The Senate Democrats and President Biden agreed to set a threshold for eligibility for the third round of $1,400 bailout. Unlike the original plan, which did not provide bailout for individuals earning more than $100,000 and families earning more than $200,000, the threshold was changed to $80,000 for individuals and $160,000 for families, and it is expected that fewer people will receive the third round of bailout than before.
According to the new relief plan negotiated between Senate Democrats and Biden, those with an annual income of $75,000 or less will still receive full relief, and the relief will be reduced after the threshold is exceeded, but no relief will be paid if it reaches $80,000 or more; Family income is $150,000 or less, full relief will be paid, and the part above will be reduced, but no relief will be paid after $160,000; the additional $400 per week The additional $400 per week unemployment benefit will be retained.
The Senate is expected to move forward with the $1.9 trillion Epidemic revitalization bill on the 3rd, pending confirmation from the nonpartisan Congressional Budget Office (CBO) that the bill will comply with the “budget reconciliation” (budget reconciliation) process. The Senate may vote on the bill as soon as this weekend.
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