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Mnuchin details fate of unemployment relief, next coronavirus stimulus bill - YouTube
Channel: Fox News
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and joining us now secretary of the
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treasury steven
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mnuchin mr secretary welcome back to fox
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news sunday
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thank you it's good to be with you house
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democrats passed their relief bill back
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in may
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fully two months ago but here we are the
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last week
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in july and the white house and senate
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republicans still can't agree on just a
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gop
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package meanwhile a federal ban on
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evictions ran out yesterday
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federal unemployment benefits run out on
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friday and the first
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the last checks have already gone out
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and the payroll protection program for
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businesses is running out early next
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month
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here's senate democratic leader chuck
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schumer
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they have been so divided so
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disorganized so
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unprepared that they have struggled to
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even draft a partisan proposal within
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their own conference
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they can't come together
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won't millions of americans and millions
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of businesses pay the price because the
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white house
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and senate republicans can't get your
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act together
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well chris first let me say i think
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that's an unfair characterization
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the administration and the senate
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republicans are completely on the same
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page
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mark meadows and i were up yesterday
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just working on technical issues
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in the drafts we had previously agreed
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on all these issues earlier in the week
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we want to move forward quickly the bill
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will be introduced
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monday and we're prepared to act quickly
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this is all about kids and jobs this is
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our focus
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and we want to make sure something gets
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passed quickly so that we deal with the
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unemployment
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and all the other issues paycheck
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protection plan
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tax credits to rehire people and money
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for schools
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but but mr secretary the plan was
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supposed to be announced uh on wednesday
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then thursday now it's next week and
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it's two months after the democrats came
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up with their plan and now you're going
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to have to start
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negotiating with democrats now that you
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have
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a republican plan senate majority leader
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mitch mcconnell said friday
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hopefully we can come together behind
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some package we can agree on
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in the next few weeks and here's white
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house chief of staff mark meadows
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we're trying to make sure that we hit
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the immediate needs first
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and then continue to negotiate perhaps
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throughout most of
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august until we get something finished
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so do you have a gop plan that will be
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announced tomorrow
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and and then what are
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laid off workers and what are struggling
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businesses supposed to do
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while you spend as the white house chief
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of staff just said
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until sometime in august negotiating
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with democrats
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well let me first say we do have an
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entire plan
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it's a trillion dollars and let me just
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remind everybody
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that of the three trillion dollars we've
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already passed we have about a trillion
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to a trillion and a half still left to
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put into the economy
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so these are very very large amounts of
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money working with congress to support
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this
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and what mark meadows was saying is that
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within the trillion dollar package there
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are certain things
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that have time frames that are a bigger
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priority
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so we could look at doing an entire deal
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we could also look at doing parts so
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obviously the most pressing
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issues are the fact that we have
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unemployment insurance running out
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we need to make sure that we don't have
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frivolous lawsuits for schools and
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universities
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we want to make sure with the expiring
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unemployment insurance we have the
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technical fix so people don't get paid
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more
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to stay home than they do to work and
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we can move very quickly with the
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democrats on these issues we've moved
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quickly before
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and i see no reason why we can't move
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quickly again
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and if there are issues that take longer
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uh we'll we'll deal with those as well
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but but mr secretary you know because
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nancy pelosi has made it very clear
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she's not going to agree to a piecemeal
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plan because the things that you want
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immediately
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are the things that you want and there
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are things they want and they're not
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going to
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agree to to some things until everything
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is agreed to
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let's focus if we can specifically on
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on the unemployment benefits because
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that
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seems to be the big hold up certainly
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among republicans
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the the plan that is just running out
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now provided a federal
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unemployment benefit on top of state
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unemployment benefits
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a federal benefit of 600
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a week you're saying that's too much how
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much do you plan
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to reduce it and why well chris
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just remember when we did the last plan
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and let me say you know when you talk
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about piecemeal this will be the fifth
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set of legislation so there's no reason
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why we can't have number five
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six and seven as we need to deal with
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issues and obviously anything we knew
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we do we need bipartisan support but as
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it relates to unemployment insurance
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we we knew there was going to be large
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unemployment we had a technical issue
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with the states and how they were going
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to be able to do this
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so we picked a number that on the
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average
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looked okay but what we've seen is now
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that we want to have the technical
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correction
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and we want to have something which pays
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people about 70 percent wage replacement
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which i think
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is a very fair level so it's not a fixed
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number
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it's something that pays you a
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percentage of your wages that are lost
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and let me just say
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last time people thought we'd have 40 or
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50 million people
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unemployed the good news is we never got
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anything like that and matter of fact
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we've created and brought back an
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enormous number of jobs
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so all these different pieces have to
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work together where it's the paycheck
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protection program
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or whether it's the direct payments we
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send or whether it's the money to
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schools
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all this works together so ui is just a
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component of the overall
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economic package which everybody wants
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the same thing
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which is let's get kids back to school
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where it's safe and let's get workers
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back to their jobs
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when i did my interview with president
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trump last week he said that he might
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veto a bill that did not include
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a payroll tax cut that now is gone from
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all the discussions
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why did the administration cave on that
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so quickly
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well in our conversations with pelosi
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and schumer it was very clear
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that the democrats were not going to
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give us a payroll tax cut
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so that's something the president will
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come back and look at later in the year
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but the money goes through if if if i
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may if i may just briefly
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it wasn't just democrats there were a
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number of republicans who rejected this
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uh i'm going to put them up on the
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screen some of the top republican
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leaders in the senate john
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thune john cornyn chuck grassley the
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head of sonnet finance they all said
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they had no interest in that and well so
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you got you got blow back not just from
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democrats but from some top republicans
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as well
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there were other republicans that
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supported it and and let me just say
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again we know we need bipartisan support
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we have tax credits that we've put in
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here to incentivize people
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to get back to work and in small
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businesses to hire people
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we have the direct payments and as you
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know the direct payments are a much
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quicker way
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of effectively giving everybody a tax
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cut and it's much quicker than the
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payroll tax cut
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meanwhile 32 you say we don't have 40
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million unemployed we do have 32 million
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people
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unemployed and more people applied for
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jobless benefits last week
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uh 1.4 million than it applied the week
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before
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so new unemployment was is going up not
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not down meanwhile we're seeing this
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surge
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uh in the virus and more and more states
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are either delaying
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or actually rolling back uh some of
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their reopenings
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isn't this going to have a an effect on
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the recovery
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and is there a possibility of a double
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dip recession
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well chris let me just point out as you
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said you know we got to 30 we never got
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to 40 or 50. that's a huge difference
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and we created almost 10 million jobs
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since then
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so we are in a very different situation
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there are parts of the economy
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that are doing very well uh there are
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parts of the economy that aren't and
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there are places like new york and new
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jersey which were
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very big problems at the time have
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recovered significantly
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and there's other areas where there's an
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issue so yes we are going to put more
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money in the economy we want to support
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workers small business kids going back
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to school
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and and those are our priorities
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gdp numbers will be released for the
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second quarter
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on thursday and the atlanta fed is
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projecting
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that the gdp number for the second
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quarter nationally will not be the the
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plus one or two or three percent that we
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normally see
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but instead for the second quarter will
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be something like minus
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33 percent one is that
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what we should expect to see a
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contraction of the economy by
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a third in the second quarter and
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secondly if it's anything like that
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why would you want to cut back on the
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600
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stimulus payments the unemployment
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benefits because
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there are projections that even if you
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cut it to around 200
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which is basically what i think you're
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talking about with a 70-75 percent
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of wages there are estimates that that's
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going to cost
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millions of jobs well chris we always
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said
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the the second quarter was going to be a
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very bad quarter again that's not for
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economic reasons that's for health
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reasons
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we literally shut down the entire
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economy
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and i think as we've said we expect the
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third quarter
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uh the consensus is 17 gdp
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so we do think you're going to see a
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very big rebound i might just also
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comment on june retail sales were one
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percent higher
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than june of last year so all that money
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we pumped into the economy
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it worked people went out and spent and
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on the you know as it relates to the
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unemployment insurance again
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i think workers and americans understand
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the concept
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that you shouldn't be paid more to stay
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home than to work that the fair
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thing is to replace wages and it just
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wouldn't be fair to use taxpayer dollars
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to pay more people to sit home than they
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would get working and get a job
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secretary mnuchin thank you thanks for
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your time always good to talk with you
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sir
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thank you chris
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