It will probably take until next month to approve legislation for a coronavirus relief bill, House Minority Leader Kevin McCarthy told CNBC’s "Squawk Box" on Tuesday.
The significance of this is that if Congress fails to pass a plan by the end of this month, a $600 per week federal unemployment insurance benefit helping out millions of Americans will at least temporarily expire.
“I envision that this bill doesn’t get done by the end of July,” McCarthy said, with the California Republican adding that he expects Congress to approve legislation “probably in the first week of August.”
House Speaker Nancy Pelosi reportedly told Democrats on Tuesday that she hopes the parties “can resolve our differences and have a bill by the end of next week,” while Treasury Secretary Steve Mnuchin told reporters he also hopes for a deal by that time.
But lawmakers have to work out a range of differences, as the GOP wants to change or reduce the weekly $600 federal unemployment insurance, while Democrats seek to extend the aid.
Democrats also envision a wide-ranging package including sending another direct payment to individuals, offering hazard pay to essential employees, giving aid to state and local governments and offering assistance to renters and homeowners as moratoriums on evictions and foreclosures begin to expire. according to CNBC.
However, Republicans have emphasized that their plan is largely based on tax incentives or bonuses that try to encourage a return to work and school, as well as broad liability protections for companies and doctors during the pandemic.