congress economic crisis 2020 nancy pelosi mitch mcconnell CARES act coronavirus pandemic 2x1Drew Angerer/Getty Images; Zach Gibson/Getty Images; Congress.gov; Samantha Lee/Business Insider

The federal assistance programs that tided over jobless workers and struggling businesses early on in the pandemic are set to expire this summer.
Congress is barreling towards the July deadline, setting up a cliff that could lead to critical aid being yanked from struggling people.
“What really concerns me is people relying on the somewhat rosy jobs picture,” labor expert Michelle Evermore says. “That was the kind of thing that pushed the Great Depression into a double-dip, easing stimulus too soon.”
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Nearly four months ago, Republicans and Democrats scrambled to assemble a colossal $2.2 trillion spending package to stave off total economic collapse due to the coronavirus pandemic. President Donald Trump signed the Cares Act into law at the end of March, kicking off an unprecedented federal effort to tide over individuals as well as companies large and small through the shutdown.

Now, as spring turns into summer, that patchwork of assistance programs keeping people and businesses afloat are nearing their expiration date in the midst of a recession. The $600 federal boost in weekly unemployment benefits is set to phase out on July 31. In addition, most people have already received and spent their one-time, $1,200 stimulus checks on rent, groceries, and other basic essentials.See the rest of the story at Business Insider

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See Also:

US weekly jobless claims hit 1.5 million, bringing the 12-week total to 44 millionTreasury Secretary Steven Mnuchin opens the door to another round of stimulus checks for AmericansThe CBO says providing aid to cash-strapped states would deliver a bigger economic boost than Trump-backed tax breaks for businesses

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