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Mnuchin says GOP plan for unemployment extension will be based on ’70% wage replacement’

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Mnuchin says GOP plan for unemployment extension will be based on ’70% wage replacement’

PUBLISHED THU, JUL 23 20208:23 AM EDTUPDATED 4 HOURS AGOJacob Pramuk@JACOBPRAMUKKEY POINTS

  • Treasury Secretary Steven Mnuchin told CNBC that the Republican coronavirus relief plan will extend enhanced unemployment insurance “based on approximately 70% wage replacement.” 
  • Congress is scrambling to pass another coronavirus aid bill as the $600 a week enhanced unemployment benefit expires at the end of the month and the outbreak spreads throughout the country. 
  • The Treasury secretary also said a payroll tax holiday, which President Donald Trump has repeatedly pushed for, “won’t be in the base bill.”

WATCH NOWVIDEO03:51Mnuchin: GOP jobless benefits plan will be based on ’70% wage replacement’

The Republican coronavirus relief plan will extend enhanced unemployment insurance “based on approximately 70% wage replacement,” Treasury Secretary Steven Mnuchin said Thursday. 

The Treasury secretary also said a payroll tax holiday, which President Donald Trump has repeatedly pushed for, “won’t be in the base bill.” The president appeared to concede defeat on the issue in a tweet Thursday and blamed Democrats for sinking the proposal (though many Republicans on Capitol Hill also oppose a payroll tax cut). 

Mnuchin spoke to CNBC about the state of negotiations hours after Senate Republicans and the Trump administration said they reached a tentative deal on legislation they say will serve as a starting point in talks with Democrats. Congress faces pressure to pass an aid package, as Covid-19 case and death counts rise around the country and the critical extra $600 per week unemployment benefit expires at the end of the month. 

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