February 8th – Comprehensive report, Democrats in the U.S. Congress will release details of the $1.9 trillion rescue plan on the 8th.
The plan intends to distribute $1,400 in cash directly to eligible people, but the specific threshold has not yet been finalized.
U.S. Treasury Secretary Yellen said that Americans with an annual income of $60,000 should receive direct money as part of the $1.9 trillion coronavirus relief plan proposed by the White House.
Regarding the smaller compromise proposed by Republicans, Yellen said: “President Biden wants to make sure that all the needs of Americans are met.”
“I know there are some details to address and the president is willing to work with Congress.” Yellen continued.
In response to some Democrats’ calls to lower the threshold for direct payment to $50,000 a year, she said, “The details of how to determine the threshold have yet to be determined, but struggling middle-class families need help.”
Meanwhile, progressive members of the House of Representatives and the Senate have urged the government not to heed the calls of centrists such as Senator Joe Manchin and lower the threshold for direct distribution of money in the rescue plan.
The report said that the reduced relief plan proposed by Republican senators was rejected when they met with Biden, and Democrats seemed to be ready to pass the rescue plan with little Republican support.
“There is absolutely no reason to let us experience a slow recovery,” Yellen said.
I hope that if this bill is passed, it will be able to return to full employment in 2022.”
“The CBO recently released an analysis that showed that if we don’t provide additional support, the unemployment rate will remain high for years to come.” She added.” It is estimated that the unemployment rate will not fall to 4% again until 2025.”
Democrats will release details of the rescue bill on the 8th, including expanding the child benefits of millions of American families and distributing $3,000 directly to each family with children.
Under the bill, the IRS will issue $3,600 per year, or $300 per month for each child under the age of 6 and $3,000 per child between the ages of 6 and 17, or $250 per month.
As the IRS needs to prepare for new measures, monthly direct payments for families with children will begin in July.