Treasury Secretary Mnuchin says 'we can't shut down the economy again' - CNBC

kembaliui.blogspot.com

This is breaking news. Please check back for updates.

Treasury Secretary Steven Mnuchin said that shutting down the U.S. economy for a second time to combat the spread of Covid-19 isn't a viable option and could cause even more headaches for Americans.

"We can't shut down the economy again. I think we've learned that if you shut down the economy, you're going to create more damage," Mnuchin told CNBC's "Squawk on the Street."

"And not just economic damage, but there are other areas and we've talked about this: Medical problems and everything else that get put on hold," he added. "I think it was very prudent what the president did, but I think we've learned a lot."

The Treasury secretary's comments Thursday morning came as Wall Street grew more concerned about a second wave of coronavirus cases in the U.S. Texas has reported three consecutive days of record-breaking Covid-19 hospitalizations while nine California counties are reporting a spike in new coronavirus cases or hospitalizations of confirmed cases, AP reported Wednesday.

The uptick in cases amid U.S. reopening efforts has made investors nervous that states may have to reimpose business closures to again try to slow the spread of the coronavirus. That pessimism contributed to the Doe Jones Industrial Average's 800-point slide Thursday morning and the S&P 500's 2.6% loss.

Stocks that would benefit the most under a total U.S. reopening led the way lower, with United Airlines down 10%, cruise operator Carnival losing 8.8% and Gap shedding 6.6%.

Mnuchin also said Thursday that he's prepared to return to Congress to request additional fiscal spending to help juice the U.S. economy if needed.

"We have the Fed program, we have Main Street [lending program] which is going be now up and running, and we're prepared to go back to Congress for more money to support the American worker," he said. "So we're going to get everybody back to work. That's my No. 1 job working with the president and we're going to do that."

Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.

Let's block ads! (Why?)

"again" - Google News
June 11, 2020 at 09:02PM
https://ift.tt/37jns3s

Treasury Secretary Mnuchin says 'we can't shut down the economy again' - CNBC
"again" - Google News
https://ift.tt/2YsuQr6
https://ift.tt/2KUD1V2

Bagikan Berita Ini