Republicans are set to roll out the next
COVID-19 aid package on Monday, according to Treasury Secretary Steven Mnuchin, who confirmed that there was backing from the White House.
A previous
$1T virus rescue bill floundered last week amid GOP infighting over its size, scope and details. It was expected to bring $105B to help schools reopen, $16B for coronavirus testing, and benefits for businesses like loans, tax breaks and a liability shield from COVID-related lawsuits.
What's in the new proposal? Mnuchin said there would be $1,200 in direct stimulus payments in August - based on the same formula from the earlier aid bill - but called the $600 in expanded federal unemployment benefits (that expires July 31) "ridiculous" and a disincentive for people to go back to work. The new plan will likely ensure no more than 70% of an employee's previous pay.
Administration officials say the overall package remains at $1T, on par with Senate Majority Leader Mitch McConnell's original draft. Mnuchin also revealed that payroll tax cut sought by President Trump won't be in the coming stimulus package, but may be in follow-up virus relief legislation.
The plan will serve as a starting point for negotiations with Democrats, who have already passed a $3.4T bill in the House. (SA)