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New confrontation with incentive bill? $ 1000 checks and everything else in a $ 600 billion GOP proposal



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The Biden administration factory to get off the ground runs on COVID-1

9 aid and economic recovery.

Sarah Tew / CNET

President Joe Biden will meet with a group of 10 Senate Republicans on Monday over a proposal for coronavirus assistance (PDF) that moderate senators say is the best way to reach an agreement on the next round of economic and vaccine assistance for the country. In a letter the Republicans sent to Biden on Sunday, they wrote, “With your support, we believe this plan can be quickly approved by Congress with the support of two parties.” The new proposal is a response to it $ 1.9 trillion economic bailout plan that the Biden administration introduced on Jan. 15, including a third round of stimulus controls and funding for a nationwide Covid-19 vaccine. With thin margins in the Senate and the HouseBiden needs the help of both parties to pass on a new stimulus package.

“We would like to work with him,” Ohio Senator Rob Portman, one of the 10 Republicans, told CNN State of the Union on Sunday. “If you can’t find bipartisanship on COVID-19, I don’t know where to find it.”

The Republicans’ targeted proposal is about 32% of the size of Biden’s American Rescue Plan, and it would be a $ 1,000 stimulus check that reworks it stimulus payment formula in important ways. However, Biden’s plan would be one third stimulus check from up to $ 1,400 per person that would further opening up of payment qualifications. However, Biden said he is “open to negotiating those things,” including the $ 1,400 stimulus check figure. Here’s what we know about the Republican plan compared to Biden’s proposal.

What do the 10 Senate Republicans propose?

The new stimulus plan – which the group calls a “framework” – of the 10 moderate Republican senators would allocate $ 600 billion for economic and vaccination aid, about a third of the $ 1.9 trillion Biden would spend on his plan.

To hit that smaller budget goal, the Republican plan would send $ 1,000 checks to individuals and families, making the income qualifications $ 50,000 for individuals and $ 100,000 for a family, Portman said on Sunday. For the first two checks, the individual payments have been reduced above one income of $ 75,000. For families, payments have been phased out from $ 150,000.

While the Republican framework would reflect Biden’s dollar figure for research and distribution of COVID-19 vaccines ($ 160 billion), it would reduce the amount of money going to schools and reduce the duration of unemployed workers receiving federal unemployment aid. can receive, shorten.

A third $ 1,400 incentive payment, which could go lower

As part of his plan, Biden has one $ 1,400 stimulus check. The $ 1,400, added to the $ 600 checks that Congress approved in late 2020, would add up to the $ 2,000 that some in Washington are aiming for.

Rep. Alexandria Ocasio-Cortez, for example, has said that $ 1,400 is not enough. “$ 2,000 means $ 2,000. $ 2,000 doesn’t mean $ 1,400,” she told the Washington Post on Jan. 14, referring to Biden’s earlier support for a “$ 2,000” check.

Unlike the two previous payments, this third round would aim for it include eligible adult dependents and mixed-status families. Be here all the ways a third check could make more money, and here’s how the stimulus control can be more ‘targeted’ to go out to fewer people overall, while the maximum limit is still above the $ 600 threshold in December.

The House plans to begin work on Biden’s proposal when it returns to work this week, House Speaker Nancy Pelosi said on Jan. 21. While some in Washington are pushing for Congress and the White House to split Biden’s plan into smaller bills, The White House last week rejected the idea of ​​dividing Biden’s plan into targeted packages. “We are not going to negotiate” individual parts of Biden’s proposal, White House press secretary Jen Psaki said at a briefing on Jan. 28.

$ 400 extra in additional federal unemployment benefits

The weekly $ 300 federal unemployment checks Congress approved in December as part of the $ 900 billion COVID relief legislation expires in March. During his presidential campaign, Biden pushed for reform of the unemployment system, saying he would work with Congress to extend unemployment benefits allowed under last year’s CARES law that were extended in December, “how long this crisis also lasts “.

Biden’s plan would send $ 400 federal unemployment benefits through September with triggers that would extend benefits beyond September for those still out of work and include automatic payment adjustments related to health and economic conditions. The new Republican proposal would shorten the time. The Washington Post reported that a plan by the 10 senators would keep the checks at $ 300 and extend the payments through June.

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Democrats will push for an extension and increase of federal unemployment aid to an additional $ 600 per week.

Sarah Tew / CNET

Nationwide supply of coronavirus vaccines

While more than 30 million doses have been distributed in the US to date, that is far behind the 100 million doses Trump promised to distribute by the end of 2020. Biden has set a goal of getting 100 million vaccinations in the first 100 days of his administration. .

Biden’s plan will set aside $ 160 billion for one national vaccine program (a another plan requires $ 400 billion). “I will move immediately for the most urgent need to ask Congress to give me the financial means to deal with the virus,” Biden said. January 8th. “I am determined to get 100 million shots into people’s arms in the first 100 days.”

Expansion of the child discount to bring people more money

In his plan, Biden suggests extension of the child discount that currently allows families to claim a $ 2,000 credit for children under 17. If approved, the plan would extend the benefit to lower-income families who would otherwise not receive the credit. Under Biden’s plan, families could claim up to $ 3,600 per year for a young child and up to $ 3,000 per year for an older child.

The plan would also extend the childcare tax credit by one year to cover childcare costs. Under Biden’s plan, families could get a tax credit from as much as half of their childcare expenses for children under 13, to $ 4,000 for a single child and $ 8,000 for two or more children.

The $ 600 billion GOP proposal doesn’t seem to address this.

Increase the minimum wage to $ 15 an hour for employees

Biden’s general agenda will push for an increase in the minimum wage from the current $ 7.25 per hour. “It’s time to raise the minimum wage,” Biden said on Jan. 8. “Nobody, nobody should work like millions of people do today, 40 hours a week on a job, and still live below the poverty line. Up to a minimum wage of $ 15 an hour.”

On January 24, Biden signed an executive order directing the Office of Personnel Management to make recommendations for a minimum wage increase to $ 15 per hour.

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Biden has asked Congress to cancel a student debt of up to $ 10,000.

Sarah Tew / CNET

Funds to Reopen Schools During COVID-19

A critical part of the economic recovery is getting students back on campus. “We will also need tens of millions of dollars to help our schools reopen and open safely,” Biden said on Jan. 8. The Biden Plan would work to return students to schools through a majority of kindergarten through the 8th. classrooms reopen safely in the first 100 days of administration. The Republican plan would cut school funding.

Funds intended for national, local and tribal governments

Along with the extension of liability protections pushed by Republicans, democratic support for state, local and tribal government funding was a major impediment to reaching agreement on a new economic assistance package in the second half of last year. With Democrats will soon be in charge of the House, Senate, and White House, Biden has pledged support for state and local funding as part of his government’s aid package.

Since the fall, economists have urged Congress to provide funding for state and local government jobs: “The arguments for additional aid are strong because the downside risk of doing nothing is quite real,” wrote the American Enterprise Institute. , a conservative think tank, late last year. “The fact that more than 1 million state and local government employees have lost their jobs is a sign that the tax problems have had real repercussions.”

On January 8, Biden reiterated his concern about national and local governments “cutting jobs” as a result of the pandemic and pledging to provide “immediate assistance”. In addition to government and local funding, Biden’s plan would provide funds for food and water aid and food stamps.

The $ 600 billion Republican plan said it supports “full funding.” [Biden’s] request nutritional assistance to help families in difficulty. “

Extension of the deportation ban until September

On January 20, Biden signed an executive order extending the expulsion ban until March, meaning it may not be part of the latest new stimulus law at all. Biden’s proposal would extend the expulsion and disqualification moratoriums until September 30. The plan would provide $ 30 billion in rental assistance to renters and small landlords, especially low- and middle-income households. The GOP proposal does not seem to address this.

Is Student Loan Forgiveness Included?

On Jan. 8, Biden government officials said the incoming president would ask Congress to cancel $ 10,000 in student debt for all borrowers and extend the pause on student loan repayment, CNBC reported. Neither incentive plan appears to address student loan forgiveness.

We will continue to update this story as Biden reveals more details about his plans. For more information about incentive money, click here Most Important Facts You Should Know About Stimulus Controls, and here’s what you need to know about it federal unemployment assistance.


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