White House would likely support a new round of stimulus checks, sources say

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The White House would likely support another round of stimulus checks, two senior administrative officials told CNBC on Thursday.

The White House did not provide further comment except to release a statement which said:

“As President Trump has said, we are going to ensure that we take care of all Americans so that we emerge from this challenge healthy, stronger, and with economic prosperity, which is why the White House is focused on pro-growth, middle class tax and regulatory relief.”

The House is set to vote on a $3 trillion stimulus bill on Friday to blunt the coronavirus pandemic’s devastating effects on the economy and health-care system. 

New filings for unemployment claims on Thursday totaled just shy of 3 million for the most recent reporting period, a number that while still high declined for the sixth straight week, according to Labor Department figures Thursday.

The first round of stimulus checks was part of a $2 trillion package authorized by Congress. The legislation called for using past tax returns from either 2018 or 2019, whichever is most recent, to determine eligibility for a stimulus payment.

The payments were up to $1,200 for individuals or $2,400 for married couples who file jointly, plus $500 for qualifying dependents. The payments were targeted at individuals making up to $75,000 and couples who earned up to $150,000 in adjusted gross income. Above that, the checks were reduced, and they eventually phased out completely at $99,000 in income for individuals and $198,000 for married couples.

CNBC’s Lori Konish contributed to this story

Source: CNBC

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