Treasury Secretary Mnuchin speaking
Treasury Secretary Mnuchin is speaking saying:
- The impact of the coronavirus issue was initially underestimated internationally
- Working on economic options to back affected people and companies
- Working with Congress, international organizations on virus
- Met with Pompeo this morning on coronavirus
- Hosting G7 calls on coronavirus
- In touch with the IMF, World Bank, regulators on coronavirus
- First concern on coronavirus is protecting US economy
- Small, medium size businesses need help for costs as employees self quarantine
- Looking at big increase in lending to small companies
- Hundreds of billions of dollars can be put into economy with deferred tax payments
- May provide over $200 billion of liquidity by tax payment delays
- Loan guarantees is a very effective way to a companies without putting taxpayers at risk
- Assumes airlines would be at the top of the list
- Pres. feels strongly that companies need to be protected, not bailed out
The comments from Mnuchin are a step back from the ideas yesterday including a payroll tax decrease for employees and employers.
Meanwhile, national security advisor O'Brien speaking at a Washington event and putting blame on China mostly:
- US has done a good job responding to virus
- China did not handle coronavirus right
- Doctors involved were silenced or put in isolation so word could not get out
- China's response probably cost the world 2 months
