Treasury Sec. Mnuchin forecasts economic rebound this summer

Mnuchin believes the economy will begin picking up in July.

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Treasury Secretary Steve Mnuchin on March 24, 2020
Treasury Secretary Steve Mnuchin on March 24, 2020
(Chip Somodevilla/Getty Images)
Updated: April 26, 2020 - 12:30pm

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Treasury Secretary Steve Mnuchin forecasted an economic rebound this summer after businesses begin reopening during the next couple of months and consumer demand resurges.

"Well Chris I think as we begin to reopen the economy in May and June you're gonna see the economy really bounce back in July, August September," Mnuchin said during an interview with Chris Wallace on Fox News Sunday. 

Mnuchin said the "unprecedented amount of fiscal relief" being pumped into the nation's economy will "have a significant impact."

The Paycheck Protection Program enacted to assist businesses amid the coronavirus crisis quickly ran out of funding, and Congress recently approved additional money for the program. When Wallace asked Mnuchin how long he believes the new infusion of funding will last, Mnuchin said that "the sooner the money is disbursed the better."

"So the first round impacted about 30 million workers. I think this round will be about the same. That'll be close to 50 percent of the private workforce. So I actually hope that we run out of money quickly so we can get the money into the workers' pockets," Mnuchin said.

Mnuchin likened the pandemic to a war, and said that the government will spend even more money if necessary, though he noted that any spending would need bipartisan backing. 

"And if we need more money, as I've said, this is a war, we'll win this war. If we need to spend more money we will. And we'll only do it with bipartisan support," he said.

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