CNBC Television President Donald Trump signs executive orders to extend pandemic relief
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President Donald Trump on Saturday signed a series of executive orders expanding coronavirus economic relief to Americans struggling during the pandemic. The controversial move is raising questions about whether the president can legally authorize these measures. CNBC’s Eamon Javers reports. For access to live and exclusive video from CNBC subscribe to CNBC PRO:
President Donald Trump on Saturday signed a series of executive orders expanding coronavirus economic relief to Americans struggling during the pandemic.
The president’s four orders extend unemployment benefits, provide a payroll tax holiday, defer student loan payments through 2020 and extend the federal protections from evictions.
Trump’s orders will quickly face a legal challenge, as continuing the programs would require federal funding, which Congress controls.
“We’re going to save American jobs and provide relief to the American workers,” Trump said during a press conference at his private golf club in Bedminster, New Jersey.
Trump said he will establish a payroll tax holiday through the end of the year to Americans earning less than $100,000 per year and instruct the Treasury Department to allow employers to defer payment of the employee portion of certain payroll taxes. However, there’s no guarantee workers will receive that money.
Trump added that if re-elected in November, he would look to extend the deferral and “terminate” the tax, which funds Social Security and Medicare programs.
The president’s orders also extend the weekly unemployment bonus at a reduced level of $400 per week, instead of the $600 per week federal unemployment insurance that was approved in March and expired at the end of July. Trump said states will need to cover 25% of the $400 weekly benefits.
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