Treasury Secretary Steven Mnuchin on Sunday doubled down on President Donald Trump’s insistence there should be no bailouts of Democratic states struggling as they try to cope with handling devastating COVID-19 outbreaks.
In an interview on “Fox News Sunday,” Mnuchin reiterated White House insistence bailouts wouldn't be fair to Republican-run states.
“We’ve been very clear that we’re not going to do this just to bail out states that are poorly managed,” he declared.
Mnuchin said the White House was willing to spend “whatever it takes” during the coronavirus crisis to bolster the economy — but said there should be a close look first at how the massive relief packages are working.
“We just want to make sure that before we jump back in and spend another few trillion of taxpayers’ money that we want to do it carefully,” he said. “We’re willing to spend whatever it takes. but whatever it takes needs to be done carefully.”
Mnuchin pointed out there’s “considerable risk” in not reopening the nation’s economy.
“I think there’s a considerable risk of not reopening, you’re talking about what would be permanent economic damage to the American public,” he said.
“We’re going to reopen in a very thoughtful way that gets people back to work safely, that has them social distance,” Mnuchin said.
Though job loss numbers have been brutal, it’s not because of bad economy, he said.
“These are not large numbers because the economy isn’t doing well, these are large numbers because we’ve shut down the economy,” he said.
“We closed down the economy unlike the Great Depression where we had economic issues,” he added.
“The reported numbers are probably going to get worse before they get better… next year is going to be a great year,” he said.
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