Washington (NCC News)- More details have come out about the Republican coronavirus relief package expected to debut this week. The joint plan of the white house and congressional Republicans will respond to the expiration of the enhanced unemployment insurance this week with a modified approach according to Treasury Secretary Steven Mnuchin.
“We’re not going to continue [the enhanced unemployment insurance] in its current form because we’re not going to pay people more money to stay at home than to work,” Mnuchin told CNBC this morning. “It will be based on approximately 70% wage replacements.”
Mnuchin said he is working today with Senate Majority Leader Mitch McConnell to hammer out the final language, but the plan is mostly in place. He say the bill aims to put money into Americans pockets as he echoed McConnell’s statements from Tuesday that the plan would include direct checks and more loans for small businesses.
“The President’s focus is, he wants to get money into people’s pockets now,” said Mnuchin. “The President’s preference is to make sure we send out direct payments quickly.”
McConnell said in a press conference Tuesday that he believes their proposal will be a starting place for negotiations with Democrats but stressed that congressional Democrats are not irrelevant and it will be a process. This will be the first coronavirus relief bill proposed by Republicans since House Democrats released the Heroes Act on May 12. The bill is expected to be submitted Monday.
