Mnuchin: Economy could stabilize if money injected now

(Image credit: Mark Makela/Getty Images)

last updated 23 March 2020

Treasury Secretary Steven Mnuchin reaffirmed his belief Sunday that the U.S. isn't facing a "financial crisis that's going to go on for years" if the government acts swiftly.

In an appearance on Fox News Sunday, Mnuchin laid out the tentative plan for a coronavirus stimulus package for guest host John Roberts. He said step one is aiding small businesses with forgivable loans of two weeks cash flow to pay workers. Next comes the direct deposits, in which a family of four would receive around $3,000 as bridge money to get them through the downturn. The secretary also said there will be enhanced unemployment insurance, more money for hospitals, and up to $4 trillion in Federal Reserve liquidity.

He said he hopes the bill gets passed Monday by Congress and that the economy could start heading back to its pre-virus levels in a 10- to 12-week period if it does, but there's no time to waste. "We need to get the money into the economy now," he said. "If we do that, we think we can stabilize the economy. I think the president has every expectation that this is going to look a lot better four or eight weeks from now."

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Tim is a staff writer at The Week and has contributed to Bedford and Bowery and The New York Transatlantic. He is a graduate of Occidental College and NYU's journalism school. Tim enjoys writing about baseball, Europe, and extinct megafauna. He lives in New York City.

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