On The Money: What’s in Democrats’ $1.9 trillion relief package | Spotlight on the proposed stimulus checks | Tanden addresses criticism of GOP
Happy Tuesday and welcome back to On The Money. I’m Naomi Jagoda, in for Sylvan Lane, and here’s your nightly guide to everything affecting your bills, bank account and bottom line.
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LEADING THE DAY – Democrats on Tuesday moved forward with their work on the $1.9 trillion relief package sought by President BidenJoe BidenDOJ dismissing suit against author of Melania Trump tell-all book Google expands election security aid for federal, state campaigns Biden backs House Democrats’ proposed threshold for COVID-19 checks MORE, even as the Senate opened its second impeachment trial of former President TrumpDonald TrumpDOJ to seek resignations of most Trump-appointed US attorneys: report Trump attorney withdraws request to not hold impeachment trial on Saturday Kinzinger in op-ed calls on GOP senators to convict Trump in impeachment trial MORE.
Biden hosted the leaders of several major corporations in the Oval Office in an effort to solicit their support for his relief proposal. Attendees included JPMorgan Chase CEO Jamie Dimon, U.S. Chamber of Commerce CEO Tom Donohue, Walmart CEO Doug McMillon and Gap Inc. CEO Sonia Syngal.
Spotlight on the proposed stimulus checks:
One element of the package that is of much interest to lawmakers and the public is the proposal for direct payments of $1,400 per person.
Following a debate over the income eligibility requirements for the checks, House Democrats’ proposed $1,400 payments are similar to the previous rounds of direct payments in that single taxpayers with annual income up to $75,000 and married couples that make up to $150,000 would qualify for the full payment amounts. Biden said Tuesday that he supports these thresholds.
The payment amounts above those thresholds in House Democrats’ proposal would phase out at faster rates than the payments from the first two rounds. Single filers with income above $100,000 and married couples with income above $200,000 would not be eligible for any payments.
House Democrats’ proposal seeks, when possible, to base the next round of coronavirus relief checks on the reduced income many Americans earned during the pandemic.
THE BIG DEAL – Tanden seeks to defuse GOP tensions over tweets
Neera TandenNeera TandenON THE MONEY: CBO estimate makes waves | Democrats to expand child tax credit | Wyden wields power On The Money: Biden signals he’ll move forward on COVID-19 relief without GOP | Economy adds 49K jobs in January | Minimum wage push sparks Democratic divisions OMB nominee gets hearing on Feb. 9 MORE, who is poised to play a key role in Biden’s coronavirus relief efforts if confirmed to lead the Office of Management and Budget (OMB), had her first of two confirmation hearings on Tuesday.
Tanden sought to defuse tensions over her political tweets, apologizing at her confirmation hearing before the Senate Homeland Security and Government Affairs Committee for her partisan jabs on social media.
“I regret that language and take responsibility for it,” Tanden, a frequent cable news guest over the last several years, said in a line she added to the prepared opening statement released to the media ahead of the hearing.
“Over the last few years, it’s been part of my role to be an impassioned advocate. I understand, though, that the role of OMB director calls for bipartisan action, as well as a nonpartisan adherence to facts and evidence,” she said.
The Hill’s Niv Elis has more here on Tuesday’s confirmation hearing.
GOOD TO KNOW:
The stock market has been rallying as President Biden and congressional Democrats move forward on coronavirus relief legislation.
Democrats will face an early test of unity in the coming weeks as they prepare a fiscal 2022 budget resolution.
Sen. Bernie Sanders (I-Vt.) said that President Biden “sees the progressive movement as a strong part of his coalition,” even as recent economic-policy debates have revealed some divisions among Democrats.
ODDS AND ENDS: