MNI POLICY: Mnuchin Urges $200B Tax Delay, More Fast Stimulus

By Evan Ryser

     WASHINGTON (MNI) - Treasury Secretary Steven Mnuchin will ask President

Trump to delay tax payments amounting to a USD200 billion stimulus and urged

Congress to pass a pared-down relief package in the next 48 hours tackling

coronavirus damage.

     "We are working on very quickly this week an urgent response for small and

medium-sized businesses that are most impacted," he said Wednesday around a

Congressional hearing. 

     Mnuchin said he's talking to House Speaker Nancy Pelosi and is in daily

contact with Fed Chair Jerome Powell on how to boost the world's largest economy

amid reports of more COVID-19 cases. 

     "I spoke to the Speaker this morning. I spoke to her last night and I spoke

to the President again this morning," Mnuchin said. "I am very hopeful and it is

very important to get bipartisan approval of a package quickly." 

     Mnuchin said the package will not include "everything. This is round one." 

     "We are having conversations about broader stimulus programs. It is

important to get the money out," Mnuchin said, adding that a package could come

in the next 24 to 48 hours but he will be coming back in the coming weeks. 

     "There are certain things that are going to take a week or two," he said.

     The administration is considering tax extensions and loan guarantees for

airlines, hotels, and cruise ships, he said at the House Appropriations

Committee. It's also working with Congress on sick leave and direct payments.

     U.S. tax filing day is April 15, and Mnuchin didn't say how long of an

extension is needed.

     "The President feels very strongly that we need to protect industry,"

Mnuchin said. "We are trying to figure out very quickly mechanically how we can

do it." 

--MNI Washington Bureau; +1 202 371 2121; email: evan.ryser@marketnews.com

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