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BREAKING Unemployment Benefits Extension to be based on 70% WAGE REPLACEMENT: U.S Treasury Secretary


Hi everyone, this is Dr Nitin Chhoda with an important episode of Ignition Time

In a brand new announcement in an interview with CNBC, US Treasury Secretary Steven Mnuchin said that the Republican pandemic relief plan will extend enhanced unemployment insurance based on approximately 70% wage replacement and the Republicans hope to release that pandemic relief plan as soon as thursday and then they'll negotiate a final bill with the Democrats Well, good morning, and it's good to be with you Let me just be clear on the President's priority in the bill

And, you know, this is a negotiation So we need both Republicans and Democrats support But we are on the same page with the Republicans We've had very good meetings over the last few days The President's priority is about kids and jobs

We need to be able to get kids back to school safely The Democrats had $100 billion in their Heroes Act We've increased that to $105 billion Some of that money will be dependent on schools reopening and money used so that it can safely reopen its schools and jobs are going to open We need to make sure we don't have frivolous lawsuits

And I think it's you know, we have the enhanced unemployment insurance that's expiring next week So that's a priority We need to respond to that As we've said before, we're not going to continue it in its current form because we're not going to pay people more money to stay at home than work But we want to make sure that the people that are out there that can't find jobs do get a reasonable wage replacement

So it will be based on approximately 70% wage replacement And we're also going to have a lot of tax credits to incentivize companies to hire people And then finally, just let me say, you know, there's a lot of bipartisan support for extending the PPP I've had conversations with Cardin and Rubio And we want to have second checks for companies whose revenues are down 50% or more and need more money, small businesses to get people back to work

When Mnuchin was specifically asked about payments directly to Americans and the payroll tax cut, this is what he had to say He he kept open the possibility of a Cares Act 5 after this Cares Act 4 We hear again and again and again about that there's remaining residual tension between the White House and the President and Senate Republicans on the payroll tax provision, tax cuts Let me be clear We think the payroll tax cut is a very good pro-growth policy

But the President's focus is he wants to get money into people's pockets now because we need to reopen the economy One of the issues I think you know about the payroll tax cut is people get that money over time So the President's preference is to make sure that we send out direct payments quickly so that in August people get more money There's no question, this worked before retail sales was up year over year 1% People went out and spent that money on small businesses and that's having a big impact on the economy

So, as I said, it's all about getting money now for kids and jobs Sounds like that, then it's not going to be in the bill It won't be in the base bill But again, as we roll out new things and again, this is Cares 40

There could be Cares 50 There's news, I guess, that came out separately from from what you know, some of the things you're talking about Now is Mitch McConnell on board with this or there are really a handful of bills, as you were just alluding to? I guess maybe a 4 or 5 and 6 or something Is that the way it's going to progress? Well, the process is there are individual bills for all these different programs

Mark Meadows and I were working late last night with Mitch and and his staff, and we're actually been speaking to them as soon as I get off the show this morning So we just need to make sure we see all the final agreements in the final language Mark and I met with the appropriators last night and reached an agreement on the appropriators numbers But as you see now, there's there's a lot of tax that goes back and forth Thank you so much for watching

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