Treasury Secretary Steven Mnuchin said that another stimulus package might be approved by Congress and signed into law in July in an attempt to boost the economy after months of business lockdowns and job losses suffered during the CCP virus pandemic.
“It’s something we’re very seriously considering,” Mnuchin said June 23 in an interview with Bloomberg, adding that he also expects the U.S. economy to exit recession territory by the end of 2020.
Mnuchin and Republican leaders in Congress “are beginning to discuss the different aspects of what another bill will look like,” he said.
During a separate interview, Mnuchin said the administration wants “to take our time and make sure we are thoughtful,” adding that “whatever we do will be much more targeted and much more focused on jobs and bringing back jobs.”
Around 40 million people have filed unemployment claims since mid-March, and the unemployment rate has soared to around 13 percent. It came as businesses were directed by governors to shut down in an attempt to curb the spread of the CCP (Chinese Communist Party) virus, commonly known as novel coronavirus.
Mnuchin didn’t elaborate on whether there will be another round of stimulus payments to Americans, which occurred following the passage of the $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act in March. The legislation included protections for small businesses, expansions to unemployment insurance, and other measures.
Mnuchin said the economic impact payments under the CARES Act, which provided up to $1,200 to eligible Americans, have “really had a big impact.” More than 141 million Americans have received the payments, he noted, adding that the majority of those were direct deposits.
On June 22, President Donald Trump was asked by a reporter whether more direct payments would be going out. Trump answered in the affirmative.
“We had this going better than anybody’s ever seen before. We had the best job numbers, the best economics, the best economy we’ve ever had, and then we had the virus come in from China,” Trump said. “Now we’re rebuilding it again.”
The White House will push for “another package” that will “be very good,” and “it’ll be very generous,” he said.
Earlier in June, Mnuchin told a congressional panel that the administration is “going to seriously look at whether we want to do more direct money to stimulate the economy,” adding that, “I think this is all going to be about getting people back to work, and we look forward to working with the entire Senate on this.”