Treasury Secretary: Stimulus Package #2?

Treasury Secretary: Stimulus Package #2?

( – On Thursday, Treasury Secretary Steven Mnuchin said another coronavirus relief bill would likely be needed to keep the economy intact before the country fully reopens. However, before the White House considers another relief package, he said it wants to wait a few weeks to evaluate the economy’s needs. With $3 trillion just pumping into the economy, figuring out where more money needs to go is a priority.

Federal Reserve Chairman Jerome Powell recently echoed Mnuchin’s sentiments and added that any new relief would be expensive, but worth it in the end.

Last week, the House passed a $3-trillion partisan bill, which the Senate has said is dead on arrival.

An essential point for the Senate is unemployment insurance. Meanwhile, House Democrats want to expand the $600 per month benefit passed in the CARES Act in March. Republicans say people should not be getting more money on unemployment than they do working. Some say it’s a crazy policy that incentivizes people to remain unemployed.

Right now, we have to wait and see whether a new relief bill comes to fruition. One thing is certain, though — it won’t be the bill the House has foolishly spent time on.

~Here’s to Your Prosperity!

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