Lawmakers knew this deadline was coming.
The expiration of the US$600 weekly jobless benefits boost had been propelling the Republicans to act.
Gold prices extended their rally to hit a new all-time peak of $1,945 per ounce and sterling jumped to its highest level against the dollar since the pandemic struck.
The proposal sets the stage for negotiations with Democrats who have called it "totally inadequate".
There's one question on the minds of Americans - can I expect a second stimulus check?
House Democrats passed their own US$3 trillion relief Bill in May, which would keep the US$600-a-week supplement in place until the end of this year. Senate Republicans rejected it right away.
Fast forward two months, and coronavirus cases and deaths are rising, hard-hit states are reversing openings and considering new shutdowns, and the economy is still sputtering.
After that, Republicans want states to be ready to set up a system in which the federal subsidy would not exceed 70% of the laid-off worker's previous salary, with a cap of $500 a week.
House Speaker Nancy Pelosi (D-Calif.) said on CBS's Face the Nation that calculating this percentage will be hard for unemployment administrators, which is why a flat rate of $600 was introduced in the earlier coronavirus relief package.
Sen. John Cornyn, Texas Republican, drafted a proposal to protect businesses, schools and health care workers from frivolous lawsuits. Lindsey O. Graham (R-S.C.) on Fox News over the weekend. President Donald Trump had insisted on a temporary trim of payroll taxes, but both parties resisted the idea.
Mr Schumer called the Republican Party effort to put together a package a "slow-motion train wreck" that has delayed getting legislation through Congress.
They didn't want to approve new major spending until they were sure it was needed. AdvertisementRead more: The Trump administration and Senate Republicans are quibbling over the next coronavirus stimulus. "Our priority, our objective, should be restarting the economy". Now, Republicans are realizing the country isn't much better off than it was in March.
"But Mr. Secretary, the plan was supposed to be announced on Wednesday, then Thursday, now it's next week", Wallace said. The jobless benefit officially expires July 31, but due to the way states process unemployment payments, the cutoff was effectively Saturday. But several components of the final deal may not be resolved for days or weeks. By Friday, millions of out-of-work Americans will lose an $600 federal unemployment benefit that is expiring and federal eviction protections for many renters are also coming to an end.
Democrats prefer a flat amount of enhanced benefits rather than having to figure out 70 per cent of an employee's wages, a problem for some antiquated state computer systems.
Democrats say no way. Why would she give up that leverage? "There's no reason for [Pelosi] to object to holding up unemployment insurance just because of a personal negotiating preference", White House chief of staff Mark Meadows said over the weekend.
It depends on which side is most successful at arguing that the other side isn't being helpful.
There are some areas of common ground between Democrats and Republicans.
"The check is there, the reemployment bonus is there, the retention bonus is there", Kudlow said about the new legislative package.
Republicans control the majority of Washington with the Senate and the presidency.
Plus, the November election will nearly certainly be a referendum on Trump's handling of the coronavirus and the economic fallout.