Biden supports $2,000 stimulus checks for Americans. Here's how much people could receive in federal cash.
- President-elect Joe Biden has supported $2,000 stimulus checks, which are expected to be part of another economic aid package to be unveiled this week.
- Higher earners may receive some federal cash, as the income phase-out for payments under a House proposal was raised.
- Here are some groups who could get a $2,000 stimulus payment.
Democrats are poised to regain full control of Congress for the first time in a decade - and now that means bringing $2,000 stimulus checks for Americans a step closer to becoming reality.
The two Democrats who swept the Senate runoff elections in Georgia last week campaigned on boosting the $600 direct payments in the latest relief legislation. President-elect Joe Biden has since expressed support for $2,000 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
Marc Goldwein, a policy director at the nonpartisan Committee for a Responsible Federal Budget, recently shared a table on Twitter breaking down who could qualify for the federal cash.
—Marc Goldwein (@MarcGoldwein) December 29, 2020Even higher earners could get some cash. Under the House proposal, the payments would phase out for single adults earning $115,000 and above.
In addition, the plan would provide a full $2,000 check for adult dependents such as people with disabilities, college students, and others normally claimed as dependents on taxes. Those groups were excluded from getting a stimulus payment in both major economic rescue packages last year.Others who could get government cash:
- 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.
The timing of another economic aid package remains unclear. House Democrats this week are expected to impeach Trump for the second time, on a charge that he incited a riot at the US Capitol that left five people dead. Sending the article of impeachment to the Senate would prompt a trial.
Biden said on Monday that he was consulting with Democratic leaders and the Senate parliamentarian about the chamber dividing its days between conducting an impeachment trial and carrying out his legislative agenda, including a multitrillion-dollar stimulus package.It's unclear whether Senate rules would allow it, leaving open the possibility of an impeachment trial hobbling Biden's ability to enact his early agenda.
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