Republican COVID-19 Stimulus Package Will Be Unveiled Monday, Treasury Secretary Says

Republican COVID-19 Stimulus Package Will Be Unveiled Monday, Treasury Secretary Says”

Top aides to US President Donald Trump said on Sunday (July 26) they agreed in principle with Senate Republicans on a US$1 trillion (S$1.38 trillion) coronavirus relief package - the party's opening offer in negotiations with Democrats less than a week before enhanced unemployment benefits expire.

Mnuchin and Meadows spent the weekend meeting with Senate leadership staff to work out the final details of the Republican proposal, which is expected to include another round of direct payments to Americans, $105 billion for reopening schools, $16 billion in new money for testing, more flexibility for state money, and liability protections for schools and universities.

Republicans say they are looking at an extension of unemployment benefits that replace 70 percent of a person's wages before they lost their job. He said some language was being checked, but there were "no outstanding issues".

Pelosi said she disagrees with the Republicans' proposal to have liability protection for businesses as part of the next deal. The March CARES Act provided a weekly $600 boost for workers hit hard by the pandemic. Advertisement The GOP bill is the latest installment in sweeping aid to support the USA economy through the coronavirus pandemic. But widespread business reopenings have been thwarted as the virus surges in states such as California and Florida, which overtook NY, an early hotspot, in total cases on Sunday.

The economy is suffering from the impact of the COVID-19 pandemic, with about 30 million Americans on unemployment benefits. "This is our focus, and we want to make sure something gets passed quickly so that we deal with the unemployment and all the other issues", Mnuchin told the Fox News Sunday programme.

More news: Church volunteer admits to setting fire that gutted French cathedral

"It was a technical problem where we were in an emergency last time, so we instituted this quickly", stated Mnuchin.

The comments come as Republicans and Democrats remain deeply divided over how to approach enhanced unemployment benefits, which began to expire this weekend.

White House economic adviser Larry Kudlow told CNN's Jake Tapper on "State of the Union" that $1,200 checks to Americans will be part of the new recovery package, in addition to reemployment bonuses, retention bonuses and tax credits for small businesses and restaurants.

Fox News' Chris Wallace spoke with Treasury Sec.

"We can move very quickly with the Democrats on these issues", he said. "We've moved quickly before, and I see no reason why we can't move quickly again", Mnuchin added.

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