(NewsReady.com) – Adding to the deficit has been a major concern of Republican lawmakers over the last few months as they respond to the COVID-19 pandemic. Treasury Secretary Steven Mnuchin is now trying to reassure members of the GOP about the issue.
During a September 14 interview, Mnuchin told CNBC’s “Squawk Box,” lawmakers shouldn’t allow their fears of increasing the deficit stop them from passing COVID-19 relief. He said “now is not the time” to try to reduce the deficit. The economic crisis resulting from the pandemic makes it critical to pass legislation aiding Americans.
“Now is not the time to worry about shrinking the deficit or shrinking the Fed balance sheet," Treasury Secretary Steven Mnuchin says on CNBC.
— Kaitlan Collins (@kaitlancollins) September 14, 2020
Those who are concerned about the federal debt should feel optimistic about the future because their actions limit the impact of the virus, which is “the reason the economy is doing better” according to Mnuchin.
The Trump Administration has said reducing the deficit will be a top priority if the president is re-elected, but right now they’re focused on getting the country through the pandemic. The short-term pain the country feels now will improve in the long term.
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