Steven Mnuchin

Federal Reserve Extends Main Street Lending Program by Eight Days To Handle Rush of Applications

Reuters | |

The Federal Reserve on Tuesday said it had extended the end date for its Main Street Lending Program by eight days to process a rush of applications submitted since the Trump administration said it was terminating the emergency credit facility and several others set up by the U.S. central bank.

The program, targeted at small- and mid-sized businesses in need of credit to get through the recession triggered by the coronavirus pandemic, will remain open until Jan. 8 rather than closing on Dec. 31, as originally announced by U.S. Treasury Secretary Steven Mnuchin in November, the Fed said in a statement.

Mnuchin Publicly Confirms That Treasury Department Was Breached

Reuters | |

The U.S. secretary of the Treasury on Monday publicly confirmed that his department had been breached - more than a week after Reuters first reported the hack.

Speaking to CNBC, Steve Mnuchin acknowledged that the hackers had penetrated Treasury’s unclassified network but downplayed the severity of the intrusion.

“We do not see any break in into our classified systems,” he said. “Our unclassified systems did have some access. I will say that the good news is there has been no damage, nor have we seen any large amounts of information displaced.”

US Budget Deficit Totals $429.3 Billion in First Two Months of Fiscal Year, Up 25.1% From Last Year

AP News | |

The U.S. government’s deficit in the first two months of the budget year ran 25.1% higher than the same period a year ago as spending to deal with the COVID pandemic soared while tax revenues fell.

The Treasury Department reported Thursday that with two months gone in the budget year, the deficit totaled $429.3 billion, up from $343.3 billion in last year’s October-November period.

The deficit — the shortfall between what the government collects in taxes and what it spends — reflected an 8.9% jump in outlays, to $886.6 billion, and a 2.9% decline in tax revenues, to $457.3 billion.

Mnuchin Declines To Renew Several Federal Reserve Emergency Loan Programs

AP News | |

Treasury Secretary Steven Mnuchin said Thursday he will not extend several emergency loan programs set up with the Federal Reserve, an action that could hamper the ability of the incoming Biden administration to gain important economic support from the central bank to deal with the ongoing pandemic.

The decision drew a terse rebuke from the Fed.

The central bank said it “would prefer that the full suite of emergency facilities established during the coronavirus pandemic continue to serve their important role as a backstop for our still-strained and vulnerable economy.”

McConnell Warns White House Against Moving Forward With COVID-19 Relief Deal

AP News | |

Washington negotiations on a huge COVID-19 relief bill took a modest step forward on Tuesday, though time is running out and Senate Majority Leader Mitch McConnell, President Donald Trump’s most powerful Senate ally, is pressing the White House against going forward.

McConnell on Tuesday told fellow Republicans that he has warned the White House not to divide Republicans by sealing a lopsided $2 trillion relief deal with House Speaker...

Some Progress Made But Core Problems Remain, Endangering Near-Term COVID-19 Relief Deal

AP News | |

House Speaker Nancy Pelosi reported some progress in advance of a Tuesday deadline for reaching a pre-election deal with President Donald Trump on a new coronavirus relief package, but the same core problems bedeviling the effort remain in place despite optimistic talk from the president and his team.

Pelosi negotiated for nearly an hour Monday with Trump’s top emissary, Treasury Secretary Steven Mnuchin, and her office said they ...

House Speaker Pelosi Optimistic on Coronavirus Relief Package Before Election Day

Reuters | |

House Speaker Nancy Pelosi said on Sunday that differences remained with President Donald Trump’s administration on a wide-ranging coronavirus relief package but that she was optimistic legislation could be pushed through before Election Day.

Pelosi, the top elected U.S. Democrat, said she wanted a bill passed before the Nov. 3 presidential election between Republican Trump and Democrat Joe Biden, but acknowledged an agreement would...

Mnuchin Says He and Pelosi Are Far Apart on COVID-19 Aid Deal But Will Keep Trying

Reuters | |

U.S. Treasury Secretary Steve Mnuchin said he and House of Representatives Speaker Nancy Pelosi were “far apart” on another coronavirus economic relief package, and that a deal would be hard to reach before the Nov. 3 elections, but he would keep trying.

The White House and Democrats and Republicans in Congress are under mounting pressure to hammer out a fiscal stimulus deal to help Americans here weather a pandemic that has killed nearly 216,000 people and damaged the economy.

Stocks Fall Again Wednesday; Mnuchin Pessimistic About COVID-19 Aid Deal Before Election Day

AP News | |

Stocks gave up early gains and closed lower Wednesday, adding to Wall Street’s losses from a day earlier.

The S&P 500 fell 0.7% after spending the morning swaying between small gains and losses. Companies that rely on consumer spending, banks and technology and communication stocks bore the brunt of the selling. Trading in stock markets overseas was subdued as coronavirus counts climb around the world, raising the risk of more government restrictions on businesses. Treasury yields fell, while prices for crude oil and gold rose.

Mnuchin Urges Airlines To Delay Furloughs If Broad Coronavirus Aid Package in Sight

Reuters | |

Treasury Secretary Steven Mnuchin urged U.S. airlines to delay tens of thousands of furloughs set to begin Thursday if a bipartisan deal on a broad coronavirus relief package was in sight.

Mnuchin also told CNBC that he did not think a standalone measure to avert airline layoffs was likely and planned to talk to chief executives of airlines later on Wednesday about ongoing talks with House Speaker Nancy Pelosi to reach a deal.

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