[ abstract ]If lawmakers fail to pass a bill by the end of this month, the $600 weekly federal unemployment benefit will expire at least temporarily, which currently supports tens of millions of unemployed Americans.
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Original title: The unemployed army will end their cooking? Toward the end of the month, the two parties in the United States still have different opinions on the relief bill
At present, in addition to paying close attention to the performance of US stock financial reports, Wall Street traders may be most concerned about whether the new round of relief bill of the US government can be successfully released at the end of the month. However, at least for now, the two parties still seem to be deadlocked!
Republicans and Democrats in the United States discussed on Tuesday the proposal to expand unemployment insurance for unemployed Americans and provide more funds for schools. However, they still have quite different opinions on the amount of the next round of COVID-19 relief spending.
After meetings with White House and Treasury officials, Republican and Democratic lawmakers said they expected the final legislation to include more funding for COVID-19 testing, although the Trump administration had previously opposed such ideas.
There was also discussion on whether to accept Trump's request for reducing payroll tax, but even some Senate Republicans questioned this. Democrats say Republicans and the White House have yet to agree on the proposal. The payroll tax is used to fund federal retirement plans such as Social Security.
Nancy Pelosi, Speaker of the US House of Representatives, said that the US $1 trillion they were considering was not enough for the US economy and the health of the American people. The Democratic controlled House of Representatives passed a $3 trillion relief bill two months ago, which was ignored by the Republican majority Senate.
"We want to see this (Republican) bill, not just dialogue," Pelosi told reporters after meeting with Treasury Secretary Mnuchin, White House Chief of Staff Mark Meadows and Senate Democratic leader Chuck Schumer.
Schumer pointed out, "We are glad that they came to see us and that they briefly explained some very broad concepts, but they are not ready for negotiation."
However, US Treasury Secretary Mnuchin believed that the talks on that day were fruitful and he hoped to reach an agreement by the end of next week. "This is an important time frame, because we hope to complete some things before the unemployment benefit policy expires on July 31," he said.
At present, the number of newly diagnosed cases in the United States has exceeded 3.8 million, more than 141000 people have died, and tens of millions of people have lost their jobs.
Earlier, on March 27, Trump signed and passed the New Coronavirus Assistance, Relief and Economic Security Act (CARES Act). As an important part of the $2 trillion aid plan, this bill has developed a number of tax relief and tax incentives for American businesses, individuals and families. According to the bill, in addition to the traditional unemployment benefits, the unemployed can receive an additional $600 a week in unemployment benefits.
If lawmakers fail to pass a bill by the end of this month, the $600 weekly federal unemployment benefit will expire at least temporarily, which currently supports tens of millions of unemployed Americans.
Kevin McCarthy, the minority leader of the House of Representatives of the United States Congress, said on Tuesday that he did not expect Congress to pass a new coronavirus relief bill before the end of July, which means that a key financial "lifeline" is likely to expire.
In an interview with CNBC's "Squawk Box" program, the California Republican said: "I don't expect this bill to be completed before the end of July." He said that he expected Congress to "probably approve this bill in the first week of August".
