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Biden Backs Income Limits on $1,400 Stimulus Checks

Biden indicates support for payments to individual Americans making under $75,000 a year.

President Joe Biden on Tuesday lent his support to limiting $1,400 stimulus checks to individuals making under $75,000, during a meeting with corporate CEOs including JPMorgan Chase’s  (JPM) Jamie Dimon and Walmart's  (WMT)  Doug McMillon.

Biden was quoted as saying "yes" when asked about the proposal during his meeting with business leaders, according to multiple media reports.

"If I have to choose between getting help right now to Americans who are hurting so badly and getting bogged down in a lengthy negotiation or compromising on a bill ... that’s an easy choice,” Biden said Friday, as quoted in Bloomberg. “I’m going to help the American people who are hurting now.”

Individuals making up to $100,000 a year and joint filers making up to $200,000 a year will be eligible for a partial stimulus payment before a complete phaseout at income levels above that, Forbes reported.

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Biden addressed the economic recovery bill as well as infrastructure and the minimum wage with Dimon, McMillon and others. 

Treasury Secretary Janet Yellen and Vice President Kamala Harris were also present at this meeting, along with Tom Donohue, CEO of the U.S. Chamber of Commerce.

Shares of JPMorgan Chase dropped 0.4% to $139.5 Tuesday. Walmart shares rose 0.5% to close at $145.8. Shares of retailer Gap dropped 1.62% to $21.90. 

Republican senators have been pushing for a stimulus bill one-third the size of Biden's $1.9 trillion plan.

Debate over the size of a stimulus package has also broken out in Democratic circles, with former treasury secretary Larry Summers, who served in President Bill Clinton's administration arguing in a recent op-ed in the Washington Post that the Biden plan  may be too big.