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Treasury Secretary Steven Mnuchin has touted continued economic growth as the country recovers from its shutdown earlier this year due to the coronavirus pandemic, while warning that further restrictive measures are hampering such progress.
Mnuchin testified before the Senate Banking, Housing and Urban Affairs Committee on Tuesday to discuss a quarterly report on the CARES law, which he says has helped reduce unemployment, which has soared at the height of the pandemic.
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“The historic, bipartisan CARES Act provided the essential economic relief to support our strong recovery,” Mnuchin said in prepared remarks. “Additional economic shutdowns, however, continue to undermine this remarkable progress and seriously hurt American businesses and workers.”
Mnuchin said his prediction for a strong third quarter came true as the United States saw gross domestic product growth at an annual rate of 33.1%. He acknowledged that “there is still work to be done” and suggested that the best approach would be a new limited relief bill in conjunction with the nearly half a billion dollars remaining that has been allocated to the law. CARES.
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“Based on recent economic data, I continue to believe that a targeted budget package is the most appropriate federal response,” he said. “I strongly encourage Congress to use the unused $ 455 billion from the CARES Act to pass additional bill with bipartisan support. The administration stands ready to support Congress in this effort to help American workers and small businesses that continue to fight the impact of COVID-19.
The scope of the next coronavirus package has been a point of partisan contention for months. House Democrats passed their $ 3 trillion HEROES bill in May, then a slimmer $ 2.2 trillion version in October. While the Democrats’ bill includes money for state and local governments, Republicans have pushed to focus on business.
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Congress will adjourn for the year on Dec. 21, but in an address to the Senate on Monday, Senate Majority Leader Mitch McConnell, R-Ky., Expressed confidence that this was enough time. for lawmakers to work on their differences and pass a bill.
“There is no reason – none – why we shouldn’t provide another major pandemic relief program to help the American people through what appear to be the final chapters of this battle,” McConnell said. .
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Thomas Barrabi of FOX Business contributed to this report.
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