There May Be Less Americans Receiving the Third Stimulus Payment
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President Joe Biden promised a third stimulus payment of $1,400 to Americans; however, Congress may lower the qualifying income to limit the number of people receiving the checks.
According to The Washington Post, Democrats might be considering lowering the qualifying individual income to $50,000 and $100,000 for married couples.
Republicans are pushing to send out a $1,000 stimulus payment instead of the $1,400 President Joe Biden promised.
The $1,000 would be for individuals who make $40,000 a year and couples who make $80,000.
Since the Democrat’s plan has not been officially announced, the year they base the income requirement on is unknown.
The new decreased income requirement means only 71% of Americans will qualify for the stimulus payment, lowering the number of people by 14%.
The third round of stimulus payments is a part of President Joe Biden’s proposed $1.9 trillion American Rescue Plan.
The stimulus payments are supposed to help low-income families and others affected by the pandemic to pay their bills.
According to the United States Census Bureau, most Americans spend their stimulus payments on food and housing expenses.
Eighty percent of those who responded spend their payments on food, 77.9% on rent, mortgage, and utilities, 58.2% on household supplies, 20.5% on clothing and 8.1% on household goods.
House Speaker Nancy Pelosi and other Democratic Congress members are working on getting the stimulus payments and other aid processed as quickly as possible.
On Feb. 5, Vice President Kamala Harris put her vote in the Senate to pass the relief package, but the new budget plan regarding the House’s stimulus payment amount still needs to be passed.
Americans might not receive the third stimulus payment until March or even April.