Mnuchin on coronavirus funding: 'We need to spend what it takes'

Mnuchin on coronavirus funding: 'We need to spend what it takes'
© Bonnie Cash

Treasury Secretary Steven MnuchinSteven Terner MnuchinOn The Money: McConnell says it's time to restart coronavirus talks | New report finds majority of Americans support merger moratorium | Corporate bankruptcies on pace for 10-year high McConnell: Time to restart coronavirus talks Lawmakers of color urge Democratic leadership to protect underserved communities in coronavirus talks MORE on Wednesday said that there's a desire to spend what is needed to combat the coronavirus crisis, though he also said he was sensitive about adding to the national debt.

"I think we're all sensitive to that this is a war and we need to win this war and we need to spend what it takes to win the war," Mnuchin said in an interview on Fox Business Network. "On the other hand, I think we are sensitive to the economic impacts of putting on debt, and that's something that the president is reviewing with us very carefully."

Mnuchin's comments come after Senate Majority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellMcConnell warns control of Senate 'could go either way' in November On The Money: McConnell says it's time to restart coronavirus talks | New report finds majority of Americans support merger moratorium | Corporate bankruptcies on pace for 10-year high McConnell: Time to restart coronavirus talks MORE (R-Ky.) on Tuesday signaled resistance to quickly moving on an additional coronavirus relief bill, saying that lawmakers need to start thinking about the debt. The Senate passed a $484 billion relief measure on Tuesday, and President TrumpDonald John TrumpDemocrat calls on White House to withdraw ambassador to Belarus nominee TikTok collected data from mobile devices to track Android users: report Peterson wins Minnesota House primary in crucial swing district MORE has already enacted three other bills.

ADVERTISEMENT

The Committee for a Responsible Federal Budget has projected that debt held by the public will exceed the size of the economy by the end of the fiscal year.

Mnuchin noted that interest rates are currently low.

"The good news is interest rates are very low, so the cost of carrying the debt to the American taxpayer is quite low," he said.