Babaamaajimowinan (Telling of news in different places)
Babaamaajimowinan (Telling of news in different places)
Treasury Secretary Steven Mnuchin, right, and White House Chief of Staff Mark Meadows, speak to reporters following a meeting with Senate Majority Leader Mitch McConnell (R-Ky.), at the Capitol in Washington, on Thursday, July 23, 2020. The White House and Senate Republicans neared agreement on Thursday on a new economic rescue proposal that includes another round of stimulus payments to individuals, additional aid to small businesses and a partial extension of enhanced unemployment benefits, according to a summary of the agreement that was circulating on Capitol Hill.
WASHINGTON – Senate Republicans and the White House on Monday threw their support behind a substantial cut in jobless aid for tens of millions of Americans laid off amid the pandemic, proposing a weekly reduction of $400 to a benefit that has cushioned the nation's economy even as coronavirus cases continue to rise across the country.
The proposal was part of a $1 trillion opening bid that would have to be reconciled with Democrats, who are pushing a recovery package that would spend three times as much and extend the $600 per week in extra unemployment aid through the end of the year.
Economists say the money, slated to expire this week, has provided a crucial economic buffer for the unemployed, and that lowering the payments could have a cascade of damaging effects across the economy. But Republicans contend that it is too generous, discouraging Americans from returning to work and hampering a recovery.
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