Ten Republican senators on Sunday countered President Joe Biden's $1.9 trillion COVID-relief package with a roughly $600 billion package. The Republican plan includes payments starting at $1,000 — lower than the $1,400 under Biden — and would decrease depending on income level.

The 10 Republican senators include Susan Collins of Maine, Rob Portman of Ohio, Mitt Romney of Utah, Todd Young of Indiana, Lisa Murkowski of Alaska, Bill Cassidy of Louisiana, Thom Tillis of North Carolina, Shelley Moore Capito of West Virginia, Mike Rounds of South Dakota and Jerry Moran of Kansas.

Americans who make less than $50,000 a year and households making below $100,000 a year will be eligible for the check.

Cassidy told Fox News that school funding would also be cut from $170 billion to just $20 billion, but COVID testing and vaccine distribution funds would increase.

Biden wants to work on a bipartisan deal with Republicans but it's unclear where he would be willing to compromise.

"We have learned from past crises that the risk is not doing too much," Biden said Friday at the White House. "The risk is not doing enough."

Biden’s plan includes $400 in weekly unemployment benefits, $130 billion in funds to reopen schools, $350 billion in assistance for state and local governments and an expansion in the child tax credit.

"We're at a precarious moment for the virus and the economy," National Economic Council director Brian Deese said on Jan. 22. "Without decisive action, we risk falling into a very serious economic hole, even more serious than the crisis we find ourselves in."

Investors are now waiting to hear what Democrats plan to do with their new control of Congress, with expectations another huge stimulus package is in the works
Investors are now waiting to hear what Democrats plan to do with their new control of Congress, with expectations another huge stimulus package is in the works AFP / Eric BARADAT
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