New deal between Senate Democrats, Biden lowers eligibility for third round of stimulus checks

The Senate is expected to hold its first procedural vote on the third coronavirus relief bill, but there are new changes to who can receive a stimulus check. Nancy Cordes reports on the details and who may be cut off.

Video Transcript

GAYLE KING: Despite the security threat, there is a flurry of activity on Capitol Hill today. The Senate could soon debate a new COVID economic relief bill after President Biden agreed to a compromise that limits who will be eligible for those stimulus checks. In the House, Democrats have passed a landmark new voting rights bill.

Nancy Cordes and Ed O'Keefe are all over this story. We're going to start with Nancy on COVID relief, which is really what a lot of people are wondering about right now. Nancy, good morning to you. What did the president agree to?

NANCY CORDES: Gayle, The horse trading is over. The president and Senate Democrats have agreed to keep those $1,400 checks in place, but the number of people who could receive them has been pared back slightly.

So, who gets the checks? Well, individuals making up to $75,000 a year or less will get the full amount. But then smaller checks would start to go to people making up to $80,000 a year. Married couples who make up to $150,000 will get $2,800 for a couple and then $1,400 additional for each child. Smaller checks would then go to couples making up to a combined $160,000.

And all this means that about nine million households that got stimulus checks last year will not get them this time around, but we're still talking about roughly 150 million households in this country that will get a check, and it'll actually be a little bigger than it was the last time.

The Senate is expected to hold its first procedural vote on all this today, but Republicans are still arguing they think this package is too big; it's not targeted enough. And they are vowing to draw the process out as long as they can.

GAYLE KING: Got It, Nancy. Thank you very much.