The $1.9 trillion stimulus bill hit another milestone on Friday, when House Democrats posted the most recent version of its COVID-19 relief package. Though the bill isn’t final yet — in fact, top lawmakers are still soliciting suggested changes — the move is the latest confirmation that the stimulus package is on track to pass before the current March 14. “We will meet this deadline.” Senate Majority Leader Chuck Schumer said Friday.
Unlike with the previous COVID-19 bills, Democrats, who control the House and Senate, are Republican voters support a larger stimulus package, GOP leaders say the nearly $2 trillion price tag is simply too high, The New York Times reported.. That will allow them to push past Republican opposition. While Democrats cite surveys that
The stimulus package, called the American Rescue Plan Act of 2021, includes a, for . The aggressive timeline would , right in the . The legislation would also potentially extend through August and . A plan to gradually raise the is in there, too, but we’ll explain why that’s complicated, as well as everything important the package could contain. This story was updated with new information.
A $1,400 third stimulus payment, with an upper income limit
Congress is settling on theamount. When combined with the $600 figure Congress approved at the end of 2020, this would add up to a $2,000 payment, which some people have called on for months.
Congress is also looking tothan those for the first two payments, while keeping the the same. A hard ceiling on income, designed to exclude higher earners from getting a check, would come with a rule change for the in the . Check out our to see how that could work for you.
The new proposal would give the IRS a deadline of Dec. 31, 2021, to finish sending the stimulus checks.
For this, President Joe Biden is pushing to include and . Here are , or or be . Here’s what .
What about student loan forgiveness?
Biden supports canceling $10,000 in student debt and extending the pause on student loan repayment. Earlier in the month, Senate Democrats, led by Sen. Elizabeth Warren, put forward their own proposal to cancel up to $50,000 in student debt.
“I do think that, in this moment of economic pain and strain, that we should be eliminating interest on the debts that are accumulated, number one. And number two, I’m prepared to write off the $10,000 debt, but not $50,000,” Biden said Feb. 16. The current House bill doesn’t address student loan debt.