Category Archives: Economy

President Joe Biden to limit cheque for stimulus money

Economy

The US president says that stimulus checks will have limitations. He has called for more of his economic efforts for the country. 

Stimulus cheque to lift Americans out of poverty - President Biden 

The US president has promised to use stimulus aid to help millions of US citizens who have been out of work due to the COVID-19 pandemic. He has said he will moderate the demands by Democratic lawmakers to reduce the eligibility for the cheque. However, he has rejected reducing more employment benefits as he tries to see that his $1.9 trillion packages are eventually passed. 

According to his package, US citizens earning over $85,000 won't be eligible to get straight payments which are opposite what was gotten in the former benefits package which was the $110 package limit. According to a presidential source, the cap for married people has been reduced to $150,000 which was $220,000 before.

The checks will start at $1,3000 before they begin to reduce. Also, these salary limit proposals could make it easier for the bills to be passed easily. The House Republicans are against the huge stimulus package and have argued for a reduction, but the president has insisted that the amount is needed to revive all economic sectors of the country. 

Stricter issuance of aids needs for easy distribution - Democrat senators 

Other Democratic senators have pleaded for stricter stimulus aids which will reduce money given to those who don't need it. There is also a push by moderate lawmakers to reduce unemployment benefits to $300 weekly from $500. The democrats need more support in an evenly distributed chamber to clear the bill.

While virtually all democrats seem to support the stimulus aids, there are dissenting voices on certain sections which include salary hikes and how much should be given to certain sectors. Also, some Democrats want more funds for critical sectors like aviation and entertainment which have been heavily affected.

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