Are you losing sleep at night over the deficit? Do all of your conversations surround the national debt? Well, stay calm and listen to Treasury Secretary Steven Mnuchin.
Speaking an in interview with CNBC, Mnuchin recommended that the United States should not be concerned about the federal deficit or the Federal Reserve’s exploding balance sheet.
“Now is not the time to worry about shrinking the deficit or shrinking the Fed balance sheet,” Mnuchin said. “There was a time when the Fed was shrinking the balance sheet and coming back to normal. The good news is that gave them a lot of room to increase the balance sheet, which they did.”
He also suggested that another stimulus and relief package is on the way, adding that he wants to work with House Speaker Nancy Pelosi on a new deal.
“I think there’s many areas of this where is an agreement between the Democrats and the Republicans, and some of the areas we do have differences on the amounts,” he said. “But I will continue to work on this: I’ve told the Speaker I’m available any time to negotiate.”
So, if now is not the time to fret about the deficit, when is? Obviously, President Donald Trump, his administration, and the Republicans were indifferent to the budget gap during the good old days. They still passed deficit-financed budgets without any care for the $27 trillion national debt, which will soon swallow the entire United States economy.
Oh, and one more thing: The federal deficit is projected to hit $3.3 trillion.
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