Federal Unemployment Set To Expire, As Senate GOP Leaders Will Unveil Their Stimulus Plan On Monday

Reports are that the Senate GOP representatives and the White House have agreed on what the new pandemic economic stimulus will include. The latest version will most likely be introduced by next week. 

The coronavirus pandemic has wreaked havoc on the economy. With around 30 million people unemployed, the pressure on the federal government is high.

The Democratic Party releases their version of the relief package back in May. The decision now is for both parties to come to a compromise and agree on the final details. 

Steve Mnuchin, Secretary of Treasury, states that the final version will offer around 70% of wage replacement. It is being speculated that the benefits will land between $200 to $400. Meanwhile, the Democratic version argues for $600. 

The duration of this bill is yet to be disclosed. However, Mitch McConnell had called it a temporary measure. It is likely that the bill will last at least until the end of 2020. 

Stimulus check is also a part of this bill. However, only people who make $40,000 or less per year will be considered for the checks.