Bowing to pressure from moderate Democrats, President Biden has agreed to curtail the stimulus payments included in his $1.9 trillion coronavirus relief package.
Various news outlets reported Wednesday the Biden administration is set to phase out the $1,400 checks faster than previously planned when it comes to higher-earning individuals.
Several senators had said this week they want changes to unemployment benefits and more targeted direct payments.
The payments will now be capped at $80,000 for individuals and $160,000 for joint filers — as opposed to the $100,000 for individuals and $200,000 that was included in the draft legislation.
Sen. Michael Bennet, Colorado Democrat, told reporters on Capitol Hill he thinks it is “an appropriate way of bringing this to a successful conclusion.”
Sen. Debbie Stabenow, Michigan Democrat, called it a “reasonable compromise.”