WASHINGTON (NEXSTAR) — Treasury Secretary Steve Mnuchin says he plans to end some emergency lending programs at the end of the year.
“If Congress wants to extend this money for federal purposes for these facilities, Congress can add that to new legislation,” Mnuchin said,
Despite some objections from Democrats, Mnuchin says he’s just following the law.
“I just want to emphasize this was not a political decision. I was merely implementing the CARES Act,” Mnuchin said,
Democrats, like Virginia Congresswoman Jennifer Wexton, think the decision should be left up to Janet Yellen, Joe Biden’s pick to replace Mnuchin.
“Have you discussed with her your intention to end these facilities?” Wexton asked.
“I have advised her that my reading of this and my interpretation was non-political and was following the law,” Mnuchin answered.
Despite this disagreement, Mnuchin and Federal Reserve Chair Jerome Powell say congress needs to set their sights on passing more stimulus.
“The outlook for the economy is extraordinarily uncertain and will depend in large part on the success of efforts to keep the virus in check,” Powell said.
And Republicans, like Ohio congressman Anthony Gonzalez, say congress needs to work together to pass a bill before the end of the year.
“There are small businesses struggling. There are people unemployed who are struggling and I can almost guarantee you to the person, that every single one of them would prefer something to nothing,” Gonzalez said.