Treasury Secretary Steven T. Mnuchin said Sunday that he and House Speaker Nancy Pelosi are already in talks for a third coronavirus bill.
On ABC’s “This Week,” Mr. Mnuchin explained that this latest package will be a stimulus bill targeting small and medium-sized businesses as well as specific industries that have been hit hard by the virus, including the airline and cruise industries.
“We will use whatever tools we have and whatever tools we don’t have we will go to Congress on a bipartisan basis and get more tools,” he said. “We’re in the second inning of nine innings.”
Just after midnight on Saturday, the House passed a massive relief package to alleviate the pressure on families and hourly workers.
It mandated free testing for the coronavirus, funds more unemployment programs and pays for sick leave for those that contract the virus or need to care for someone that does. The bill also shores up food security programs for vulnerable communities, like the elderly and school kids.
It also bolsters state Medicaid programs so health providers can handle an influx of patients.
“This bill was very important in getting workers money in their pockets, people that have to be home,” Mr. Mnuchin said.
The bill passed without lawmakers knowing exactly how much it will cost.
This came after Congress passed an $8.3 billion bill to get more resources to state and local health officials.
Mr. Mnuchin said he would also ask Congress to help the Federal Reserve have more resources to help the economy weather the virus.
However, he would not comment on President Trump’s frustration with Federal Reserve Chairman Jerome Powell.
On Saturday, the president told reporters he had the power to fire or demote Mr. Powell, reiterating his frustrations at what he sees as a slow response. The Fed recently cut rates, now at historic lows, and offered $1.5 trillion in loans to banks.
“I’m not going to make comments on that. It would be inappropriate for me as Treasury secretary,” Mr. Mnuchin said.
The markets plummeted last week, but recovered somewhat on Saturday, which Mr. Mnuchin credits to the president’s national address Friday and the bipartisan bill.
• Gabriella Muñoz can be reached at gmunoz@washingtontimes.com.
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