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

EconomyFeb 07, 2021 11:25AM ET
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2/2 © Reuters. FILE PHOTO: U.S. President-elect Joe Biden announces members of his economic policy team in Wilmington, Delaware 2/2

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."

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

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Comments (13)
Rick Baier
Rick Baier Feb 08, 2021 9:56PM ET
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I ask myself how long would it take to vote themselves a raise? Answer: One session
Miosecops cook
Miosecops cook Feb 08, 2021 12:15PM ET
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10yr plan
Miosecops cook
Miosecops cook Feb 08, 2021 12:14PM ET
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10T
Nordic Fire
Nordic Fire Feb 07, 2021 6:09PM ET
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All we need is vaccinnes out. Thats all.
Itachi Uchiha
Itachi Uchiha Feb 07, 2021 6:09PM ET
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It is more than that. Many people have no insurances when they get COVID-19.
Mike Chen
Mike Chen Feb 07, 2021 4:54PM ET
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Print money and stimulus plan every quarter will boost the economy. Goodbye recession!
James Doan
James Doan Feb 07, 2021 4:54PM ET
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there will be a world depression. Because they spend money like drunken sailors, the fed will be running out of fire power.
Michael Angelo
Michael Angelo Feb 07, 2021 4:04PM ET
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The problem is not the 2k,that is a indirect way to give the money to the corporations. Now the issue is the inflation:a problem if we have it another if we don't have it. Do we have any idea where are we going or just more inequality, debt and decadence. They forget that inflation is a tax, what is the point of full employment without real salaries. We have reduced this country to demagoguery and lies.
Nordic Fire
Nordic Fire Feb 07, 2021 4:04PM ET
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The entire point was to bring inflation up to an average of 2% so win win noob
Roger Miller
Roger Miller Feb 07, 2021 4:04PM ET
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Nordic Fire Inflation by who’s measure? Few actually believe those numbers. And how does inflation help the poor and jobless? Deflation would be better for those people. The poor are typically asset poor, so they don’t benefit from inflation.
Jeff Shinn
Alien_Ancestry Feb 07, 2021 3:34PM ET
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The same party (via Democrat Govenors) that destroyed millions of jobs and hundreds of thousands of businesses now has clarity on how much people need?! Really! Politicians are evil. How many billions in pork will be handed to their cronies...pure corruption.
Nordic Fire
Nordic Fire Feb 07, 2021 3:34PM ET
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Can only lose jobs where there actually jobs.
Roger Miller
Roger Miller Feb 07, 2021 3:34PM ET
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Just look at the effectiveness the last time Biden and Obama spent billions! Plus he has destroyed more jobs in his first month as president than anyone else, just look at Friday’s private sector payroll data.
Peter Dikeakos
Peter Dikeakos Feb 07, 2021 1:31PM ET
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Is she too old to run for President on the Republican ticket ?
Neil Shannon
Neil Shannon Feb 07, 2021 12:49PM ET
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Hmmm. Give people $1400 and somehow this reduces unemployment?
milena villa escobar
milena villa escobar Feb 07, 2021 12:49PM ET
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The other side of the coin is equally ridiculous if you don't give them $1,400 unemployment with linger for years so the whole thing boils down to whether the people receive a $1, 400 check or not
la popeye
la popeye Feb 07, 2021 12:49PM ET
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china will be happy...as well as wall street. a part will repay debt pending...so no real effect.
Catholic Man
CatholicMan Feb 07, 2021 12:49PM ET
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milena villa escobar that doesnt even make sense
Greg Pomering
Greg Pomering Feb 07, 2021 11:43AM ET
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every American should get the same **** money!!!
Sol Weinberg
Sol Weinberg Feb 07, 2021 11:36AM ET
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Insanity.
Alan Rice
Alan Rice Feb 07, 2021 11:36AM ET
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It is a bad sign when EVERYONE ELSE appears insane.
Jo Riley
Jo Riley Feb 07, 2021 11:36AM ET
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@Sol Weinberg    It is calculated.   The goals:  - use deceived folk to reduce the US economy, power, and influence in the world. - use deceived folk to increase the economies, power, and influence of corrupt regimes - revel in the evil that will follow
Kaveh Sun
Kaveh Sun Feb 07, 2021 10:47AM ET
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Will have a revolution when inflation gets up to over 20%. Wall street already bet on inflation the day Joe got in.
Frederick Green
Frederick Green Feb 07, 2021 10:31AM ET
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Sure! I don’t mind letting our children and grandchildren pay oof our debt. Let’s party!
Brian Peaden Jr
Brian Peaden Jr Feb 07, 2021 10:31AM ET
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Who are you kidding? We just take out a bigger loan, to pay the old loan. It's a debt that will never be paid. Party on!
steve not
steve not Feb 07, 2021 10:31AM ET
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it won't take that long we will all see it .you are already seeing it in asset prices then committees next then stagflation. they want this .here divide to happen.
Peter ONeill
Peter ONeill Feb 07, 2021 10:31AM ET
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Brian Peaden Jr  US national debt is already at 130% of GDP (highest since ww2) and likely to get to 150%+ by the end of the year. Corporate debt is at 49% of GDP - the highest since 2001 / 2008 (the last 2 bubble collapses). The only reason bond interest rates are not skyrocketing is the US Fed is buying up Trillions of US debt by printing money. This should lead to huge inflation  - which hasn't happened yet only as people cant spend while in lockdowns so they are spending disposable money on stocks instead (Nasdaq almost doubling in 12 months while Dow is even up almost 10% despite the collapse in pandemic relevant industries). One unforeseen event and will all collapse like dominoes - may not be this year or the next but will happen eventually - all just depends if slow unwinding or a sudden shock.
 
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