Congress is considering a $1 trillion stimulus to boost the economy in the wake of the coronavirus.
... [+]Photo By Tom Williams/CQ-Roll Call, Inc via Getty Images: Treasury Secretary Steve Mnuchin on Tuesday told a group of Republican senators the U.S. unemployment rate—without major government intervention—could reach 20% because of the coronavirus,, as the federal government scrambles to mitigate the economic impacts of the pandemic.
Mnuchin was trying to convince lawmakers to support a $1 trillion stimulus package that would include cash payments to Americans and deferred IRS payments, according to bothMnuchin also said the economic fallout from the disease could potentially be worse than the 2008 financial crisis.during the Great Depression in the 1930s.As the federal government and local officials take increasingly drastic steps to stem the spread of the coronavirus, the economy is also under strain.
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