Republican Leaders Delay Talks on New Stimulus as Expanded Benefits Are Set to Expire

HeadlineJul 16, 2020

On Capitol Hill, Republican Senate Majority Leader Mitch McConnell said Monday he won’t open new talks on another federal stimulus until next week at the earliest. Without congressional action, a $600 weekly boost to unemployment benefits will expire on July 25 for more than 30 million people. This comes as Harvard researchers estimated some 110,000 small businesses have closed permanently since the start of the pandemic.

On Wednesday, Goldman Sachs reported over $2.4 billion in second-quarter profits, shattering investor expectations. And a new study by Americans for Tax Fairness finds U.S. billionaires have added $584 billion to their personal wealth since March — a greater amount than the budget shortfalls of 23 U.S. states. 

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