US Treasury Secretary Steve Mnuchin announced an economic package against the coronavirus in an interview on "Fox News Sunday", adding that the bill will include a $3,000 deposit for an average family of four. According to him, the planned measures include small business retention loans that would help about half of the American workforce.
FOX News Sunday: Treasury Secretary Steven Mnuchin discusses the timeline of the economic stimulus. Secretary thinks the package will be passed Monday: "we're looking at this from anywhere to a 10 to 12 week scenario." #FNS #FoxNews pic.twitter.com/A3fgc4xxTv— FoxNewsSunday (@FoxNewsSunday) March 22, 2020
Mnuchin also noted that the package stipulates up to $4 trillion for the Federal Reserve to support the economy.
Exclusively on FOX News Sunday: Treasury Mnuchin breaks down the main components of the stimulus relief package: "I think we are injecting a lot of liquidity into the system. And hard-working Americans know that the President wants to protect them." #FNS pic.twitter.com/x5sNEAdsLd— FoxNewsSunday (@FoxNewsSunday) March 22, 2020
Numerous workers across the country have had to stay home as the authorities announced an emergency due to the spread of COVID-19.
Secretary Mnuchin joined FOX News Sunday to discuss the latest economic relief package being discussed on Capitol Hill amid the coronavirus pandemic. Some highlights include small business loans, direct deposits, and enhanced unemployment insurance. #FNS #FoxNews pic.twitter.com/1eZKI15ONC— FoxNewsSunday (@FoxNewsSunday) March 22, 2020
According to Goldman Sachs pessimistic forecast, a 24% drop in GDP may be expected in the second quarter of 2020, which is three times larger than any quarterly fall during the 2008-2009 financial crisis.
The United States is now among one of the countries worst-hit by the virus, currently fourth in the number of infected after China, Italy, and Spain; the US, however, has registered fewer deaths than these three countries as well as Iran and France.