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Treasury Secretary Steve Mnuchin said on "Fox News Sunday" that the White House will propose capping supplemental unemployment insurance in the next stimulus package to replace 70% of individuals' lost wages.

Why it matters: Republicans are opposed to extending the $600-per-week supplemental benefits included in the CARES Act passed in March, arguing that it disincentives Americans to return to work because many people made more money on unemployment than they did in their prior job. Those benefits set to expire on July 31.

What he's saying: "We want to have something which pays people about 70% wage replacement, which I think is a very fair level. So it's not a fixed number. It's something that pays you a percentage of your wages that are lost."

The other side: House Speaker Nancy Pelosi has said Democrats will not accept a short-term extension of unemployment aid and that she supports maintaining the $600-per-week benefits in the next stimulus.

The big picture: More than 31 million Americans are collecting unemployment benefits of some form and roughly 2.3 million filed new applications to receive them in the most recent week of data released by the Labor Department.

What to watch: Mnuchin and White House chief of staff Mark Meadows both said Republicans' stimulus proposal will be released on Monday, after stalled negotiations prevented Senate Majority Leader Mitch McConnell from releasing it last week.

Go deeper

Dion Rabouin, author of Markets
Nov 2, 2020 - Economy & Business

The unemployment crisis hiding in plain sight

Illustration: Eniola Odetunde/Axios

The fourth quarter is a major inflection point. The U.S. economy is moving out of its bounce-back recovery from the coronavirus depression and could be returning to slower growth and recovery or it could be moving toward a recession.

The state of play: We are about to see a second wave of job losses — this one more likely to permanently push millions out of the labor force, lower wages and leave long-lasting scars on the economy.

Trump's coronavirus adviser Scott Atlas resigns

Photo: Nicholas Kamm/AFP via Getty

Scott Atlas, a controversial member of the White House coronavirus task force, handed in his resignation on Monday, according to three administration officials who discussed Atlas' resignation with Axios.

Why it matters: President Trump brought in Atlas as a counterpoint to NIAID director Anthony Fauci, whose warnings about the pandemic were dismissed by the Trump administration. With Trump now fixated on election fraud conspiracy theories, Atlas' detail comes to a natural end.

Dave Lawler, author of World
2 hours ago - World

Assassination in Iran sets stage for tense final 50 days of Trump

The funeral ceremony in Tehran. Photo: Iranian Defense Ministry via Getty

Iranian leaders are weighing their response to the assassination of Mohsen Fakhrizadeh, known as the father of Iran’s military nuclear program, who was given a state funeral Monday in Tehran.

The big picture: Iran has accused Israel of carrying out Friday’s attack, but senior leaders have suggested that they’ll choose patience over an immediate escalation that could play into the hands of the Israelis and the outgoing Trump administration.