Capitol Report: Here’s who would get another stimulus check as Biden agrees to new income limits

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There have been negotiations over who will get stimulus checks in the next big COVID-19 aid package, with President Joe Biden agreeing to new income limits after moderate Democratic senators voiced concerns about money going to people who aren’t in dire need.

So who looks set to receive the upcoming direct payments of $1,400?

Individuals making less than $75,000 a year would receive the full amount, according to the latest deal on the relief bill. The payments decrease for individuals earning $75,000 and up — and they phase out completely for individuals making $80,000 or more. That’s a change from a prior income cap of $100,000.

Couples who file taxes jointly and earn less than $150,000 a year will get full payments. The checks become smaller for joint filers making $150,000, and they phase out entirely at $160,000. That’s a change from a prior income cap of $200,000 for couples.

“Head of household” filers, such as single parents, would see a phase-out starting at an income level of $112,500 and no payments above $120,000.

Biden and the Democratic-run Senate and House are working toward enacting their $1.9 trillion relief legislation before March 14, when several pandemic-related jobless programs are due to expire.

See: Senate set to pass $1.9 trillion aid package by end of the week

The third round of stimulus checks would come after $1,200 checks last spring and $600 payments in December.

U.S. stocks SPX DJIA traded lower Wednesday afternoon, after the Federal Reserve’s Beige Book survey showed only a modest uptick in economic activity to start the year, despite progress with COVID vaccines.