Good morning. It's Wednesday and we've made it to July 1st. Welcome to

Axios today. I'm Nailaboodoo. The first stimulus package was a lifeline for the millions of Americans who lost worker income because of the pandemic.

And now that it's the first day of July, it means we've got just a few more weeks before all those benefits expire.

What's at stake here is just about everything.

The divide over passing another stimulus package is today's one big thing.

Last night the Senate voted to extend the small business paycheck protection program for an additional five more weeks.

There's still $130 billion left in it, and it's one of a handful of temporary coronavirus stimulus

measures that could expire soon. Here's the big picture from

Dionne Rabouin, the markets editor for Apsios. The original stimulus package was

definitely effective. 2.2 trillion dollars included a lot of money

for big businesses, small businesses, direct checks

for $1,200 to most Americans as well as this enhanced unemployment that paid people an extra $600 a week.

So yeah, it has been tremendously effective in terms of helping the economy bounce back after an

atrocious month and April. But here's what's happening now. Unlike in March,

there's not bipartisan agreement that people need more stimulus help, even though we're still

experiencing jobless rates we haven't seen since the Great Depression.

The Republicans say that unemployment has stayed so high because people don't want to go back to work because

the unemployment benefits have been too high.

Whereas the Democrats say people aren't going back to work because they can't, because there aren't

jobs and because the small businesses aren't bringing them back.

Something else is different from March. The stock market isn't tanking but the opposite.

The NASDAQ recently hit new record highs. So what we're watching is this week's jobs report.

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