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The Biden administration may be willing to adjust eligibility levels for the next round of coronavirus stimulus checks to ensure relief flows to families most in need of the emergency funds, said Tuesday morning the principal economic adviser to the president.
Brian Deese, who joined CNBC’s “Squawk Box” from the White House, said he welcomed comments from Republicans in recent days and the party’s emphasis on targeting the rescue plan. by President Joe Biden on people in financial difficulty.
“Regarding the controls, we presented a proposal which … was adopted by the House with 275 votes – 44 Republicans voted in favor,” said Deese, director of the National Economic Council, referring to the draft. law approved by the House. December which included direct payments of $ 2,000 as proposed by then-President Donald Trump.
“Of course, if there are ways to make this and other provisions more effective, this is something we are open to, that we will discuss,” he added.
Deese’s comments come as the president’s $ 1.9 trillion US bailout comes under criticism from a bipartisan group of lawmakers hoping to lower the price of the proposal either by passing it down in parts or tightening the requirements for families and individuals to qualify for another round of checks.
White House officials, including Deese, held a call Sunday with several Democratic senators and moderate Republicans to discuss possible changes to Biden’s original plan.
“It was a good call, it was a constructive conversation. And it’s part of the process,” Deese said of Sunday’s discussion. “The president has proposed a plan, we are now engaging with members of Congress on both sides to consult with them.”
As drafted, the president’s plan calls for funds to streamline vaccinations, a weekly unemployment supplement of $ 400, support from state and local governments, and a minimum wage of $ 15. He also calls for stimulus checks of $ 1,400, which compromises about $ 1 trillion of the proposed total of $ 1.9 trillion.
For Democrats, who hold a razor-sharp majority then in the Senate, opposition to a party member’s bill puts the legislation in jeopardy. The chamber is currently shared 50-50 with Vice President Kamala Harris as a tie-breaker vote.
Thus, early opposition to the size of Senator Joe Manchin’s bill, DW.Va., forced the Biden administration to seek support from more moderate members of the GOP, including Sens. Lisa Murkowski from Alaska and Mitt Romney from Utah.
Even before Biden’s inauguration, Manchin, the most conservative Democrat in the Senate, reportedly said he would “absolutely” oppose yet another relief coronavirus check on Americans. He later made it clear that he wanted to make sure that any new set of stimuli were only for those who needed them.
He and his fellow Republicans also argue that it may be too early to fully appreciate the economic benefit of the $ 900 billion stimulus package passed by Congress in December, which included checks for $ 600.
Amid the bipartisan haggling, Biden said on Monday he would consider limiting check eligibility if that could help garner Republican support in Congress. The president has for months named Covid-19 and emergency relief his No.1 priority.
“Because it was bipartisan, I thought it would increase the outlook for passage – the extra $ 1,400 in direct cash payments to people,” Biden said at a press conference. “Well, there are legitimate reasons for people to say, ‘Did you draw the lines the right way? Should it go to anyone who makes more than $ X or why?'”
“I am open to negotiating these things,” he added. “That’s all.”
The debate over another round of stimulus checks comes as millions of Americans remain unemployed thanks to the Covid-19 pandemic and the recession it triggered last year.
The Labor Department reported Thursday that 900,000 Americans first applied for unemployment benefits during the week ended Jan. 16. Meanwhile, the US unemployment rate was 6.7% in December, which, before the global Covid-19 crisis, was only the highest unemployment rate since March 2014.
Betsy Heimbuch, a resident of Jamestown, New York, told CNBC that she and her husband are grappling with the rising costs of everyday items caused by the pandemic.
She wrote in an email that she was receiving income from the Social Security disability insurance program and spent her first stimulus check to buy a smartphone on Skype with her husband, who is in a house. of retirement.
“Grocery costs are staggering. I live on cottage cheese and fruit. My milk runs out on Monday and I have no extra money to buy it until next Wednesday,” wrote Heimbuch, 75. , in an email. “I feel more stressed now than last summer. I take anti-anxiety medication. I wear a mask at all times and practice social distancing. But I see neighbors taking trips and going here and there without a mask. . “
“The stimulus relieves a lot of STRESS,” she added.
Many influential economists, including Federal Reserve Chairman Jerome Powell, have warned that high levels of unemployment could eventually lead to an even greater increase in homelessness if Congress does not extend moratoriums on evictions or n ‘adopt no additional stimulus measures.
About 18% of renters in the United States, or roughly 10 million people, are behind on their rent payments at the start of January. That’s far more than the roughly 7 million homeowners who lost their property to foreclosure during the subprime mortgage crisis and the Great Recession more than 10 years ago.
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