Mnuchin reportedly warns coronavirus could cause 20 percent unemployment rate

Treasury Secretary Steven Mnuchin gave Republican senators a stark warning on Tuesday, people familiar with the matter told Bloomberg News, saying that if the government doesn't step in to offer economic relief amid the coronavirus pandemic, U.S. unemployment could reach 20 percent.

Mnuchin was trying to get support for his $1 trillion economic stimulus proposal, aimed at providing financial assistance to small businesses and wage workers. While meeting with lawmakers, Mnuchin also shared his thinking that the coronavirus could cause an economic fallout worse than the 2008 financial crisis, Bloomberg reports.

Treasury Department spokeswoman Monica Crowley said while speaking to the senators, Mnuchin "used several mathematical examples for illustrative purposes, but he never implied this would be the case."

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Earlier Tuesday, Mnuchin said the Trump administration is "looking at sending checks to Americans immediately," because they "need cash now."