Latest on the next round of fiscal stimulus

CNBC's Kayla Tausche reports on the latest discussions toward a new stimulus bill. With CNBC's Melissa Lee and the Fast Money traders, Tim Seymour, Jeff Mills, Karen Finerman and Chris Verrone. For access to live and exclusive video from CNBC subscribe to CNBC PRO: cnb.cx/2NGeIvi
The Senate is back in session this week, and its top priority is to hash out the next coronavirus stimulus package.
Most of the relief measures put in place in March via the CARES Act expire soon, including enhanced unemployment benefits and an eviction ban on federal housing. But state reopenings have stalled as coronavirus cases have exploded. About 32 million Americans were collecting unemployment benefits as of June 27, according to the U.S. Labor Department’s most recent data.
Congress has promised to pass some type of stimulus bill in the coming weeks, which will likely include additional aid for small businesses and more provisions to help the historic number of unemployed people across the country.
Nothing is set in stone yet, but here’s where things stand now.
Eviction ban
Federal and state-wide eviction bans have already expired or will expire soon, leaving potentially tens of millions of households vulnerable to eviction and homelessness. Almost one-third of households missed their housing payments at the beginning of this month.
It is likely that some type of housing relief will be included in the next bill, Flora Arabo, national senior director of state and local policy at Enterprise Community Partners, an affordable housing nonprofit, tells CNBC Make It. The question is how much aid will be earmarked for housing initiatives. Arabo and other housing experts have estimated $100 billion is needed in rental assistance alone to keep people in their homes.
The House of Representatives has passed the Health and Economic Recovery Omnibus Emergency Solutions, or HEROES, Act and the Emergency Housing Protections and Relief Act of 2020 to address the housing crisis. It is not clear what the Senate will do.
Payroll tax cut
President Donald Trump is reportedly pushing for a payroll tax cut in the next bill, though it is unclear whether that will be included or not.
Payroll taxes are used to fund government programs including Social Security and Medicare. Employees have 7.65% of their paychecks withheld for these programs, up to $137,700 in earnings. Employers match that percentage. The Trump administration has said it wants that tax to be temporarily eliminated.
However, the tens of millions of people who are currently unemployed “wouldn’t benefit at all” from a payroll tax cut, according to the Center on Budget and Policy Priorities, because they aren’t paying those taxes right now. Instead, high earners - the people least likely to need extra financial help right now - would benefit the most in dollar terms.
CBPP calculates that a couple earning a combined $275,400 (the maximum earnings subject to full payroll taxes) would see $10,534 in tax cuts over six months. Meanwhile, a single parent earning $20,000 would see $765 in tax cuts.
This strategy would also further weaken Social Security, which is already in a precarious state. Social Security’s trust funds could run out four years earlier than expected because of Covid-19, a recent study from the Wharton School at the University of Pennsylvania found.
Stimulus check
Despite initially opposing another stimulus check, Senate Majority Leader Mitch McConnell (R-Ky.) said Tuesday that Congress now wants “another round of direct payments to help American families keep driving our national comeback.”
In the past few weeks, lawmakers have said a second direct payment should be targeted at people at lower income levels than the first round, but McConnell did not specify on Tuesday who would be eligible in the next round.
Earlier this month, Treasury Secretary Steve Mnuchin said on CNBC that the White House supports sending another round of payments. Once the details are hashed out, “we can get that into hard-working Americans’ bank accounts very, very quickly,” he said.
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[@stellarb67]

Have our leaders not seen other countries have been supporting their humans with recurring stimulus?!

[@sandrasuresh285]

UK paid 80% of ppls salary and we get a measly 1200

[@stellarb67]

sandra suresh It’s seriously like we are in a bad horror movie?!

[@sandrasuresh285]

@@stellarb67 Brainwashed Trump supporters,lynchings and a deadly pandemic!! seems like you summed it up perfectly! I'd laugh if I wasn't so terrified!

[@williambillings5198]

Why should anyone expect more money than when they were working. I am hearing, from people on unemployment they would lose money if they go back to work. A nation in debt and increasing, how long can we stand giving nonproductive income away? Fellow American let's go back to work and forget about the stimulus packages.

[@sandrasuresh285]

WILLIAM BILLINGS you are an idiot... so we should all just go to work and risk catching covid and passing it on to out family members at risk... most ppl are making less from unemployment than they were from their jobs and you’re blaming us!!?! Lack of leadership and response is what resulted in us being one of the 10 worst countries for covid. Also if they could afford to bail out billion dollar corporations like wendy’s and yeezy why ARE AMERICAN TAXPAYERS NOT ENTITLED TO THE SAME BAILOUT?

[@SawGuy249]

Mitch McConnell is the reason I gave up being a Republican and went independent.

[@lindaschultz8124]

You will regret that if you own anything.

[@lindaschultz8124]

Event Horizons joe Biden and family took millions.

[@cecilethiboutot2134]

He is always knocking Trump whom done more for us than others have done for us in many years. I hope Mitch looses next year. I need my stimulas check. I worked for 55yrs i think its time i retired a yr and half ago.

[@MoMotivation0304]

This is all a mess. They are laughing behind closed doors.

[@DavidGonzalez-ud1ee]

MoscowMitch is not drafting the bill. corporation and lobbyist are drafting the bill!! we need to get corporation and lobbyist out of politics!

[@DavidGonzalez-ud1ee]

Whattt 👀

[@utustueis6442]

Good luck with that it's not even Homeland issue got untochables on that side buddy internationally and it's not just China my friend where have you been

[@joseplacencia54]

i just lost my job and im going to need help this is crazy.

[@kattymoore6594]

Invest and make money than you expected

[@ElizabethMBoyd]

@@kattymoore6594 people who have lost all income can not invest

[@albertcassler8763]

I pray for you

[@epakerd]

What sector of work were u in?

[@melisskiss941]

apply to cvs!

[@johnfoxjr4219]

For unemployment why don’t they stagger down,,, 600 for 2 months,400 for two months 200 for two months that gives people 6 months for recovery...they are supposed to be smart..

[@americanscarelines2757]

Maybe people should have been looking for a job this whole time while collecting their handouts.

[@McadMcad]

Stimulus is a great idea, we could all use another $1200! But forget all the other stimulus crap. It just a waste of money. Just mail the individual stimulus, and make it $2000.

[@flowstategaming-c2t]

Unemployment is a bigger deal. People are making thousands of dollars a month. It's keeping families off the street.

[@juliaweber5026]

Mca5517d Mca5517d 2,000 monthly though

[@divyjain123456]

We are finally hooked on fed money. Brrrrrr

[@fitforlife5142]

Print print print money ..... pump pump pump market

[@fitforlife5142]

Max Strong like someone said... I am scared invested in the market but terrified not invested in the market.... our dollar is going to trash

[@juniorjr5328]

Buy stocks

[@tlm8340]

Oh please not the direct check mess again people waited months and households can't lose all of something and wait and wait on the next to come.

[@MayankBadhan]

Markets going up baby!!!!

[@melisskiss941]

is this a joke lol

[@kanoattack]

Thank you 🌸🇺🇸🌸

[@sandrasuresh285]

Mitch looks like the drain hair that gets clogged in the shower honestly

[@kennethrussell1158]

Sandra😃😃😃🤣🤣

[@tubetop123]

Beautiful Kayla!

[@TheAverageJoe2014]

Is that first commentator after the Asian-American lady dipping on camera lol?

[@kathk3203]

Why are these important meetings behind closed doors?

[@DavidGonzalez-ud1ee]

Kathy K they are trying to figure out how to screw the American people while maximizing profits for themselves.

[@juniorjr5328]

The money is for the elites. Haha just buy stocks

[@lindaschultz8124]

Kathy K because the media will never report correctly. Journalism as such no longer exists.

[@kathk3203]

Thanks for clarifying

[@kathk3203]

@@lindaschultz8124 I'm pretty sure if we could watch these mystery meetings on the channel app other senator's used at least they would be accountable.

[@MrLRowe1]

Why are they acting like we got hit buy a hurricane and it's a power outage. Pandemic they need to stop dragging tail

[@brianmax8147]

PLANDEMIC .!!!!

[@MyJaxJingles]

I wish I could say what's on my mind.

[@mackbolin3861]

I just tuned in to see that Pretty lady Kayla and she is a Great reporter. Godbless!😊👍

[@mikkelmanniche1295]

One more round of PPP, help small businesses

[@Wongseifu548]

The solution is simple stop with the stimulus entirely. The market has become pretty much drunk with ideas of more stimulus that its pushed the market to almost near record levels again in the dow and made the nasdaq a huge bubble

[@kb9969]

Enough printing more money, time for people to get back to work and businesses need to be open.

[@ThoughtOuter]

What lmao what part of America are you even living in the Virus down here in Florida has broken records and businesses are shutting back down because idiots can't wear a damn mask and stop partying for awhile

[@liljons6753]

I want sanitizer money....

[@I.K.Rico_]

Why is Mitch dragging his heels and giving highlights of a proposed bill and no legislation? Does he want to wait till Americans are desperate or homeless and schools open without supplies to open safely...WTF is the Senate waiting for? THEY have had Congress' Heroes Act Bill long enough to debate it and come to terms with aid for citizens.

[@Luper1billion]

Its like theyre too busy trying to figure out how to make this into a teaching moment for us.

[@jacobalmia2062]

hopefully they pass the $75000 gross

[@jbyrne648]

25th is Saturday not Friday

[@cecilethiboutot2134]

Mitch is cruel and makes elderly i am 74yrs old live alone and need my stimulas check but he dont give a crap if i go to bed hungry or loose my house. Both sides had agreed for 1200. They should agree for 2 grannd. He is evil and just cares about himself. I am tired og going hungry and always scared to loose my home. All i have is my two cats and my home.

[@netstarr77]

My unemployment is now 5 1/2 weeks late. #endthefed

[@arnoldwayne6775]

End the fed just because of a delay far as your check. How selfish. You'll get your money and all the back payments too just be patient.

[@mvasquez3819]

Latest round that Pelosi should have had worked out last week, instead of waiting for it to expire

[@myduyen2157]

It's the Republican that dragged on this get your fact right

[@brianmax8147]

@@myduyen2157 YEA SURE ..YOU NEED TO STOP VIEWING MSN

[@adaavitia529]

May God be with the president and the White House and the people in there cuz they really do need it because they don't know what to do they don't have that mindset where they have been lying to us from day one so God bless you song

[@smoknbear5610]

AS LONG AS THE STOCK MARKET IS OK, THERE'S NO NEED FOR STIMULUS CHECKS. 😳😨😫 OH WELL!

[@netstarr77]

I didn't get that first round yet. #endirs

[@marquisroberson9482]

Dude ain’t got no mask

[@anothersucker-Youcantfixstupid]

Malissa is too nice.

[@indigobluu]

Did that flag just move? 🤫

[@charliedevine6869]

More fun bucks. None for me :-(

[@elisaosorio1941]

McConell please think for once in the peoplesuffering the familys not everybody have the ways that you do have or other people and is not their foults this flipping pandemic

[@binduroy6495]

God bless America, Trump 2020

[@melisskiss941]

Once that $600 ends people will have to actually get off their butts and work oh no!! MAKE AMERICA GREAT AGAIN!!🎉#TRUMP2020🇺🇸

[@timepass1236]

Casa

[@chaehoyi1986]

damn, who's that white gal??? I wouldnt mind spending my stimulus money on her.

[@paulstone3590]

She's taken by a man who doesn't need a stimulus check.

[@ThoughtOuter]

@@paulstone3590 OOF lmao

[@boogie822]

We need leader ship we need guidance there’s too much pointing fingers on what is supposed to be white and who is supposed to be who we need to think about what we’re going to do not what if we do this or what if we do that America is becoming more and moreHigh risk of getting the COVID-19 why are we not doing anything if it’s right in front of our faces telling us we need to do something

[@juniorjr5328]

Buy stocks!!!

[@chanidax987]

#eattherich

[@americanscarelines2757]

“Extend my $600 a week so I can keep smoking .🌱”

[@kanoattack]

🌸🇺🇸🌸