On Monday, the 23rd of March 2020, the US Treasury Secretary Steven Mnuchin had urged a divided US Congress to quickly pass a monstrous $2 trillion economic aid bill to limit the financial casualties of a gruelling coronavirus outbreak in the United States which had infected 42,751 people and killed 519 American nationals thus far, making United States the third worst-hit country from the Covid-19 pandemic after China and Italy.
Besides, the US Treasury’s Mnuchin was also quoted saying on Monday (March 23rd) that the economic relief bill, which would require a bipartisan support in order to become effective, could spare tens of thousands of jobs from having slashed in small-scale businesses, airlines alongside other industries as the coronavirus pandemic has been signalling every potentiality to halt business in the United States for months, while Wall St.
analysts said a recovery might take at least years. Meanwhile, adding that a roughly $2 trillion package in fiscal aid coupled with US Fed’s move to proffer $4 trillion in market liquidity could provide potential market liquidity at a time while a third of US population remained in lockdown, stoking frets of a protracted recession what analysts had already started to brand as the “Great Depression,” Mnuchin said in an interview with Fox Business Network, “This is a massive liquidity program.
We are encouraging small businesses: Make sure you hire people back. If you haven’t let people go, don’t let people go. Because we are providing you necessary liquidity, and we’re going to get that money out fast. ”