Treasury Secretary Steven T. Mnuchin said Monday that the coronavirus pandemic is no time to prioritize a small deficit, arguing that such concerns shouldn’t delay any new COVID-19 relief efforts.
“Now is not the time to worry about shrinking the deficit or shrinking the Fed balance sheet,” Mr. Mnuchin said on CNBC’s “Squawk Box.” “Had we not passed the $3 trillion deal and had the Fed not acted in the way they’ve done … I think you’d see a very, very different economic scenario right now.”
Mr. Mnuchin, along with White House chief of staff Mark Meadows, spearheaded negotiations with congressional Democrats on the coronavirus relief deal in July and August.
His latest sentiments echoed those of House Speaker Nancy Pelosi, California Democrat, who has defended her party’s insistence on at least another $2 trillion deal by touting low-interest rates from the Federal Reserve.
Lawmakers on Capitol Hill have struggled to reach a compromise on coronavirus relief spending since