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Senate Majority Leader Mitch McConnell. Photo: Ting Shen/Xinhua via Getty) (Xinhua/ via Getty Images

Senate Republicans' coronavirus relief proposal will include a provision to cut federal weekly unemployment benefits from $600 to $200, the Washington Post reports, citing two people familiar with the plan.

How it works: The reduction would be a temporary measure in place until states implement a more targeted system that pays individuals 70% of their lost weekly wages, which they would be given two months to do. The federal benefits are supplemental to existing unemployment insurance, which varies by state.

The big picture: The measure is part of a $1 trillion stimulus proposal Republicans are expected to unveil Monday. The $600 weekly supplemental benefits included in the CARES Act passed in March are set to expire on July 31.

  • Republicans have said they are opposed to extending the $600 benefits because they believe it disincentives some Americans from returning to work, where their wages may be lower than what they receive on unemployment.
  • But House Speaker Nancy Pelosi has said Democrats will not accept a short-term extension of the aid and that she supports maintaining the $600-per-week benefits in the next stimulus.

The bottom line: 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.

Go deeper: More details on the Senate Republicans' expected proposal

Go deeper

Senate Democrats block vote on McConnell's targeted COVID relief bill

Photo: Stefani Reynolds/Getty Images

Senate Democrats on Wednesday blocked a vote on Republicans' $500 billion targeted COVID-19 relief bill, a far less comprehensive package than the $1.8 trillion+ deal currently being negotiated between the Trump administration and House Democrats.

Why it matters: There's little appetite in the Senate for a stimulus bill with a price tag as large as what President Trump and House Speaker Nancy Pelosi have been calling for. Senate Majority Leader Mitch McConnell's (R-Ky.) "skinny" proposal was mostly seen as a political maneuver, as it had little chance of making it out of the Senate.

Trump pardons former fundraiser Elliott Broidy

President Trump has pardoned Elliott Broidy, a former top Republican fundraiser who pleaded guilty late last year to conspiring to violate foreign lobbying laws as part of a campaign to sway the administration on behalf of Chinese and Malaysian interests.

Why it matters: Broidy was a deputy finance chair for the Republican National Committee early in Trump’s presidency, and attempted to leverage his influence in the Trump administration on behalf of his clients. The president's decision to pardon Broidy represents one last favor for a prominent political ally.

Trump pardons Bannon in final hours of presidency

Steve Bannon. Photo: Joe Raedle / Getty Images

President Trump issued an eleventh-hour pardon to his former chief strategist Steve Bannon on Tuesday night, sparing a longtime ally from a federal fraud prosecution over his alleged misappropriation of nonprofit funds.

Why it matters: Bannon was the most high-profile name on a White House list of what's expected to be dozens pardons and commutations, with hours remaining in Trump’s presidency. His pardon of the former Breitbart News chief came as Bannon faced criminal charges stemming from a scheme to privately finance a southern border wall.