$1,400 Stimulus Check Update!! [March 3]

hey everyone me kevin here with another

stimulus update and congress is back at

it again making changes

there is now a large stimulus check

change affecting who is going to be

eligible for the check

previously if you made 75 000 you could

get the full 1400

check as long as you did not make more

than seventy five thousand dollars

and then between seventy five thousand

dollars and one hundred thousand dollars

your pay would proportionately go

down until you get to a hundred thousand

dollars of income at which point you

would receive zero dollars

worth of a stimulus check the amount

obviously varies based on how many

dependents you have

so just think if i'm at 75k or at 100k

i'm at 100 or at zero percent and you

got a nice

simple scale between that in terms of

how much of a check you get

well that scale for individuals which

used to be 75k to 100k

is now being shrunk to 80k so in other

words

if you make 75 000 you get the full 1400

once you make more than 80

000 you get zero so literally everybody

making as an individual between 80 and

100k

just got cut out of the stimulus checks

for couples

that 160 000 is now getting a hard cut

off at

thousand dollars so that's only an extra

ten thousand dollars of a phase out

period there which means every extra

dollar you make

gets cut cuts your stimulus check pretty

substantially

in that ten thousand dollar zone there

for couples between 150 and 160 which is

when you hit

zero and individuals at 80. now this is

just planned right now in the senate

but so far joe biden has okayed the

change

the tax foundation estimated that with

the old version of 1400

checks 93 of americans would have been

eligible we're not yet

sure how many people will be eligible

now with this new rule

my guess is this would probably take it

down to somewhere around 80 percent

we'll probably lose about another 13

percent of people who just won't be

getting a check

at all now progressive house democrats

say they'll reject these changes so

these changes aren't certain yet

but the democrats in the senate really

have a lot more

negotiating that they need to do because

all the democrats in the senate need to

do is lose one seat and if they lose

just one seat

the entire bill blows up democrats in

the

house can lose up to a total of five

seats and with the last version of the

bill

they lost two so they have another three

to kind of go which somewhat implies

that there's more leverage

to negotiate in the senate than there is

in the house because there are some

seats to be lost in the house

so if some people get pissed off because

of that on the democratic side

oh well the senate might still be able

to slam dunk these changes

now joe manchin is probably the big

reason for this change

joe mansion has been consistently

complaining about further targeting the

stimulus relief bill

he also wants the unemployment boost cut

down from 400

per week to 300 per week which we talked

about yesterday now

remember unemployment was originally

promised through the end of september

and now it's only being promised through

the end of

august if the bill even passes so this

would be an extra cut to unemployment

going from 300 i'm sorry going from 400

down to 300

again which is where the boost is now

but at the very moment here

the chief political correspondent over

at yahoo finance indicated that two of

her sources

tell her that the 400 per week boost

right now is actually

planning on or a plan to stay within the

bill

despite manchin's request to have this

reduced

because they targeted the stimulus

checks instead

they think that might be enough to

appease joe manchin

now this really also goes to show joe

biden's power or maybe lack thereof here

joe biden said early on in this

negotiation that the income thresholds

for who would get the stimulus check

were negotiable

and boom this is now the second time

those were getting negotiated so he kind

of left the door open there and

people literally walked right through

that door to take advantage of that

opportunity

not so sure if his signaling helped

there but anyway

biden does can we keep this in mind

biden did also say the minimum wage

probably wasn't going to happen and oh

it's not happening so i don't know

biden's signaling i don't know if it's

good or bad

but there's definitely negotiating

happening now nancy pelosi was asked

about these changes about limiting the

stimulus checks further

and her response was actually that she

wanted to see the entire package but

she thought hey so far so good in other

words

she's already okay with it and many of

the democrats in the house follow nancy

pelosi's lead

right now a bipartisan group of 16

senators are meeting in the senate

to strategize for uh or on amendments

that can be proposed during the

votarama which is expected to begin

tomorrow so stay tuned for a lot more

updates from amendments these amendments

are going to be pretty powerful because

this this is like the last hurrah the

senate making amendments uh now remember

any single democrat not voting for this

bill does kill the entire package

it's insanely tight right now chuck

schumer does say it's possible the

senate will conduct a roll call vote

tonight here wednesday evening

and then that way they will be able to

sort of outline okay who's definitely

for the bill the way it is

and who are we not getting on board and

then that way they could say oh okay

well it's just joe manchin

or maybe kirsten cinema needs to be

convinced as well and then they go over

and go okay what do you need

this is why we're seeing the tightening

of the checks yesterday i kind of

alluded to this as greasing their bombs

uh you know i don't know if they're

actually getting like

extra ear marks for their districts by

being hardcore negotiators here or if

they're just getting more cuts to the

broader package

which apparently they might be able to

celebrate for being victorious on not

providing people more money during the

pandemic but

yeah i i don't know anyway republicans

are already planning multiple amendments

to extend and draw out this process

uh this voterama process obviously their

hopes are

killing the bill or at least gaining

some leverage to be able to negotiate

some of their amendments in

democrats are likewise planning their

own amendments like adding the 15

minimum wage back in with different

verbiage given that the parliamentarian

said

that the way the current 15 minimum wage

bill was written is not acceptable

so now of course you have senate

democrats going okay fine and we'll try

again with different language

this is literally like middle schoolers

trying to loophole out of detention

anyway remember the goal is for this

bill to get done by march 14th

that is when unemployment benefits run

out of funding many senate democrats are

waiting for the cbo to the congressional

budget office to release their opinion

on the relief bill and then score it

especially the cost of amendments like

targeting stimulus checks a versa

reduction versus a reduction in the

unemployment boost

we'll see donald trump has also uh it

has now been reported

apparently been talking about

potentially running in 2024 without

mike pence as a vice president donald

trump obviously has slammed mike pence

pretty hardcore especially on january

6th

mike pence uh has not been very

enthusiastic

about working with donald trump

apparently afterwards although the two

have spoken

it took about a week for them to both

talk again after the events that

unfolded on the capitol

on january 6th anyway we'll see what

updates come in

i would suggest staying tuned because

the uh the market is uh

definitely on standby for a lot of

action here regarding the stimulus

package

bitcoin is up six point three percent at

the moment with a uh with a price change

of about three

thousand dollars despite tech stocks

selling off

which keep in mind if you want to

deposit money with a cryptocurrency

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consider checking out block fi if you go

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them well there you have it folks thank

you so very much for watching if you

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video and folks we'll see in the next

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