The Treasury secretary said he believes "there is no question" ongoing COVID-19 restrictions are "the reason we have unemployment" during a Tuesday congressional hearing.
The president's requirement that claimants receive at least $100 in state payments could leave millions ineligible for the $300 federal supplement.
An exclusive survey from Newsweek and LendingTree reveals how the twin crises of the pandemic and a struggling economy are changing the way we save, spend and even think about money—in ways that will last long after life has returned to a semblance of normalcy.
FEMA approved grants for 35 states, but only four plan on paying the additional $100 needed for jobless residents to receive the maximum amount of benefits.
A recent poll found that 45 percent of Americans said they were putting more money into savings than usual, and 26 percent said they're paying down debt faster than before the pandemic began.
Mike Wilson said he thinks the recovery will be "more powerful than people are anticipating."
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Ahead of the first day of the RNC, a group of activists projected a video with pictures of people who have become unemployed due to the coronavirus pandemic.
The transition rate from temporary to permanent layoffs nearly doubled from June to July.
Oregon's coronavirus relief program distributed all 70,000 payments of $500 in only three days to residents who are waiting on Congress to sign off on a second stimulus package.
So far, residents in only two states will be eligible to receive the full $400 in expanded unemployment benefits.
Local consumer spending is expected to fall 44 percent without the extension of the $600 payments that supplemented 30 million Americans' unemployment benefits.
Meanwhile, unemployment remains at historic levels as a growing number of Americans struggle to get enough food.
With key lawmakers expected to speak at this week's DNC and next week's RNC, a stimulus deal before Labor Day seems unlikely.
So far, two states are rejecting the plan that pays out less than the $600 provided under the CARES Act passed by Congress in March.
"I now have to save my entire [unemployment] paycheck just to get by and pay my bills," a New York resident told Newsweek.
Experts have already warned that millions of Americans could lose out on the new unemployment benefits.
What I've learned, through my personal experience and writing a book on the future of work, is this: True security is never allowing ourselves to become dependent on one employer.
Although new weekly jobless claims have declined, millions of Americans continue to rely on unemployment benefits.
The vice president has touted the number of jobs gained in recent months, following mass losses amid the COVID-19 lockdown.
It's unclear when people would start to receive the expanded benefits and some states are concerned about how they'll foot their 25 percent contribution.
"If we can get a fair deal, we're willing to do it this week," Treasury Secretary Steve Mnuchin said.
California Governor Gavin Newsom joined a handful of other state leaders Monday in saying individual states do not have the funds required to participate in a new unemployment benefit bonus program President Trump announced over the weekend.
Research shows direct payments would keep millions of people out of poverty this year. They are an essential component of any congressional relief package.
"These policy announcements provide little real help to families," Democratic leaders said.
The funds for this wage loss assistance program will be 75 percent funded by the federal government and 25 percent by state government.
Under the president's executive order on enhanced benefits, states have been told to fund $100 of the weekly boost.
President Donald Trump moved to outline executive orders for relief after talks to seek a bipartisan agreement on a package broke down.
The House Speaker and Senate Minority Leader both warned that President Donald Trump's Saturday executive actions won't work and ultimately take money from workers, Social Security and Medicare.
"President Trump does not have the power to unilaterally rewrite the payroll tax law," GOP Senator Ben Sasse said.