Treasury Secretary Steven Mnuchin said Wednesday that he “could not speculate”; whether another stimulus bill would pass in the near future, days after negotiations came to a standstill. He also called for a reduction in capital gains taxes and made a rare criticism (of him) of Joe Biden’s economic policies.
“I can not speculate. If the Democrats are willing to be reasonable, there is a compromise. If the Democrats are focused on politics and do not want to do anything that will succeed for the President, there will be no agreement,” he said. said Mnuchin during an appearance on Fox Business.
He was attacked by House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer, whom he said were “simply unwilling to compromise”.
His message to negotiators: “Let’s do this,” suggesting there could be a bill of roughly $ 1 trillion now and possibly another later this year or early 2021.
“This will be the fifth bill, we can always come back later in the year, or in January, and make a sixth bill, we do not need to do everything right away … Our opinion is, let ‘s spend a little more more than a trillion dollars in areas of the economy that will be very influential now that we can agree on.And if we have to do more, we will go back and do more and work together, but “Now is the time to have bipartisan support,” he said.
Mnuchin also reiterated the President’s suggestion that the administration is considering a tax cut on capital gains, which would require legislation.
“Well, the President would like to do, capital gains tax cuts and we need legislation to do what we want on that front,” he said, continuing to explain how previous similar cuts stimulated economic investment.
“This is what we need now because of Covid. So I think for the next few years, as they recover, we need to reduce those capital gains,” he added, continuing, in an unusual move for Mnuchin, to criticize Joe Biden for voting against a cut in capital gains in 2003 and drawing policy contrasts with the Democratic ticket.
“So again you see two very different economic policies. One is more taxes and it hurts the economy, one is the creation of selective tax cuts for regulatory easing and trade agenda trade that will stimulate the economy,” he said.