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A cash cliff spells trouble for U.S. unemployed, and everyone else

(Reuters) - "Judith Ramirez is bracing for July. That's when the hotel housekeeper and her electrician husband - who have both been out of work for three months - expect their combined unemployment benefits to drop by more than half, and their deferred $1,500 monthly mortgage payment on their Honolulu home to come due.

It's a cash cliff millions of Americans face this summer as the emergency benefits -- which lifted U.S. consumer incomes by a record 10.8% in April -- expire. The loss of that safety net looms in the weeks ahead, well before a sustained recovery is likely to take hold from the sudden and deep recession brought on by the novel coronavirus. Personal income dropped 4.2% in May, data Friday showed.

The $600 supplement Congress added to weekly unemployment benefits is due to expire July 31."

Trouble on the Way With Cash Cliff USA
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