US Treasury chief Mnuchin expects most if not all of US economy to be open later in summer
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US Treasury Secretary Steven Mnuchin said most of the economy should be re-opened by later in the summer.
PHOTO: REUTERS
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WASHINGTON (REUTERS, BLOOMBERG) - US Treasury Secretary Steven Mnuchin said on Wednesday (April 22) most, if not all, of the US economy should be reopened by later in the summer after a devastating shutdown to try to stem the spread of the coronavirus.
"We're looking forward to - by the time we get later in the summer - having most of the economy if not all of the economy open," Mnuchin told Fox Business Network.
He also said the government will provide US$2.6 trillion (S$3.7 trillion) in direct support for the economy and can leverage that to an additional US$4 trillion through the Federal Reserve.
He said "we need to spend what it takes to win the war against the coronavirus".
He said he hoped additional funds for small business would be enough and that he expected 60 million workers will be helped by the small business loan programME.
The U.S. budget deficit is seen quadrupling this year to almost US$4 trillion, an amount that doesn't include the legislation pending in Congress.
Mnuchin said interest rates on the additional debt will be relatively low. "... we are sensitive to the economic impact of putting on debt and that's something that the president is reviewing with us very carefully."
