GOP considers extending unemployment benefit at reduced level of $100 a week through December
Source: CNBC
Republicans are considering extending the enhanced unemployment insurance benefit at a reduced level of $400 per month through the rest of the year, sources told CNBC.
Congress passed a $600 per week, or $2,400 a month, boost to jobless benefits in March to deal with a wave of unemployment unseen in decades as states shut down their economies to combat the coronavirus pandemic. The policy expires at the end of July as the U.S. unemployment rate stands above 11% despite two strong months of job growth.
The GOP, which has not made a final decision on how it will craft unemployment insurance in a bill set to be released this week, previously discussed additional payments of about $200 per week. Democrats want to make the $600 per week sum available at least until next year.
The level Republicans are mulling would slash the amount of money beneficiaries receive at a time when roughly 30 million people are receiving unemployment insurance in some form. The additional assistance helped Americans cover food and rent during the outbreak, and many economists say it boosted household spending and buoyed the economy.
Read more: https://www.cnbc.com/2020/07/22/coronavirus-stimulus-republicans-consider-unemployment-insurance-extension.html
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