Mnuchin: "Difficult to Reach Agreement on COVID-19 Stimulus Before Next Month's Presidential Election"

Steven Mnuchin, U.S. Secretary of the Treasury [Image source=EPA Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] Steven Mnuchin, the U.S. Secretary of the Treasury, stated that it seems unlikely that an agreement on additional economic stimulus measures due to the COVID-19 pandemic will be reached before the presidential election on the 3rd of next month.

According to major foreign media on the 14th (local time), Secretary Mnuchin said at a conference held in Washington DC that regarding the disagreement with the Democrats over the amount of the stimulus package, "Considering the current situation and the level of details, it seems difficult to reach and implement a deal before the election."

Secretary Mnuchin acknowledged that politics is "part of reality" and revealed that there is a significant difference in position between himself and House Speaker Nancy Pelosi, the Democratic negotiation counterpart. He said, "I have heard from President Donald Trump to 'keep pushing for a deal,'" and added, "If Speaker Pelosi makes a compromise, an agreement can be reached quickly."

The White House, Democrats, and Republicans have not been able to narrow their differences over the size of the COVID-19 economic stimulus package. On the 9th, the White House proposed $1.8 trillion (approximately 2,060 trillion won), an increase from the previous proposal, but Republicans are advocating for a lower amount, while Democrats are demanding a higher amount of $2.2 trillion.

Speaker Pelosi's side immediately responded. Drew Hammill, her spokesperson, said, "Speaker Pelosi and Secretary Mnuchin had a constructive conversation during a call this morning," but added, "There remain differences due to the Trump administration's insufficient COVID-19 response."

Secretary Mnuchin and Speaker Pelosi are scheduled to continue discussions on the 15th. Spokesperson Hammill also added that their staff will continue to negotiate through documents.

This content was produced with the assistance of AI translation services.