Feb 02, 2021 09:40 AM EST
The Republican counterproposal on coronavirus relief was unveiled on Monday and has drew flak. According to critics, the plan would potentially make as high as 29 million middle- and upper-income earners lose out, even if they are essentially qualfied for stimulus payments under President Joe Biden's plan.
The GOP plan would allegedly cut of people earning higher than $50,000 a year and couples whose income is higher that $100,000, based on the fact sheet secured from the office of Maine Republican Sen. Susan Collins. She presented the proposal Sunday with nine more Republicans.
This means that the number of people to benefit will be higher on Biden's plan than the Republican proposal, as reported by CNN.
Specifically, around 78% of families would qualify for a relief payment under the Republican proposal, but as high as 95% can get stimulus payments under Biden's proposal, based on the analysis done by those at the The Penn Wharton Budget Model.The numbers are not conclusive, because the analysts themselves warned that these are merely premature.
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As long as no formal legislative text is available, most of these numbers are merely tentative.Still, as early as now, it is apparent the two plans would differ on the number of stimulus beneficiaries. In the midst of an ongoing pandemic, it is of course desired that more people who are struggling with the sudden turn in their livelihoods to get some aid.
Biden has asked Congress to send an additional $1,400 to Americans who have already received $600 under the package approved by Congress in December 2020. This means stimulus payments might amount to a total to $2,000. Under this plan, those who will qualify are those people who have income less than $75,000 and couples earning less than $150,000.
Unfortunately, since this is merely a plan, it might not even happen, especially if it does not get adequate support.
"The Biden administration's $1.9 trillion plan has not yet picked up any Republican support, so progressives are pushing a go-it-alone strategy," noted Brian Gardner, chief Washington policy strategist at Stifel, in a research note dated Feb 1 (via CBS News). "We think the size and scope of any bill that passes will likely be significantly less than" Biden's plan."
On the other hand, calls for the third stimulus pay to happen are getting louder. The massive hit taken by the US economy from the COVID-19 is no joke. To make stimulus payments as small as they can be or to benefit the least people would be quite insulting.
"Last year was the worst year for the U.S. economy since World War II - that alone should send a very powerful message to Senators who are getting ready to debate COVID legislation, and caution them against going small," stated Senator Ron Wyden, a Democrat from Oregon. He was then at a conference call with reporters on January 28 when he made this warning.
So far, none is a none deal. Biden's plan can only work if the Republicans support it too, so a compromise should be reached as soon as possible.
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