Mnuchin Says ‘Strong Likelihood’ for More Virus Spending

Treasury Secretary Steven Mnuchin said Congress will very likely need to pass more stimulus legislation for the U.S. economy, as the nation struggles to recover from the coronavirus outbreak. “I think there is a strong likelihood we will need another bill,” he said Thursday at an online event hosted by the Hill newspaper -- but he also reiterated the Trump administration’s position that more stimulus isn’t needed immediately. “We’re going to step back for a few weeks and think very carefully if we need to spend more money and how we’re going to do that,” Mnuchin said. He said he had spoken to House Speaker Nancy Pelosi last week about implementation of the $2.2 trillion stimulus Congress passed in late March. The House passed an additional $3 trillion stimulus last week but Republicans in control of the Senate have said they won’t consider it. President Donald Trump and Senate Majority Leader Mitch McConnell have said they instead want to evaluate the effect of some $5 trillion already aimed at the economy by Congress and the Federal Reserve.

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