Mnuchin Says Rising Budget Deficits to be a Focus ‘Over Time’

April 27, 2020by Katia Dmitrieva, Bloomberg News (TNS)
U.S. Treasury Secretary Steve Mnuchin speaks next to President Donald Trump at the Coronavirus Task Force press briefing on Monday, April 13, 2020 at the White House in Washington, D.C. (Yuri Gripas/Abaca Press/TNS)

Treasury Secretary Steven Mnuchin said that “over time” the U.S. will need to look into the sharply rising budget deficits created by the multi-trillion-dollar coronavirus support packages.

Right now “we’re in a war,” Mnuchin said on “Fox News Sunday.” “We’re going to do whatever we need” to support the economy.

The good news, Mnuchin said, is that “interest rates are extremely low and we’re locking in long-term rates” at those levels.

As Treasury and the Small Business Administration prepare to roll out a second tranche of the Paycheck Protection Program, designed by Congress to help small businesses get through COVID-19-related shutdowns, Mnunchin said he was confident that the average loan size would be smaller than in the first round.

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