- Treasury Secretary Steven Mnuchin said Thursday that there was a high probability of another round of cash payments for Americans.
- He said they would probably go to the same people as before, for the same amount.
- Democrats have lobbied to include people who were left out of the first round, such as students and adult dependents.
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As unemployment benefits expire amid a further surge in jobless claims, lawmakers appear to be reaching a consensus with the White House on how to further help America’s struggling economy.
In an interview with CNBC on Thursday morning, Treasury Secretary Steven Mnuchin said that a Republican bill would expand a reduced level of federal unemployment income and include a second round of direct payments of $ 1,200 very similar to those made earlier four months.
President Donald Trump, who has lobbied a payroll tax cut in recent months despite little support from his own party, “wants to put money in people’s pockets now, because we need to reopen the economy,” Mnuchin said. .
Read more: The Trump administration and Senate Republicans are discussing the upcoming coronavirus stimulus. This is what’s in store for the final bill, including more checks, small business loans, and $ 100 billion to reopen schools.
“The president’s preference,” he added, “is to make sure we send direct payments quickly.”
Senate Majority Leader Mitch McConnell had said any direct pay should focus closely on lower-income Americans; specifically, it was targeting an income limit of $ 40,000.
Republicans in Congress have condemned a weekly unemployment bonus of $ 600, which will expire at the end of the month as the pandemic breaks out in the United States. About 70,000 new cases of coronavirus were reported Wednesday, with the death toll reaching more than 142,000.
Democrats sought to continue the full $ 600 unemployment bonus beyond July 31, as well as extend the stimulus payments to more people than those included in the first round, such as students and adult dependents.
There is ample evidence that expanded unemployment payments along with stimulus payments helped consumer spending rebound earlier this year despite record unemployment. Research has found that government aid helped keep about 12 million Americans out of poverty.
Read more: The weekly $ 600 coronavirus unemployment increase is nearing completion. 3 analysts share predictions on how Congress will replace him, including a special bonus for getting back to work.
Experts expect the unemployment rate, which stood at 11.1% in mid-June, to remain high for much of the year.
