What the $1.9 trillion stimulus deal would mean for Long Island
Senate Democrats are trying to
firm up support for President Joe Biden's $1.9 trillion coronavirus relief
plan. Earlier this week, it was decided that $1,400 stimulus checks will be
capped for certain incomes.
Under the new plan, no money would
be given to individuals earning $80,000 or more, or couples earning $160,000 or
more. Under the previous plan, the income limits were $100,000 for individuals
and $200,000 for couples.
The plan would lower the overall
price tag of the stimulus plan, something Robert from Dix Hills is happy about.
“I think they're spending too
much. I'm very concerned about my children and my grandchildren. They're going
to be hit with an enormous debt,” he says.
Matt from Centereach says with
Long Island's high cost of living, even someone making $100,000 needs help
“I agree there shouldn't be pork
politics as far as the stimulus bill, but don't screw us,” he says.
Economic analyst Marty Cantor told
News 12 that the stimulus is “not going to have that major of an impact to the
middle class of Long Island.” He says just as important as who gets the money
is that whoever gets it, spends it and not saves it.
“It's called a stimulus bill for a
reason. You want to spend it. You want to spend it in restaurants, clothes
stores, retail. You want it to circulate in the economy, that's why you're
getting the money, not just to put it in your bank account,” he says.
The income limit was the second
change that Biden agreed to – needing every vote he can get in a split
Senate. The first was dropping a proposal to raise the national minimum
wage to $15 an hour.
The House already passed the
stimulus plan with the old income limits. If the Senate passes a different
version, the measure goes to a conference committee and each side must
agree on a single version.