Mnuchin Calls for Congress to Pass More Stimulus This Month - Virus Reports<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/virusreports.net\/mnuchin-calls-for-congress-to-pass-more-stimulus-this-month\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mnuchin Calls for Congress to Pass More Stimulus This Month - Virus Reports\" \/>\n<meta property=\"og:description\" content=\"The Treasury Secretary told lawmakers that the next phase of relief should be focused on industries that have been hardest hit by the coronavirus.Treasury Secretary Steve Mnuchin called on Congress to pass another round of stimulus aid as parts of the economy continue to struggle with the effects of the virus.Credit...Samuel Corum for The New…\" \/>\n<meta property=\"og:url\" content=\"http:\/\/virusreports.net\/mnuchin-calls-for-congress-to-pass-more-stimulus-this-month\/\" \/>\n<meta property=\"og:site_name\" content=\"Virus Reports\" \/>\n<meta property=\"article:published_time\" content=\"2020-07-17T23:22:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/s3.us-west-1.wasabisys.com\/virusreports\/2020\/07\/mnuchin-calls-for-congress-to-pass-more-stimulus-this-month.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1050\" \/>\n\t<meta property=\"og:image:height\" content=\"550\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"8 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"http:\/\/virusreports.net\/mnuchin-calls-for-congress-to-pass-more-stimulus-this-month\/#article\",\"isPartOf\":{\"@id\":\"http:\/\/virusreports.net\/mnuchin-calls-for-congress-to-pass-more-stimulus-this-month\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\/\/virusreports.net\/#\/schema\/person\/b4d9935a5c761848b065a92393ecc319\"},\"headline\":\"Mnuchin Calls for Congress to Pass More Stimulus This Month\",\"datePublished\":\"2020-07-17T23:22:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"http:\/\/virusreports.net\/mnuchin-calls-for-congress-to-pass-more-stimulus-this-month\/\"},\"wordCount\":1701,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/virusreports.net\/#organization\"},\"image\":{\"@id\":\"http:\/\/virusreports.net\/mnuchin-calls-for-congress-to-pass-more-stimulus-this-month\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/s3.us-west-1.wasabisys.com\/virusreports\/2020\/07\/mnuchin-calls-for-congress-to-pass-more-stimulus-this-month.jpg\",\"keywords\":[\"calls\",\"Mnuchin\"],\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"http:\/\/virusreports.net\/mnuchin-calls-for-congress-to-pass-more-stimulus-this-month\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"http:\/\/virusreports.net\/mnuchin-calls-for-congress-to-pass-more-stimulus-this-month\/\",\"url\":\"http:\/\/virusreports.net\/mnuchin-calls-for-congress-to-pass-more-stimulus-this-month\/\",\"name\":\"Mnuchin Calls for Congress to Pass More Stimulus This Month - 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The Treasury Secretary told lawmakers that the next phase of relief should be focused on industries that have been hardest hit by the coronavirus.<\/p>\n

Treasury Secretary Steve Mnuchin called on Congress to pass another round of stimulus aid as parts of the economy continue to struggle with the effects of the virus.<\/span>Credit…<\/span>Samuel Corum for The New York Times<\/span><\/span><\/span><\/figcaption><\/figure>\n<\/div>\n<\/div>\n
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July 17, 2020<\/time>Updated 6:09 p.m. ET<\/span><\/time><\/p>\n<\/li>\n
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WASHINGTON \u2014 Treasury Secretary Steven Mnuchin called on Congress on Friday to work with the Trump administration to pass additional stimulus legislation by the end of the month as the coronavirus<\/a> pandemic continued to inject uncertainty into how quickly the economy would recover.<\/p>\n
The request comes as the virus continues to surge in certain areas and as millions of Americans are about to see their expanded<\/a> unemployment insurance benefits expire. Lawmakers are expected to soon embark on an intense stretch of negotiations<\/a> over what would be the fourth significant bailout package since the virus shuttered large sections of the United States economy this year.<\/p>\n
In testimony before the House Committee on Small Business, Mr. Mnuchin said that the next round of money to support the economy should be targeted to help industries that have been hardest hit by the pandemic, as well as smaller businesses and low- to middle-income families. Mr. Mnuchin also said that the Paycheck Protection Program<\/a>, which provides forgivable small-business loans, should be extended but with a focus on helping the restaurant, hotel, travel and hospitality sectors.<\/p>\n
\u201cWe are monitoring economic conditions closely,\u201d Mr. Mnuchin said in his remarks. \u201cCertain industries, such as construction, are recovering quickly, while others, such as retail and travel, are facing longer-term impacts and will require additional relief.\u201d<\/p>\n<\/div>\n<\/div>\n
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Mr. Mnuchin added that a rise in virus cases needed to be taken into consideration: \u201cWe are also sensitive to the fact that certain areas of the country are experiencing increased numbers of cases of the virus.\u201d Cases are rising in 39 states<\/a>, according to a New York Times database.<\/p>\n
But while Mr. Mnuchin acknowledged more areas would need help, he continued to suggest a robust recovery was ahead \u2014 a far rosier view<\/a> than many economists were predicting given continuing infections and renewed restrictions on business activity.<\/p>\n
Mr. Mnuchin pointed to forecasts of strong economic growth in the third and fourth quarters of this year and to a survey that showed a majority of small businesses have at least partly reopened.<\/p>\n
\u201cRecent improvements in unemployment insurance claims suggest that the job market has continued to strengthen in July,\u201d Mr. Mnuchin said.<\/p>\n<\/div>\n<\/div>\n
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\u2018We Are Monitoring Economic Conditions Closely,\u2019 Mnuchin Says<\/h2>\n
In testimony before Congress, Treasury Secretary Steven Mnuchin said that the next round of relief should be focused on industries that have been hardest hit by the virus.<\/h4>\n<\/div>\n
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We remain committed to working together until every American gets back to work as quickly as possible. America\u2019s economy continues to recover from the challenges posed by Covid-19. For the second month in a row, the jobs report vastly exceeded forecasts with a record of nearly five million jobs. This brings the two-month gain to approximately eight million jobs. While unemployment rate is still historically high, we are seeing additional signs and conditions of improvement. We are in a strong position to recover because the Trump administration worked with Congress to pass legislation on an overwhelmingly bipartisan basis and provide liquidity to workers and markets in record time. In particular, the P.P.P. is keeping tens of millions of employees in their jobs. Economic impact payments are helping millions of families. We are monitoring economic conditions closely. Certain industries such as construction are recovering quickly, while retail and travel are facing longer-term prospects. I look forward to these continued bipartisan efforts. A next phase of relief should extend the P.P.P. but on a more targeted basis for smaller companies and those that are especially hard hit, such as restaurants, hotels and other travel and hospitality business.<\/p>\n<\/dd>\n<\/dl>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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In testimony before Congress, Treasury Secretary Steven Mnuchin said that the next round of relief should be focused on industries that have been hardest hit by the virus.<\/span>Credit<\/span>Credit…<\/span>Anna Moneymaker for The New York Times<\/span><\/span><\/span><\/figcaption><\/figure>\n
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Almost four months after Congress unanimously passed $2 trillion in relief funding, Mr. Mnuchin may find that coming to terms on a package is far more difficult than it was in March. With the two parties split over several key policy areas, finding bipartisan agreement on how to help schools safely reopen, continue to prop up businesses and support the unemployed may require significant concessions from both sides and intraparty splits.<\/p>\n<\/div>\n
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Democrats have already started accusing Republicans of refusing to come to the negotiating table, even as they insist they will accept nothing less than the $3 trillion proposal House Democrats passed in May<\/a>. Republicans, who plan to introduce their own plan as soon as next week, have indicated they want to spend closer to $1 trillion and will focus on \u201ckids, jobs, health care and liability protection\u201d for businesses, schools and medical workers.<\/p>\n
\u201cInstead of working with the Democrats to get something done, McConnell\u2019s office is running a partisan process,\u201d Senator Chuck Schumer of New York, the Democratic leader, said during a call with reporters on Friday, referring to Senator Mitch McConnell, Republican of Kentucky and the majority leader.<\/p>\n
One big sticking point is whether to send billions in additional money to state and local governments, as Democrats have insisted and Republicans have resisted.<\/p>\n
Mr. Mnuchin underscored his reluctance to offer robust federal assistance at the hearing. He dismissed arguments that states like New Jersey, New York and California send more tax money to the federal government than they receive in assistance and argued that state budget shortfalls should generally be addressed through cost cutting or tax increases.<\/p>\n
If states had financial problems going into the crisis, Mr. Mnuchin said, \u201cit\u2019s not the federal government\u2019s role to bail them out of that.\u201d<\/p>\n
But two former Federal Reserve chairs, Ben S. Bernanke and Janet L. Yellen, urged lawmakers to provide help to states facing large budget shortfalls, saying failure to do so could hold back economic growth.<\/p>\n<\/div>\n<\/div>\n
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\u201cCongress should provide substantial support to state and local governments,\u201d they told lawmakers in testimony before the Select Subcommittee on the Coronavirus Crisis. \u201cAs we learned after the financial crisis, fiscal contraction at the state and local level slows the national economy and offsets the benefits of federal action.\u201d<\/p>\n
Both officials also said they supported expanding the extra $600 per week in unemployment benefits that are set to expire on July 31, with Mr. Bernanke suggesting there could be tweaks made to address concerns about disincentives.<\/p>\n
\u201cI think you could modify the structure to satisfy some of your Republican colleagues,\u201d Mr. Bernanke said, but added that it was \u201cvery important\u201d to consider further support for the unemployed.<\/p>\n
White House officials have been debating how to structure another round of economic impact payments that would be sent directly to American taxpayers. They are also weighing whether to continue the enhanced unemployment benefit payment<\/a> that Democrats say is providing a vital financial cushion and that many Republicans say is encouraging people not to return to work.<\/p>\n
President Trump has publicly called for a payroll tax cut and tax deductions for dining and entertainment expenses, but these proposals have received little support in Congress from either party.<\/p>\n
Larry Kudlow, Mr. Trump\u2019s economic adviser, made the case for a payroll tax cut during an interview on Fox News Radio<\/a> and said a cap should be placed on how much expanded unemployment insurance someone can receive. He and other Republican lawmakers are pushing for a rehiring \u201cbonus.\u201d<\/a><\/p>\n
\u201cThis one will be smaller, much more targeted, much smarter and efficient going after things,\u201d Mr. Kudlow said of the bill that Republicans would support.<\/p>\n<\/div>\n<\/div>\n
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Lawmakers agree that Congress needs to allocate more money for schools trying to reopen their doors this fall, but the White House has shown interest in trying to require schools that take money to bring students back in person. And it also wants to extend funds to private and religious schools. Democrats have balked at those proposals, while Senate Republicans are weighing possible approaches to prod or incentivize schools to open their campuses.<\/p>\n
\u201cWe can\u2019t have a normal country unless kids are in school,\u201d Mr. McConnell said this week.<\/p>\n
A proposal by Mr. McConnell that circulated on Friday would also convey sweeping liability protections on businesses, schools, hospitals, charities, government agencies and front-line medical workers trying to navigate the coronavirus pandemic. Mr. McConnell said he would not put any bill that did not include liability protections on the Senate floor, but Democrats have taken the opposite approach, proposing new protections for workers facing increased health and safety risks, rather than for employers.<\/p>\n
Mr. Mnuchin was joined at the hearing by Jovita Carranza, the administrator of the Small Business Administration, whose agency has been responsible for deploying the $660 billion Paycheck Protection Program.<\/p>\n
Lawmakers questioned both Mr. Mnuchin and Ms. Carranza over how well the small-business program was working, including whether money was getting to businesses that needed funds<\/a> and if companies faced too many hurdles to getting their loans forgiven.<\/p>\n
Asked about simplifying the loan forgiveness process, Mr. Mnuchin said that automatically forgiving all small loans was \u201csomething we should consider.\u201d He suggested that some measures would be needed to prevent fraud and to make sure that the money was used appropriately.<\/p>\n
In the next legislative package, Mr. Mnuchin said he would like to see the small-business lending program extended so that businesses that already received loans could apply a second time. Businesses that have been hit the hardest \u2014 based on a combination of lost revenue and size \u2014 should be prioritized for approval.<\/p>\n
Mr. Mnuchin and Ms. Carranza also reiterated that the government would review large loans to ensure that they were appropriate and within the government\u2019s guidelines.<\/p>\n<\/div>\n<\/div>\n
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Data released<\/a> on loans over $150,000 showed that while much of the money had gone to restaurants, medical offices and car dealerships, Washington lobbying shops, high-priced law firms and special-interest groups also received big loans.<\/p>\n
Jeanna Smialek and Luke Broadwater contributed reporting.<\/p>\n<\/div>\n<\/div>\n<\/section>\n<\/article>\n
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The Treasury Secretary told lawmakers that the next phase of relief should be focused on industries that have been hardest hit by the coronavirus.Treasury Secretary Steve Mnuchin called on Congress to pass another round of stimulus aid as parts of the economy continue to struggle with the effects of the virus.Credit…Samuel Corum for The New…<\/p>\n","protected":false},"author":1,"featured_media":58519,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[23],"tags":[177,1128],"class_list":{"0":"post-58518","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news","8":"tag-calls","9":"tag-mnuchin"},"yoast_head":"\nMnuchin Calls for Congress to Pass More Stimulus This Month - Virus Reports<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/virusreports.net\/mnuchin-calls-for-congress-to-pass-more-stimulus-this-month\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mnuchin Calls for Congress to Pass More Stimulus This Month - 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