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

Felix Salmon, author of Capital
Sep 21, 2020 - Economy & Business

Wall Street: Recession is over

Illustration: Aïda Amer/Axios

U.S. economic activity fell more sharply in the second quarter of this year than during any other quarter in history. It's also going to grow more sharply in the third quarter of this year than during any other quarter in history.

  • The recession is over, according to Wall Street, with current forecasts showing sustained economic growth through 2021 and beyond.

Biden: The next president should decide on Ginsburg’s replacement

Joe Biden. Photo: Drew Angerer / Getty Images

Joe Biden is calling for the winner of November's presidential election to select Ruth Bader Ginsburg's replacement on the Supreme Court.

What he's saying: "[L]et me be clear: The voters should pick the president and the president should pick the justice for the Senate to consider," Biden said. "This was the position the Republican Senate took in 2016 when there were almost 10 months to go before the election. That's the position the United States Senate must take today, and the election's only 46 days off.

Bill Clinton slams McConnell and Trump: "Their first value is power"

Former President Bill Clinton on Sunday called Senate Majority Leader Mitch McConnell's (R-Ky.) vow to fill Ruth Bader Ginsburg's vacant Supreme Court seat before the next presidential inauguration "superficially hypocritical."

The big picture: Clinton, who nominated Ginsburg to the court in 1993, declined to say whether he thinks Democrats should respond by adding more justices if they take back the Senate and the White House in November. Instead, he called on Republicans to "remember the example Abraham Lincoln set" by not confirming a justice in an election year.

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