Millions left in limbo as Congress lets $600 unemployment benefit lapse

GOP lawmakers are debating whether to reduce the payments and to possibly include a bonus for those who accept job offers because of concerns that the generous enhancement is a disincentive to returning to work. Democrats have proposed continuing the $600 benefit into 2021.

Advertisement

Treasury Secretary Steven Mnuchin said Thursday that extending the program, which was part of the $2 trillion economic aid package passed in March, is a priority.

“We’re not going to pay people more money to stay at home than work, but we want to make sure that the people out there that can’t find jobs do get a reasonable wage replacement,” he told CNBC. “So it will be based on approximately 70% wage replacement.”

That would equate to about $200 a week, said Ernie Tedeschi, an economist at Evercore ISI.

Join the conversation as a VIP Member

Trending on HotAir Videos

Advertisement
Advertisement
Advertisement