In order for the Senate to pass the US$1.9 trillion bailout plan in the next few days, US President Biden made a compromise and supported the revision of one of the “most popular” proposals: raising the threshold for issuing check grants of US$1,400. This proposal specifically includes:
A check grant of US$1,400 is directly issued to most Americans, but when an individual’s annual income reaches US$75,000, the amount of checks issued will gradually decrease. Individuals with an annual income of more than US$80,000 are not eligible to receive checks. The income ceiling is US$100,000; after the family’s annual income reaches US$112,500, the check amount will gradually decrease, and the check will no longer be eligible for checks over US$120,000. The previous ceiling was US$150,000; after the couple’s annual income reaches US$150,000 , The amount of checks issued will gradually decrease, and more than 160,000 US dollars will no longer be eligible for checks. The previous upper limit was 200,000 US dollars.
Compared with the version passed by the House of Representatives, the revised proposal significantly reduces subsidies. According to a rough estimate by Howard Gleckman, a senior researcher at the Brookings City Tax Policy Center, according to the revised proposal, 8 million people will lose their eligibility for subsidies, and the amount of subsidies that more people can apply for has shrunk. He estimated that this modification reduced the total subsidy by about $15 billion.
When asked on Wednesday whether Biden would support this proposal, White House Press Secretary Jen Psaki said, “He is satisfied with the current state of the negotiations,” and he has “clearly stated that he is willing to make changes in the minor aspects of this proposal.” “.
The Democratic-controlled House of Representatives passed a $1.9 trillion bailout bill last week. In the Senate, the bill only needs to win the votes of all 50 Democratic members, plus the key votes of Vice President He Jinli. Legislation is passed under the “budget reconciliation” procedure.
However, within the Democratic Party, some congressmen believed that the direct subsidy provided by Biden was too strong. In order to win the support of these congressmen, Biden made a compromise.
Democratic Rep. Pramila Jayapal told the media: “I think the $1,400 cheque subsidy is the simplest and most popular proposal. I don’t like the change in the reduction of the subsidy.”
The 1.9 trillion yuan bail-out bill was originally planned to be debated in the Senate on Wednesday night Eastern Time, voted in the Senate before this weekend, and sent to Biden for signature before March 14.
The new version of the bill passed by the Senate needs to be sent back to the House of Representatives to vote again. This process is expected to take place next week.
(Zhongshi News Network)
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