WASHINGTON — Details of the Trump administration’s $1.8 trillion offer to House Speaker Nancy Pelosi for Covid-19 relief legislation obtained by NBC News reveal that they have moved closer to the Democrats’ position — but major hurdles still remain.
The new offer increases the topline number, adds money for food, mortgage, and rental assistance, increases the amount for federal response to the pandemic, unemployment insurance, and direct payments to Americans.
Pelosi, D-Calif., told her members in a letter Saturday morning that the proposal is “insufficient.”
And on the other side of the Capitol, Senate Republicans on Saturday expressed their deep displeasure with the administration’s price tag of nearly $2 trillion in a phone call with Treasury Secretary Steve Mnuchin and White House chief of staff Mark Meadows, according to three sources familiar with the phone call.
Any deal would have to pass the Republican-led Senate and time is running out
WASHINGTON (AP) — The number of Americans seeking unemployment benefits fell slightly last week to a still-high 840,000, evidence that job cuts remain elevated seven months into the pandemic recession.
The latest sign of a flagging recovery comes two days after President Donald Trump cut off talks over a new rescue aid package that economists say is urgently needed for millions of unemployed Americans and struggling businesses. A failure to enact another round of government aid would crimp household income and spending, and some economists say it would raise the risk of a double-dip recession.
Thursday’s report from the Labor Department said the number of people who are continuing to receive unemployment benefits dropped 1 million to 11 million. The decline suggests that many of the unemployed are being recalled to their old jobs. But it also reflects the fact that some have used up the 26 weeks of their
Yardeni Research President Edward Yardeni and Cornerstone Macro Co-Founder Nancy Lazar discuss the September jobs report.
The number of Americans applying for state unemployment benefits remained historically high last week, indicating the pace of layoffs is still elevated even as the economy slowly recovers from the coronavirus pandemic.
The latest jobless claims figures from the Labor Department, which cover the week ending Oct. 2, show that 840,000 workers sought aid last week, about four-times the pre-crisis level. More than 63 million Americans have sought jobless aid since the coronavirus lockdowns began in mid-March.
Economists surveyed by Refinitiv expected 820,000 new claims. Last week’s figure was revised upward by 12,000 to 849,000.
The number of people who are continuing to receive unemployment benefits fell to 10.97 million, a decline of more than 1 million from the previous week.
NEARLY HALF OF AMERICANS WHO LOST JOB TO PANDEMIC CAN’T LAST A MONTH
A report from the Labor Department on Thursday is expected to show that layoffs remained high last week — although ongoing data problems in California will make it hard to know exactly how high.
Economists surveyed by FactSet estimate that first-time filings for state unemployment benefits were little changed last week at around 800,000. After falling swiftly from a peak of more than 6 million last spring, weekly jobless claims have stalled recently at a level far higher than the worst weeks of previous recessions.
“The level of claims is still staggeringly high,” said Daniel Zhao, a senior economist at the career site Glassdoor. “We’re seeing evidence that the recovery is
After calling off broader talks on an economic stimulus package, President Trump reversed course Tuesday night, urging Congress to approve smaller relief measures, including funding for small-business loans. Yet there is still a great deal of uncertainty about when another stimulus bill will deliver emergency aid to millions of Americans impacted by the Covid-19 pandemic, including small-business owners.
“The real problem is there just isn’t enough financial help right now, especially if your business did not qualify to get it before,” said Jill Johnson, CEO of the Institute for Entrepreneurial Leadership, a non-profit business consulting firm in Newark, New Jersey.
The federal government’s Paycheck Protection Program approved more than 5.2 million loans totaling $525 billion in emergency relief funding. For many small-business owners who received those loans, however, that money has run out. And others are still struggling.
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