Mnuchin Gives His Take on Closing the Economy Again

The treasury secretary gave his take as Wall Street shuddered over the coronavirus
By Neal Colgrass,  Newser Staff
Posted Jun 11, 2020 6:00 PM CDT
Mnuchin Gives His Take on Closing the Economy Again
Treasury Secretary Steven Mnuchin speaks during a Senate Small Business and Entrepreneurship hearing to examine implementation of Title I of the CARES Act, Wednesday, June 10, 2020 on Capitol Hill in Washington.   (Al Drago/Pool via AP)

Treasury Secretary Steven Mnuchin says re-closing the US economy is not an option. "We can't shut down the economy again. I think we've learned that if you shut down the economy, you're going to create more damage," he told CNBC's Jim Cramer on Squawk on the Street. "And not just economic damage, but there are other areas and we've talked about this: medical problems and everything else that get put on hold. I think it was very prudent what the president did, but I think we've learned a lot." Mnuchin made his remarks Thursday as the Dow fell 1,861—its worst day in months—amid Wall Street fears of a second wave of US virus cases.

Mnuchin also said he's willing to ask Congress for more money again to fuel the national economy. "We have the Fed program, we have Main Street [lending program], which is going to be now up and running, and we're prepared to go back to Congress for more money to support the American worker," he said. "So we're going to get everybody back to work." Politico reports that several US governors agree about avoiding another shutdown, despite rising case numbers in Texas, Arkansas, and North Carolina. "We want to avoid going backwards if we possibly can," said North Carolina Gov. Roy Cooper. The governors' outlook marks a change in the national mood about how to handle a virus that's still infecting 20,000 Americans daily. (Read more Steven Mnuchin stories.)

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