U.S. Treasury's Yellen: Americans earning $60,000 should get stimulus checks

WASHINGTON (Reuters) - U.S. Treasury Secretary Janet Yellen said on Sunday that American workers who earn $60,000 per year should receive stimulus checks as part of the White House's proposed $1.9 trillion coronavirus relief package.

Reuters February 08, 2021 00:05:12 IST
U.S. Treasury's Yellen: Americans earning $60,000 should get stimulus checks

US Treasurys Yellen Americans earning 60000 should get stimulus checks

WASHINGTON (Reuters) - U.S. Treasury Secretary Janet Yellen said on Sunday that American workers who earn $60,000 per year should receive stimulus checks as part of the White House's proposed $1.9 trillion coronavirus relief package.

"The exact details of how it should be targeted are to be determined, but struggling middle class families need help," Yellen said on CNN’s "State of the Union."

The White House has said it is open to negotiation on who should be eligible to receive the proposed $1,400 checks, and has declined to specify where it thinks the income cutoff should be.

"President (Joe) Biden is certainly willing to work with members of Congress to define what's fair and he wouldn't want to see a household making over $300,000 receive these payments,” Yellen said, without offering further detail.

If Congress approves the $1.9 trillion plan, the country would get back to full employment next year, Yellen said. Otherwise, she said, unemployment would linger for years.

Republicans on Capitol Hill have resisted the administration’s COVID-19 relief plan, concerned it would unnecessarily increase the national debt following the $4 trillion in aid Congress passed last year.

Speaking on the ABC News' program "This Week," Republican Senator Roger Wicker said he thought his party would be willing to support something in the $600 billion to $700 billion range.

Biden has said he would like to win bipartisan support for his plan, but that Republicans were falling far short of the mark in terms of what needs to be done. He said Democrats would go it alone if needed.

The president, Yellen and other administration officials have warned repeatedly that the danger to the economy would be going too small with stimulus efforts, not too large.

Last week, the House and Senate approved a budget plan that would allow a coronavirus relief bill to clear the Senate with a simple majority vote of 51.

Under normal rules, 60 votes would be needed. The Senate is split 50-50, with Vice President Kamala Harris representing the tie-breaking vote for Democrats.

Asked about the risk of over-stimulating the economy and generating inflation, Yellen said: "We have good tools to deal with that risk if it materializes."

(Reporting by Linda So; Editing by Tim Ahmann and Bill Berkrot)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

Subscribe to Moneycontrol Pro at ₹499 for the first year. Use code PRO499. Limited period offer. *T&C apply

also read

Thyssenkrupp ends talks with UK's Liberty on steel unit sale
Business

Thyssenkrupp ends talks with UK's Liberty on steel unit sale

By Christoph Steitz, Tom Käckenhoff and Arno Schuetze FRANKFURT (Reuters) - German conglomerate Thyssenkrupp ended talks to sell its steel division to Britain's Liberty Steel due to differences over value, the latest setback in efforts to consolidate the European sector. Liberty Steel, led by commodities tycoon Sanjeev Gupta, last month submitted a firmed-up non-binding bid for Thyssenkrupp's steel unit, Europe's second biggest in terms of sales, which sources said included commitments to protect jobs and sites.

Factbox: Stonks in Washington: Deciphering Reddit's WallStreetBets lingo
Business

Factbox: Stonks in Washington: Deciphering Reddit's WallStreetBets lingo

(Reuters) - Reddit trading lingo may filter in to Washington on Thursday when top hedge fund managers, the head of Robinhood and Roaring Kitty himself are set to give testimony before U.S. House of Representatives lawmakers.

Brent gives up gains after rising above $65 on Texas freeze
Business

Brent gives up gains after rising above $65 on Texas freeze

By Stephanie Kelly NEW YORK (Reuters) - Oil prices steadied on Thursday, with Brent edging back from a 13-month high, after a sharp drop in U.S. crude inventories supported prices, while buying spurred by a cold snap in the largest U.S. energy-producing state petered out.