Ten Republican Senators introduced a new stimulus bill proposal on Sunday that includes a $1,000 stimulus check "targeted" to people who earn $5,000 per year or less. The proposal would also change the stimulus check formula, sending a partial payment to fewer people overall.
The GOP proposal is the latest call that limits President Joe Biden's $1.9 trillion stimulus package, while more restrained than the president's pitch for a $1,400 stimulus check, ahead of negotiations against the final bill. On Monday, Democratic leaders responded by moving forward without bipartisan support from Republicans to approve the larger $1,4000 stimulus check. Besides, they plan to get a bill approved faster.
Read also: Third Stimulus Check: When and How Much You Could Get If You Qualify
So for, here is what to know about how much money each household might expect and when it could come, according to CNET:
What is a 'targeted' stimulus check?
People are concerned that a stimulus check worth $1,4000 will go out to a proportion of relatively high income levels. If lawmakers want people who earn below $75,000 a year to get $1,400, there will be adjustments to how things are done. The stimulus formula used in the first two rounds of checks would be changed.
On January 31, a group of ten Republican Senators proposed a stimulus check that would change the three parts of the equation, which would drop the maximum to $1,000 per eligible adult. The AGI threshold drops to receive a partial payment from $87,000 a year to $50,000 a year. To receive the full $1,000 stimulus check, a person should have an AGI under $40,0000.
Biden said January 25 at the White House he is "open to negotiate" the income limits for a third round of stimulus check. But the White House has signaled the overall proposal is too limited.
Read also: When will the Third Round of Stimulus Check Arrive? Here is What You Should Know!
Biden urged Senate to "go big" on COVID-19 relief bill
The third round of stimulus checks amounting to $1,400 could still happen as Biden urged Senate Democrats to go higher on the coronavirus relief bill. On Tuesday, Biden signaled in a phone call to Democrats saying he is reacting to the $618 billion relief proposal of the Republicans, as per the IBT.
Biden also insisted preferring to pass his $1.9 trillion relief proposal, which includes provisions for $1,400 stimulus checks. After the call, Senate Majority Leader Chuck Schumer told reporters that President Joe Biden spoke regarding the need for Congre to boldly and quickly respond, The Hill reported. Schumer added that Biden told Senate Republicans that the $600 billion they proposed was way too small.
Read also: Biden Reveals $1.9 Trillion 'American Rescue Plan' Including $1,400 Stimulus Checks
