Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
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.