $600 would likely be given to more people compared to the first stimulus check, as more get qualified to receive it.

It explained that people who make below a certain amount are paid in full, but the payment gets lower the more a person earns.

It also predicted that a larger third check could mean more people will get a partial check, in addition to the overall larger payment size. These calculations don't include qualified children.

Congress enacted a $900 billion relief plan last month to renew these kinds of federal assistance measures.

So far, about 11.4 million Americans have received benefits from the programs, which will expire on Mar. 14. But Congress needs to step in with an extension by Feb. 14 to prevent another lapse.