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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.

Instagram's boss faces Congress' questions on harm to teens

Photo illustration: Shoshana Gordon/Axios. Photo: Matt Winkelmeyer/Getty Images for WIRED

The head of Instagram will find himself in Congress' crosshairs for the first time Wednesday in the one area lawmakers have shown they are willing to pass tech regulations — protecting youngsters online.

Why it matters: Republicans and Democrats have found common ground in grilling tech companies on how their products harm children, especially after revelations in The Wall Street Journal about Instagram's potential harm to the mental health of teen girls.

Tina Reed, author of Vitals
56 mins ago - Health

Experts fear a bad flu season on top of COVID

Illustration: Sarah Grillo/Axios

Public health officials are warning that the U.S. may be on the verge of a dangerous double whammy: COVID and flu, spreading simultaneously.

The big picture: The Delta variant is still circulating across the U.S., and the Omicron variant isn't far behind. On top of that, experts see potential warning signs of a bad flu season, which could leave millions of Americans vulnerable and strain health care resources.