Biden, Meeting Business Leaders, Backs Stricter Income Limits for Stimulus Checks

U.S. President 👤Joe Biden said on Tuesday he agreed with a proposal by Democratic lawmakers that would limit or phase out stimulus payments to higher-income individuals as part of his $1.9 trillion coronavirus relief bill.

Asked at the beginning of a meeting with business leaders whether he supported the proposal, which would send $1,400 stimulus checks to Americans earning up to $75,000 in income and households making up to $150,000, Biden said, “Yes.”

The president said he had been in touch with Republican leaders about the package.

“I think we’re in a position to … think big,” he said.

As well as the economic recovery bill, Biden said he would be discussing infrastructure and the minimum wage with the chief executives of JPMorgan Chase, Walmart, Gap Inc and Lowe’s Companies.

He said he was anxious to get reaction from the business leaders to his administration’s approach and “to see if we can find some common ground.”

The stimulus package is key to kickstarting Biden’s agenda with a focus on two of his top goals: fighting the pandemic and boosting the economy.

The plan rolled out by congressional Democrats mirrored much of Biden’s own proposal, ignoring calls from Republicans to lower the income threshold for payments.

The latest Democratic proposal would phase out those payments at lower income thresholds than previous stimulus efforts and completely cut off individuals earning more than $100,000 and couples earning more than $200,000.

Biden has stood firm on the size of the checks but remained open to discussion on tweaking the income requirements.

YELLEN, HARRIS