US treasury secretary warned that the coronavirus pandemic could drive up US unemployment to 20%, a Republican Senate source says
Mnuchin's comments came as he urged Republican senators to act on economic stimulus measures totaling $1 trillion designed to avert that kind of worst case scenario.CNN has reached out to the Treasury Department for comment.In the same meeting, Mnuchin also said he is concerned the economic ramifications of the coronavirus pandemic could be worse than the 2008 financial crisis, the source said.
Read MoreA 20% unemployment rate would be double the unemployment rate during the Great Recession and the highest in the US since the Great Depression. A 20% unemployment rate would leave more than 32 million Americans out of a job based on the current US labor force.Mnuchin pitched Republican senators on Tuesday on a $1 trillion economic stimulus package, which would include a first wave of checks to Americans that would cost $250 billion, a separate source familiar with the matter told CNN.
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