On Thursday, January 14, a third stimulus package worth $1,400 was included in a new stimulus package proposed by President-elect Joe Biden. This $1.9 trillion stimulus complements the $600 second stimulus package, which will provide a total of $2,000 to eligible Americans.

The president-elect, who takes office next Wednesday (January 20), also broadened the guidelines for those eligible for the "American Rescue Plan." He has proposed that dependents up to age 23 and elderly parents living with their adult children should qualify families for an additional $1,400 payment.

In other words, every American who earns less than $75,000 or is a dependent of someone earning less than $75,000 would be eligible to receive a third stimulus check.

"We finish the job of getting the cash relief totaling $2,000 to those who need it most," Biden said while announcing the relief plan. The $600 already earmarked is simply not enough."

For months after the first $1,200 stimulus check last spring, lawmakers struggled to find a compromise on a second bailout and a second direct payment; on the last day of December, a $900 billion bipartisan bill was finally passed, but the stimulus was not $1,200. It was $600.

During that protracted debate, some left-leaning House Democrats proposed a $2,000 stimulus check that had not previously been discussed.

President Trump immediately jumped on the idea and declared that he would not sign a second stimulus bill until the payments were raised to that amount, but conceded under pressure from congressional leaders.

The Democrat-controlled House quickly approved a stand-alone bill to raise the December bill's $600 payment to $2,000. Senate Majority Leader Mitch McConnell (R-Kentucky) did not go so far as to reject the bill when it was introduced in the House, but he effectively killed the effort by attaching to the bill a proposal he knew Democrats would not vote for.

After Inauguration Day, Democrats will have a last-minute advantage in the Senate, but it may not be enough to pass a spending bill without Republican support.

Biden hopes the new plan will be up for signature early in his presidency. However, he said in a speech Wednesday that while it may not be easy for lawmakers to agree on a bill, the stimulus checks are a top priority.