Rep. Tom Reed, R- N.Y., discusses the need for Democrats and Republicans to ‘work together’ in order to come to agreement on an economic relief plan.<\/p>\n
As congressional Democrats debate which Americans should receive a third stimulus check in the latest coronavirus relief package, new data shows how recipients of the $600 payments distributed at the beginning of January spent the money.<\/p>\n
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WHAT'S IN BIDEN'S $1.9T STIMULUS PLAN?<\/strong><\/p>\n According to a report published by Apartment Guide, a majority of Americans — roughly 38% — used the cash to either pay for rent or cover their utility bills.<\/p>\n A significant number of adults also stashed the money away for future use: Close to 15% of respondents said they put the money into a savings account.<\/p>\n About 12% of respondents indicated they had used the money to buy food or groceries, including ordering from restaurants, and another 12% said they would put the money toward paying down credit card debt.<\/p>\n BIDEN SPARKS BACKLASH AMONG SOME PROGRESSIVES OVER $1,400 STIMULUS CHECKS IN COVID RELIEF PROPOSAL<\/strong><\/p>\n Other common ways to spend the money included using it to pay for student loans (4%), car payments (3%), clothing (2.2%) and health care (2%). Americans barely spent the money to boost other struggling sectors of the economy, and only a tiny percentage used their stimulus checks on travel (1.33%) or entertainment (1.22%).<\/p>\n The report comes as Congress debates whether or not to narrow the eligibility criteria for a third $1,400 stimulus check. Under both the CARES Act and the $900 billion relief package passed in December, Americans earning less than $75,000 received the fully promised payments of $1,200 and $600, respectively.<\/p>\n But President Biden has indicated that he's open to lowering the income threshold in hopes of securing some GOP support for the nearly $2 trillion relief bill.<\/p>\n One proposal floated by senior Democrats includes lowering the threshold for the payments to begin phasing out above $50,000 for single taxpayers, $75,000 for people who file as the heads of households, and $100,000 for married couples, according to The Washington Post.<\/p>\n Treasury Secretary Janet Yellen said Sunday that Americans earning $60,000 per year should receive the promised payment.<\/p>\n