Congress is finalizing a coronavirus economic relief bill that will include a one-time $3,000 payment for families and would allow the Fed to add up to $4T of liquidity to sustain the nation’s economy, U.S. Treasury Secretary Steven Mnuchin said on Fox News Sunday.
The additional liquidity measures would allow the U.S. central bank to help a wide swath of businesses to get through the next 90 to 120 days, he said.
“We need to get the money into the economy now. If we do that, we think we can stabilize the economy,” he said.
The Trump administration hopes to finalize the legislation today and hold a vote in Congress on Monday; further steps could be taken if the crisis doesn’t ebb in 10-12 weeks, Mnuchin said.
Previously: Coronavirus updates – ‘Quarter of Americans told to stay home’ (March 22)