Romney to propose annual cash benefit of $3,000 per child

Sen. Mitt Romney (R-Utah) is proposing a monthly cash benefit totaling $4,200 a year for children ages 0-5 and $3,000 a year for children ages 6-17 as a means of combating child poverty.

Why it matters: White House chief of staff Ron Klain tweeted that he looked forward to seeing the details of Romney's plan, calling it "an encouraging sign that bipartisan action to reduce child poverty IS possible." Thus far, Biden's $1.9 trillion coronavirus stimulus proposal has garnered little Republican support.

Between the lines: Similar legislation drafted by Democrats would provide $3,600 a year for children ages 0-5 and $3,000 a year for children aged 6-17. Both plans would directly deposit the benefit into recipients' bank accounts each month.

• But Romney's plan, unlike Democrats' proposal, would partially fund the benefits by eliminating the Temporary Assistance for Needy Families welfare program and other child and family tax credits.
• Romney's plan would also eliminate the State and Local Tax Deduction (SALT), which he said in a statement "is an inefficient tax break to upper-income taxpayers."

What to watch: Romney is expected to introduce the idea as an amendment to Democrats' budget resolution that will ultimately be the vehicle for passing Biden's $1.9 trillion relief package, per the Washington Post.