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Democrats are poised to regain full control of Congress for the first time in a decade, bringing $2,000 stimulus checks for Americans a step closer to becoming reality.
Democrats campaigned on boosting direct payments from $600 in the pair of Senate runoffs in Georgia they surprisingly swept. President-elect Joe Biden has since expressed support for the topped-up checks, which House Democrats approved in December to capitalize on a last-minute push from President Donald Trump.
Read more: What does the Democrat sweep actually mean for investors? We spoke to 5 investing experts to find out how to make the most of Biden’s blue Congress
But they have stirred criticism from some economists who argue bigger federal payments would be sent to people who don’t need it because they did not lose jobs. Republicans in the Senate dismissed the proposal outright, attacking its high price tag of $464 billion. Biden has indicated the checks would form part of another federal rescue package which is set to be unveiled on Thursday.
Marc Goldwein, policy director at the nonpartisan Committee for a Responsible Federal Budget, shared a table on Twitter recently breaking down who could qualify for the federal cash.
Cheat sheet on who would get how much in $2,000 checks – pic.twitter.com/RCE76aadG6
— Marc Goldwein (@MarcGoldwein) December 29, 2020
Even higher earners would get some cash. For example, the payments would phase out completely for a single adult earning $115,000 under the House proposal.
In addition, the plan would provide a full $2,000 check for adult dependents such as those with disabilities, college-aged students and others normally claimed as tax dependents. Those groups were excluded in both economic rescue packages last year.
Others who could get government cash include:
A married couple with no children earning $50,000 a year would get $4,000.
A single parent with two kids making $50,000 yearly would receive $6,000.
A single adult earning $100,000 annually would get $750.
Nearly 100 million stimulus checks have been distributed so far, and the Treasury Department said the $600 payments would be “topped up as quickly as possible” if legislation is enacted.
The timing of another economic aid package remains unclear. House Democrats are expected to impeach Trump a second time on Wednesday for inciting a deadly riot at the US Capitol that left five people dead. They are still split on when to send the article of impeachment to the Senate, a move that triggers an immediate trial.
Biden said on Monday he is consulting with Democratic leaders as well as the Senate parliamentarian about the chamber dividing its days between an impeachment trial and carrying out his legislative agenda — which includes the multi-trillion dollar stimulus package.
It’s uncertain whether current Senate rules allow it, leaving open the possibility of an impeachment trial hobbling Biden’s ability to enact his early agenda.
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Source:: Business Insider
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