Mnuchin Not Optimistic on Covid Stimulus Before Election

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  • Bloomberg QuickTake: Now published this video item, entitled “Mnuchin Not Optimistic on Covid Stimulus Before Election” – below is their description.

    After speaking with House Speaker Nancy Pelosi by phone Wednesday morning, Treasury Secretary Steve Mnuchin said it would be “difficult” to get a stimulus deal done before the presidential election next month. Mnuchin made the remarks at a conference sponsored by the Milken Institute. “I’d say at this point, getting something done before the election and executing on that would be difficult just given where we are, and the level of details,” Mnuchin said. “But we’re going to try to continue to work through these issues.” “The majority of the economy is rebounding back very strong,” Mnuchin said. “The parts of the economy that are still subject to travel, entertainment, restaurants, performances, those types of things are still suffering. And that’s why we want a much more targeted approach.” The Federal Reserve has indicated that it will keep interest rates at nearly zero for a while to support the economy, even if inflation hits its target level. Economists and the head of the Federal Reserve have said the economy will likely need additional stimulus. Earlier benefits for laid-off workers and other support that Congress approved earlier this year have expired. According to an aide of House Speaker Nancy Pelosi, she and Mnuchin plan to speak again on Thursday.

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    In This Story: Nancy Pelosi

    Nancy Patricia Pelosi is an American politician serving as a congresswoman from California and the speaker of the United States House of Representatives. A member of the Democratic Party, Pelosi is the only woman in U.S. history to serve as Speaker and the highest-ranking female elected official in United States history. She is also the dean of California’s congressional delegation. As House speaker, Pelosi is second in the presidential line of succession, after the vice president.

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  • In This Story: Steve Mnuchin

    Steven Terner Mnuchin is an American politician, investment banker and film producer who is serving as the 77th United States Secretary of the Treasury as part of the Cabinet of Donald Trump. Previously, Mnuchin had been a hedge fund manager and investor.

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