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Treasury Secretary Steven Mnuchin said Wednesday that he believes the U.S. will "definitely" need another bipartisan stimulus package while appearing before the Senate Small Business and Entrepreneurship Committee, Bloomberg reports.
The state of play: While House Democrats have passed their own $3.5 trillion version of the next stimulus package, Senate Republicans have stressed to the White House that the next round should be under $1 trillion — and don't think it's possible to pass such legislation until July or August.
Mnuchin said specific industries — like retail, travel and leisure — will be in desperate need of financial assistance as the country works to reopen amid the coronavirus pandemic.
- "Whatever we do going forward needs to be much more targeted to the industries and small businesses that are having the most difficulty reopening as a result of COVID-19."
- "I do think the economy is going to rebound significantly, but there is still significant damage in parts of the economy. We’re going to use all of our fiscal tools to work with Congress" to "restore this economy to where it was."