Congressional negotiations for another coronavirus relief bill broke down this week.
President Donald Trump on Saturday signed executive orders offering less unemployment insurance than the first coronavirus relief bill, extending protections for student borrowers and renters, along with a measure temporarily deferring the payroll tax—after negotiations on Capitol Hill for a coronavirus relief bill broke down this week....
Trump said the order also allows employers to “defer payment of the employee portion” of the payroll tax for workers making less than $100,000 per year, retroactively starting August 1 until the end of the year. Trump has long called for a payroll tax cut as a mechanism for coronavirus economic relief, but the idea was rejected by both parties during negotiations for the first stimulus bill over concerns it would negatively impact Social Security and Medicare funding while not benefitting retired people or those who are unemployed.
Trump extended a moratorium on evictions for renters living in homes with federally backed mortgages, which also expired two weeks ago. Automatic forbearance for federal student loans under the CARES Act set to end on September 30 was also extended to the end of 2020, but the measure doesn’t apply to private student loans.Amid deep disagreements and infighting among Senate Republicans, the White House began negotiating directly with House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer to hammer out an agreement by Friday.
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