Treasury Secretary Steven Mnuchin on Tuesday criticized the top Democrats for what he categorized as idiosyncratic tactics and refusal to discuss any “reasonable deal” to provide relief to U.S. consumers and businesses affected by the Covid-19 pandemic.
Wall Street had hoped that Mnuchin would support reports published on Monday night that First Republicans plan to introduce a “lean”, $ 1 trillion coronavirus relief in an effort to reduce the theft.
But the Treasury Secretary did not succeed in offering much in the way of optimism about talks with Democrats.
“The good news is, despite the Congress not acting, because Pelosi and Schumer are not ready to sit down and strike a reasonable deal, the president stepped forward with the [executive order] to help people who are still unemployed, “Mnuchin said on” Squawk on the Street. “
He and White-White Chief of Staff Mark Meadows have led Republican efforts to draft the next coronavirus relief bill. But talks with Second Chamber member Nancy Pelosi, D-Calif., And Leader of the Minority Minority, Chuck Schumer, DN.Y., have been quiet for weeks.
Democrats, who favor a $ 3 trillion relief package, say White House negotiators do not appreciate the seriousness of the economic downturn and the ongoing struggle of the millions of Americans who have lost their jobs as a result of the virus.
Republicans, citing recent improvements in economic data, argue that a smaller relief bill is both more acceptable and fiscally responsible.
US Treasury Secretary Steven Mnuchin talks to reporters at the US Capitol in Washington, US July 29, 2020.
Erin Scott | Reuters
Still, some grew hopeful on Wall Street Monday night after multiple outlets reported that Republicans in the House of Representatives were preparing to enter into their own “slimmer” deal.
The repealed ROP relief legislation is expected to include $ 300 in impulse weekly federal unemployment benefits through Dec. 27, another round of money for the Paycheck Protection Program and an incremental $ 10 billion for the U.S. Postal Service, according to both Politico and The Wall Street Journal.
The Republican bill is expected to appeal to GOP legislators who are divided over – or how much – additional spending is needed to support the U.S. economy in the face of data improvement. Democrats are likely to reproduce the legislation if not enough.
“There is no question that economic figures are doing better. So, if we reopen the economy, we will see things get better,” Mnuchin said. “But the president wants us to do more. He wants us to provide money for children and jobs, and a second round of the PPP and direct payments are a clear part of that.”
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