• Oops!
    Something went wrong.
    Please try again later.

Yellen: Americans earning $60k should get checks

  • Oops!
    Something went wrong.
    Please try again later.

American workers making $60,000 dollars a year should receive a stimulus check as part of the latest coronavirus aid package.

That's according to new U.S. Treasury Secretary Janet Yellen, who said the White House seeks to provide targeted payments to those who need it most.

"He is committed to providing the $1,400 of payments to those who qualify."

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

Yellen's interview on CBS's Face the Nation provided some clarity.

"It has to go to people and households that do need the money and those are lower income households, and we need to make sure that the cut-offs are appropriate so that households that are doing really well maybe have seen their stock portfolios rise and make a lot of income and haven't lost their jobs, those households shouldn't be getting it."

If Congress approves the $1.9 trillion plan, the country would get back to full employment next year, Yellen has said – otherwise, 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.

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.

Under normal rules, 60 votes would be needed for such a bill to clear the Senate. But last week, Congress approved a budget plan that would allow a coronavirus relief measure to pass the Senate with a simple majority.

With Senate split 50-50, Vice President Kamala Harris could cast a tie-breaking vote for Democrats, if Biden decides to go it alone.

Video Transcript

- American workers making $60,000 a year should receive a stimulus check as part of the latest coronavirus aid package. That's according to US Treasury Secretary Janet Yellen, who said the White House seeks to provide targeted payments for those who need it most.

JANET YELLEN: He is committed to providing the $1,400 payments to those who qualify.

- The White House has said it is open to negotiation on who should be eligible to receive the proposed $1,400 checks, but has declined to specify where it thinks the income cutoff should be. Yellen's interview on CBS's "Face the Nation" provided some clarity.

JANET YELLEN: It has to go to people in households who do need the money. And those are lower income households. And we need to make sure that the cutoffs are appropriate so that households that are doing really well, maybe have seen their stock portfolios rise and make a lot of income and haven't lost their jobs-- those households shouldn't be getting it.

- If Congress approves the $1.9 trillion plan, the country would get back to full employment next year, Yellen said. Otherwise, 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.

US President Joe Biden has said he would like to win bipartisan support for his plan, but that Republicans were falling short of the mark in terms of what needs to be done. Under normal rules, 60 votes would be needed for such a bill to clear the Senate. But last week, Congress approved a budget plan that would allow a coronavirus relief measure to pass the Senate with a simple majority. With the Senate split 50/50, Vice President Kamala Harris could cast a tie-breaking vote for Democrats if Biden decides to go it alone.