Mnuchin says economy is recovering but ‘more work’ is needed

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Pressed by Democrats, too quickly negotiate a new Corona virus relief package. The Treasury secretary Steven Mnuchin, says the administration does remain willing to work on a bipartisan agreement to help small businesses the unemployed Children in schools. Weapon, Yushin said Democratic leaders in Congress are holding it up with hardened positions at a hearing by the House Select subcommittee on the Corona virus crisis. Mnuchin made the case that the economy's recovery is strengthened in recent weeks, citing improved consumer spending, growth in manufacturing and a rebounding housing market. He claimed that it's the failure of some states to reopen activity that's holding back the economy. But Democrats insisted that dire economic conditions persist for many millions of Americans. You are now facing addiction, debt hunger. So, said the panel's chair representative James Clyburn of South Carolina, who warned of more layoffs coming Especially from states and cities whose budgets have been busted by dealing with the economic impacts of the Corona virus crisis. Subcommittees. Democratic staff, meanwhile, said it is identified lapses pointed to possible fraud and abuse in a signature piece of the administration's relief effort. The 660 Billion dollar plus small business loan program, including more than a billion awarded to businesses that received multiple loans. The staff investigators said in a report that a lack of government oversight and accountability for the program may have led to billions of dollars being diverted to fraud, waste and abuse rather than reaching small businesses Truly in need. With bipartisan agreement, Congress enacted an unprecedented $2.3 trillion pandemic rescue package in March. Now the Trump Administration and top congressional Democrats have been In a months long stalemate over new relief legislation.

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