President Biden
Joe Biden DOJ rejects lawsuit against author of Melania Trump storybook Google extends election security aid to federal, state campaigns. Biden supports House Democrats’ proposed threshold for COVID-19 checks MORE said Tuesday he agrees with a House Democrats proposal to phase out the next round of direct coronavirus relief to Americans earning more than $ 75,000, which is a key point among some in the party.
Biden indicated his support for the threshold during a meeting with the heads of several large corporations in the Oval Office. He urged business leaders to buy in on his $ 1.9 billion relief proposal, as well as to discuss future economic measures such as an infrastructure package and a raise to the minimum wage.
“I’m anxious to hear what these business leaders have to say about what they think about how we approach this issue and to see if we can find a common ground,” Biden said.
Among those who attended Tuesday were Jamie Dimon, CEO of JPMorgan Chase, CEO of the U.S. Chamber of Commerce, Tom Donohue, Doum McMillon, CEO of Walmart, and Sonia Syngal, CEO of Gap Inc.
Biden was joined at the oval office by Vice President Harris and the Treasury Secretary Janet Yellen
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The meeting comes as the White House and Congress Democrats work to fund Biden’s economic relief package, which will send direct payments to millions of Americans, promote schools as well as state and local governments, and raise money for vaccine distribution.
House Democrats on Monday night released the most important parts of their coronavirus bill. The proposal called for direct payments of $ 1,400 to single taxpayers with an annual income of up to $ 75,000 and married couples up to $ 150,000.
The payments will quickly phase out above the income thresholds, and some documents with an income of more than $ 100,000 and married couples with an income of more than $ 200,000 will not be eligible for any payments.
Where the direct payments had to be cut off was a point of contention among some moderate Democrats who were concerned that the stimulus checks were not targeted enough and suggested that the payments should be phased out sooner.
But progressive people argued that the income requirement should not be tightened so that people who lost significant amounts of income during the pandemic could quickly receive their payments.