The Republican Party unveiled its economic relief package proposal on Monday evening. It includes a second round of $1,200 direct payments to Americans
However, it also stipulates steep cuts to the $600 a week expanded federal unemployment benefit, which is set to expire on July 31. The GOP would cut that assistance to just $200 a week, whereas Democrats want to extend the extra $600 through January 2021.
"Why are you quibbling over $600 when people need that to buy food, pay their rent?" said House Speaker Nancy Pelosi, in response to the GOP's proposal.
The HEALS Act, as it’s being called, amounts to a $1 trillion coronavirus bailout plan. Democrats were looking for a $3 trillion package.
As the United States nears its six month of battling the coronavirus, many Americans are struggling to make ends meet amid lockdowns, layoffs, and closed schools—meaning little to no childcare assistance.
According to a LendEDU study, consumer financial complaints are up significantly over the past four months as Americans struggle to adjust to new financial realities. These complaints may signal that American consumers feel they are not getting enough help during the Covid-19 crisis, at a time when they need it most, according to The Kitchen Table Economist, TheStreet's Maven who covers personal finance.