Mnuchin Urges Congress to Pass More Stimulus Funding

Steve Mnuchin

Treasury Secretary Steven Mnuchin urged Congress to appropriate more money to combat the effects of the coronavirus panic, saying at a hearing Tuesday that he was ready to sit down with Democratic leaders to resume negotiations at any time, reports The Wall Street Journal.

 Mnuchin suggested the gap between the two sides may be narrowing and mentioned a new, higher number for the administration’s proposed ceiling for a follow-on bill: $1.5 trillion, according to The Journal. The secretary also indicated that the Trump administration has softened its opposition to a Democratic proposal to apportion more money for state and local governments.

Yes, just what the country needs, more spending by the federal government that doesn't have any money and bailouts of local governments that don't have any money. This is madness. It means more money printing out of thin air by the Federal Reserve. This is not going to end well. The US dollar is already starting to weaken on foreign exchange markets. It will get worse.

-RW