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GOP states cutting $300 unemployment benefits early will cost local economies $12 billion because people will have less money to spend, a bipartisan congressional committee said

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States choosing to end the supplemental $300-a-week unemployment benefit early could cost local economies more than $12 billion, according to a report by the bipartisan Joint Economic Committee published on Wednesday.

Cutting the benefit early could ultimately hamper economic recovery from the coronavirus because people would have less money to spend, the Congressional committee said.

So far, 25 states – all with GOP governors – have said that they’re ending the Federal Pandemic Unemployment Compensation (FPUC), introduced through the CARES Act, at least seven weeks before the national expiry date of September 5.

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