Steven Mnuchin: ‘We need to spend what we need to spend’ on COVID-19 relief

Former Treasury Secretary Steven Mnuchin said Tuesday that the coronavirus pandemic is so unique that he adopted a “spend whatever it takes” attitude on combating the worst of the public health crisis and associated economic fallout.

“This isn’t the same as other financial recessions that were economically driven,” Mr. Mnuchin said on Fox Business Network.

Mr. Mnuchin had been asked about President Biden’s proposal to spend an additional $1.9 trillion on coronavirus relief when much of the already-authorized money had yet to go out the door.

“I think traditional economic models don’t really work here, and that’s why we’ve done this in stages,” he said. “So I’ve felt all along we need to spend what we need to spend. But on the other hand, at some point all this government debt does become problematic.”

Mr. Mnuchin, who ran point for the Trump administration on last year’s COVID-19 relief negotiations with Congress, said he hoped the Biden administration would pursue a bipartisan path.

“My preference would be to see a fifth bill and then a sixth bill if needed,” he said.

Mr. Biden’s $1.9 trillion coronavirus relief package is making its way through Congress amid complaints from the right that it’s too expensive and criticism from the left that it’s not generous enough.

Mr. Mnuchin was interview by Larry Kudlow, the former director of the National Economic Council who has a new show on the network.

The former treasury secretary confirmed at the end of the interview that Mr. Kudlow was “the best.”