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Steve Mnuchin: Economy Will Bounce Back Quickly In July, August

The federal government is prepared for a recovery on the horizon.

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Treasury Secretary Steve Mnuchin predicted that the American economy will bounce back in significant fashion in the summer months during an appearance on Fox News with Chris Wallace on Sunday, citing the significant significant relief the federal government has spent to stimulate the economy in the midst of the coronavirus recession.

I think as we begin to reopen the economy in May and June, you’re going to see the economy really bounce back in July, August, September,” Mnuchin predicted. “And we are putting in a unprecedented amount of fiscal relief into the economy. You’re seeing trillions of dollars that’s making its way into the economy, and I think this is going to have a significant impact.”

Mnuchin had acted as the Trump administration’s point man in securing the passage of the $2 trillion CARES Act coronavirus stimulus, providing significant cash relief to small businesses dealing with the fallout of the unprecedented situation, as well as providing a $1,200 TrumpBux payment to most Americans who reported less than $75,000 of income on their 2018 or 2019 tax return.

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Mnuchin rejected a comparison of the current coronavirus recession to the 2007 financial crisis, pointing out the situation was a result of a phenomenon that is medical, not economic. The Treasury Secretary predicted that the nation’s economy would respond to reopening in opposite form as it reacted to its closure in March as a result of the spreading virus.

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My own opinion is, again, we have unprecedented amount of liquidity in the system,” Mnuchin argued. “We’re very sympathetic to all the people that are out of work. But there is enhanced unemployment, there’s the PPP, there’s direct deposits. This is going to put a lot of liquidity. And as businesses begin to open, you’re going to see demand side of the economy rebound.

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SHAME: Democrats Are Blocking Stimulus Legislation That Includes Second $1,200 TrumpBux Check

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Democrats in Congress are blocking a bipartisan $1.5 trillion stimulus package that includes a second round of $1,200 TrumpBux payments to Americans.

Leading House Democrats are saying the bill isn’t big enough of a giveaway, but they favor stimulus measures that would divert funds away from the pockets of everyday Americans to institutions. They want to bail out Democrat state and local governments, and are willing to block TrumpBux payments to Americans if they aren’t allowed to.

The House passed a $3.4 trillion stimulus package in May that was shot down by Senate Republicans. The latest $1.4 stimulus legislation has been presented as a compromise, after House Democrats in turn rejected a thin $500 billion stimulus package proposed by Republicans last week. That package did not include a second round of $1,200 payments, and Republicans are now willing to sign off on another TrumpBux payment in order to pass another round of stimulus.

The $1.5 trillion stimulus legislation emerged from the Problem Solvers Caucus, a group of 25 Republicans and 25 Democrats who emphasize bipartisanship and common ground. Aside from TrumpBux 2, it features $500 billion for cities and states, unemployment insurance of $600 a week, increased SNAP benefits and rental assistance.

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Steny Hoyer and Nancy Pelosi are claiming the legislation doesn’t go far enough and that it “leaves too many needs unmet.”

Pelosi and House Democrats are insisting that Congress will remain in session until a second stimulus agreement is met, but in rejecting the Problem Solvers Caucus legislation they’re already shown they’re not open to a generous compromise.

Try asking everyday working Americans of all stripes and walks of life if they’re willing to wait or even go without a second $1,200 stimulus payment in order to provide a bigger bailout to states and cities that already engage in questionable budgetary practices to begin with. The Democrats are resolutely determined to avoid making people the priority in  a stimulus package, and will block stimulus legislation to do so.

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