US Treasury Secretary Steven Mnuchin speaks during the daily briefing on the novel coronavirus, COVID-19, at the White House on March 25, 2020, in Washington, DC.

Mandel Ngan | AFP | Getty Images

The Republican coronavirus relief plan will extend enhanced unemployment insurance “based on approximately 70% wage replacement,” Treasury Secretary Steven Mnuchin said Thursday. 

He spoke to CNBC about the state of negotiations hours after Senate Republicans and the Trump administration said they reached a tentative deal on legislation they say will serve as a starting point in talks with Democrats. 

Senate Majority Leader Mitch McConnell, R-Ky., has said he wants the proposal to serve as a starting point in talks with Democrats on a bill that can pass both the Republican-controlled Senate and Democratic-held House. Senate leaders hope to release the legislation as soon as Thursday. 

Republicans want the package to cost roughly $1 trillion. House Speaker Nancy Pelosi, D-Calif., has called that level of spending insufficient to address the health and economic crisis created by the pandemic. 

Congress appears unlikely to meet a deadline to extend the $600 per week enhanced unemployment benefit passed in March, which expires at the end of the month. The weekly sum has helped to buoy tens of millions of jobless Americans while many businesses are closed to slow the outbreak’s spread. 

As of Wednesday, the GOP was considering slashing the extra benefit from about $600 to $100 a week through the rest of the year, sources told CNBC.

This story is developing. Please check back for updates. 

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