Senate Democratic leaders on Wednesday proposed extending the $600 unemployment bonus payment beyond its July 31 expiration date and having it phase down based on state unemployment rates.

“If we fail to renew the $600-per-week increase in [unemployment insurance], millions of American families will have their legs cut out from underneath them at the worst possible time — in the middle of a pandemic, when unemployment is higher than it’s been since the Great Depression,” said Senate Minority Leader Chuck Schumer of New York when announcing the bill, which he introduced with Sen. Ron Wyden of Oregon, the top Democrat on the finance committee.