The Latest: Mnuchin Expects Agreement on Stimulus Package
WASHINGTON — U.S. Treasury Secretary Steven Mnuchin says he expects Congress and the White House to reach full agreement later Sunday on an economic stimulus package that could approach $2 trillion to address the coronavirus crisis.
The package would include $3,000 checks to families and other aid to last the next 10 weeks.
Mnuchin tells “Fox News Sunday” that there is a “fundamental understanding” reached with Republican and Democratic congressional leaders to provide significant aid.
He says the deal includes federal loans to small businesses so they can retain their workers; cash payments averaging $3,000 for a family of four as well as “enhanced” unemployment insurance.
The package also will allow the Federal Reserve to leverage up to $4 trillion of liquidity to support the nation’s economy, while hospitals will get “approximately” $110 billion to address a crush of people infected with the virus.
Mnuchin says President Donald Trump has “every expectation” the aid package will help workers and the economy improve “four or eight weeks from now,” but if the virus is still raging after 10 weeks, “we’ll go back to Congress again.”
Mnuchin says he expects a Senate vote on the deal on Monday morning.