Business Insider: Biden cuts 16 million people off from stimulus checks after striking deal with moderate Senate Democrats, study says

A faster phaseout for the $1,400 checks in President Joe Biden’s stimulus plan would exclude more than 16 million Americans from receiving one, according to a preliminary analysis from the left-leaning Institute on Taxation and Economic Policy.

The president on Wednesday approved a compromise on the direct payments that would trim the number of people eligible for the payment. The checks would phase out entirely for individuals making more than $80,000 a year and married couples making over $160,000. Read more