The United States cannot let the coronavirus shut down its economy again, U.S. Treasury Secretary Steven Mnuchin said on Thursday, adding that more than $1 trillion in rescue funds will flow into the economy over the next month.
Mnuchin, speaking on CNBC television, said he was prepared to go back to Congress for more money to support the economy, but additional funds would be targeted to sectors with the most need, including hotels, restaurants, travel and entertainment firms.
“We can’t shut down the economy again. I think we’ve learned that if you shut down the economy, you’re going to create more damage and not just economic damage,” he said, adding that this includes other problems. “Over the next month, you’re going to see over another $1 trillion pumped into the economy, that’s going to have a big impact,” Mnuchin said. The Federal Reserve’s Main Street Lending program for mid-size businesses is just getting started and “we’re prepared to go back to Congress for more money to support the American worker,” he added.
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