The Limited Times

Now you can see non-English news...

Why you shouldn't expect to receive another stimulus check in weeks

2021-02-06T04:22:23.267Z


Congress is negotiating a new stimulus package that would include a third round of aid checks. You can do this if you haven't received your stimulus check yet 1:02 (CNN) - Congress is negotiating a new stimulus package that would include a third round of checks, but while there is broad agreement on the need for more direct payments, it will take weeks before they are issued. The second impeachment trial against former President Donald Trump that begins next week will delay any action by


You can do this if you haven't received your stimulus check yet 1:02

(CNN) -

Congress is negotiating a new stimulus package that would include a third round of checks, but while there is broad agreement on the need for more direct payments, it will take weeks before they are issued.

The second impeachment trial against former President Donald Trump that begins next week will delay any action by Congress.

And lawmakers are scheduled to be in recess on President's Day, which means there may be no progress on a deal until the end of the month.

It takes at least several days for the first payments to be processed after any legislation is signed, and it has taken months to get the payments out to everyone who is eligible.

The Treasury is still trying to reach some people who should have gotten paid in the first round last year.

What to know about deadlines

President Joe Biden urges lawmakers to include money for additional direct payments in a comprehensive COVID-19 relief bill.

While the Senate approved a key procedural step early Friday that will allow Democrats to pass the legislation without the threat of obstruction from Republicans, it is only now that lawmakers will begin drafting the text of the bill.

advertising

A final vote could take place in late February, after the impeachment trial is completed in the Senate.

Lawmakers hope to pass the legislation before March 14.

If and when the bill passes - and if it includes new stimulus payments - the Internal Revenue Service may be able to quickly begin sending money to people whose bank details are on file.

When the $ 600 payments were approved in late December, it took just two days after Trump signed the bill to begin handing out the money.

However, the new eligibility restrictions lawmakers are considering could slow down the process.

How much will the stimulus checks be?

Biden has asked Congress to send an additional $ 1,400 to Americans already receiving $ 600 based on the package approved by Congress in December, bringing the total to $ 2,000.

However, a group of 10 Republicans, who sent their own proposal to Biden earlier this week, asked for payments of $ 1,000.

Biden has said he would like to get bipartisan support for the bill, but made clear in a call with House Democrats on Wednesday that the total figure is non-negotiable.

Who will be eligible?

Biden has proposed maintaining the income thresholds set for previous stimulus payments, although he has indicated that he is willing to lower them.

Previously, people earning less than $ 75,000 and couples earning less than $ 150,000 received the full amount.

Payments of $ 600 are gradually reduced and cut for singles without children earning more than $ 87,000 and married couples without children earning more than $ 174,000.

Households with children were eligible to receive more money.

For example, a couple with two children earning just over $ 250,000 a year would receive a partial payment, according to the Tax Foundation.

The Republicans' proposal would provide full pay to people earning less than $ 40,000 a year and couples earning less than $ 80,000.

Additionally, payments would drop faster, leaving out individuals earning more than $ 50,000 and couples earning more than $ 100,000.

Differences between Biden's plan and that of the Republicans

About 29 million fewer households would receive money under the Republican plan, according to analysts at The Penn Wharton Budget Model, who cautioned that the figures are preliminary as there is no formal legislative text yet.

  • LEE: What exactly is in the Biden stimulus plan and that of the Republicans?

    We compare them

About 95% of families would qualify under Biden's proposal, compared to 78% under the Republican Party plan.

On Thursday, a non-binding vote in the Senate on an amendment to toughen eligibility for stimulus checks garnered broad support.

It passed 99-1, and only Republican Senator Rand Paul of Kentucky voted against it.

The amendment did not specify who would not be eligible for the payments, beyond saying that "higher income taxpayers are not eligible," and it does not mean that the eligibility requirements are changed in the final draft.

However, he shows bipartisan support for making a change.

CNN's Lauren Fox, Phil Mattingly, Ted Barrett, and Paul LeBlanc contributed to this report.

Economic stimulus

Source: cnnespanol

All news articles on 2021-02-06

You may like

Trends 24h

Latest

© Communities 2019 - Privacy

The information on this site is from external sources that are not under our control.
The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.