U.S. Treasury Secretary mnuchin: the Republican Party has finalized the next round of rescue plan, which will be launched on Monday

category:Finance
 U.S. Treasury Secretary mnuchin: the Republican Party has finalized the next round of rescue plan, which will be launched on Monday


Republicans had hoped to issue a formal proposal on Thursday, but that hope failed as weekly data showed rising unemployment. Mitch McConnell, the Senate majority leader, said the White House asked for more time to review the details..

He also said the bill would change the federal unemployment benefit provision to replace the original $600 a week with 70% of the wage. As a key part of the $2.2 trillion cares act, the benefit will expire on July 31.

According to mnuchin, after he and other top trump aides have optimized the details, the trump government supports extending the increased unemployment benefits to the end of the year in the next round of the NCCA assistance program, although the level of assistance will be reduced.

Republicans believe that the continuation of $600 a week unemployment assistance may hinder the U.S. economic recovery. Democrats, on the other hand, think it would be very difficult to calculate the amount of each persons Subsidy under the Republican proposal. $600 a week is easier to operate. In May legislation, Democrats extended unemployment benefits of $600 a week to January.

Mnuchin also said that some parts of the legislation, such as unemployment benefits and liability protection, had higher priority than other issues. He said an agreement could be reached in parts to speed up the negotiation process.

But Democrats are against a partial agreement. Nancy Pelosi, the speaker of the house of Representatives, said: they are in a mess. We were ready two months and ten days ago.

She refers to the fact that in mid May, the house of Representatives passed a $3 trillion coronavirus rescue plan, which was almost passed by the Democratic Party, but failed in the Republican controlled Senate.

Pelosi said on Thursday that a partial agreement could not be reached. Chuck Schumer, the Senate minority leader, also said: we have to solve this problem as a whole.

White House economic adviser Larry kudlow said in a media interview earlier Sunday that the Republican proposal was a very comprehensive package.. He also said the trump administration intends to extend the federal moratorium on deportation, but did not specify whether this is included in the legislation.

A number of US economists, including former Federal Reserve Chairman Ben Bernanke and Yellen, have said that if a new round of stimulus measures are not introduced in time, the United States may face permanent economic damage.

Source of this article: Wang Xiaowu, editor in charge of CFA_ NF