President Joe Biden may consider a scaled-back stimulus package from a handful of Senate Republicans. They have proposed reducing the amount of the third stimulus check to $1,000 and limiting eligibility so that fewer Americans will receive a check at all.

A group of 10 moderate Republican senators, led by Susan Collins (R-Maine), will meet with Biden at the White House on Monday (February 1) to discuss the $618 billion plan.

The proposal is one-third the size of the $1.9 trillion package proposed by the Biden administration, which would cut or eliminate several of the administration's major bailout programs, including the third stimulus check.

According to the New York Times, the Republican bill would provide $1,000 checks to individuals earning up to $40,000 a year and families earning up to $80,000 a year. Those with incomes up to $50,000 and $100,000, respectively, would receive the check on a pro-rated basis.

"Let's focus on people who are struggling," Senator Rob Portman (R-Ohio), a member of the moderate group, said on Sunday.

By contrast, Biden's massive package would send $1,400 in direct payments to individuals making less than $75,000 and couples making less than $150,000.

If the same criteria applied to the previous two checks, proportional checks would be sent to individuals with incomes up to $103,000 and $206,000, respectively.

If Biden's proposal moves forward, recipients of up to $600 in stimulus checks paid out after Christmas 2020 would also receive some additional funds in a third stimulus check.

The Republican proposal would repeal Biden's proposed increase in the federal minimum wage to $15 per hour. However, the $300 unemployment benefit, which expires in March, would continue through June 30.

Senate Democrats have indicated that they will move forward with a major bailout package without Republican support through a legislative process known as reconciliation. This would allow Senate Democrats to pass Biden's proposal with only 50 votes, plus the vice president's vote, rather than the 60 votes needed to overcome the filibuster.

However, Biden has long expressed hope for a bipartisan stimulus package. The Republican group formulating this latest bill includes 10 centrist senators, exactly the number needed to avoid a filibuster.

Some senators are still pushing to move forward with their part of the $1.9 trillion plan unless Republicans agree to cooperate. [Senate Majority Leader Chuck Schumer (D-NY) said Sunday, "They should negotiate with us.