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Biden has approved cutting the number of people eligible for a third stimulus check

Joe Biden

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President Joe Biden has signed off on faster phaseouts for $1,400 stimulus checks, a step that would cut the number of people eligible for a third direct payment in the $1.9 trillion economic rescue plan that is awaiting passage into law.

A Democratic aide confirmed to Insider that the president approved paring back the thresholds at the higher end of the income spectrum. The aide spoke on condition of anonymity to share Congressional discussions.

The aide also said that federal unemployment benefits would remain at $400 per week through the end of August.

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