A quick stimulus check update before the weekend. Congress is negotiating on President Biden's $1.9 trillion third relief package, which includes a proposal for a third $1,400 stimulus check. Here's the latest:
📌 Last Updated February 12 12:19 PM EST
The Third Stimulus Check Passed House Committee
Yesterday, the House Ways and Means Committee approved $1400 stimulus checks for most Americans, the first step for the ruling to become law. Next it will be debated in the House Budget Committee, and eventually on the House floor and the Senate. Here's the details of the current stimulus check proposal:
The House Ways and Means Committee has approved $1400 stimulus checks for all people earning less than $75,000 a year, or for joint filers earning less than $150,000 a year. Above that threshold, the checks will be phased out up to $100,000 a year. Individuals above that threshold, or couples earning more than $200,000 a year, won't be able to receive the checks.
In addition to the stimulus check proposal, the House Ways and Means committee approved monthly payments for families and increasing the federal unemployment boost to $400 a week.
Speaker of the House Nancy Pelosi has stated that she hopes to have the entire stimulus package, including the $1400 checks and other benefits, passed in the House by the end of February. That would give President Biden enough time to sign it into law before the current federal unemployment boost expires in mid-March.
Check back on this post for more updates as the stimulus check proposal moves through Congress.
10% Have Reported Receiving Their Second Stimulus Check
This is based on our self-reported Skip users tracking stimulus checks. If you have received your stimulus check, click here to mark received on the stimulus tracker. This helps others who are still waiting understand how much progress has been made.
$1,400 Additional Direct Payments Are Likely
This additional amount is part of Biden's proposal. According to the latest information from today, lawmakers, especially the Democrats, hope that this bill gets passed by mid-March. Therefore, these third stimulus checks could be distributed starting at the end of March.
Less People May Qualify This Time Around
One of the major negotiating points between Democrats and Republicans will be on the size of the relief package. $1.9 trillion is a lot and one of the biggest expenditures will be the $1,400 direct payments.
Some Democrats, including Biden, are open to compromising on who's eligible for the $1,400 direct payments. A likely scenario may be that a $75,000 income will be the firm cutoff, as opposed to a phased out approach like the previous 2 direct payments. This would lower the total relief package amount by hundreds of billions of dollars.
More Stimulus News Coming Next Week
That's the brief update for Friday evening! Remember to mark received on the stimulus tracker if you've received your second stimulus check.
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