3/3, 4:54 PM (Source: TeleTrader)
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Biden agrees to phase out $1,400 stimulus checks faster - report

United States President Joe Biden has agreed to limit the availability of $1,400 direct stimulus checks to some Americans to meet moderate Democrats' demands, The Washington Post reported on Wednesday citing sources familiar with the matter.

The total figure will be available to a single filer earning up to $75,000 a year, heads of households with up to $112,500 in income and joint filers making up to $150,000, after which the sum will begin to phase out, the report explains. The cap for single filers was raised to $80,000, while heads of households and couples were capped at $120,000 and $160,000 respectively.

However, the president and Senate Democrats reached a deal to keep unemployment benefit bonus payments at $400 per week through August instead of $300, according to various media reports.

Breaking the News / GA