Treasury Secretary Mnuchin testifies about Covid-19 relief

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Treasury Secretary Steven Mnuchin testifies Tuesday before the House Select Subcommittee on the Coronavirus Crisis about the federal government’s support for the nation’s households and businesses harmed by the disease.

Mnuchin’s testimony before Congress will be his first since negotiations over additional stimulus stalled between the White House and top Democratic lawmakers.

While the nation’s top Republicans argue that improving economic data and the already-expansive CARES Act justify a smaller subsequent relief package, Democrats contend that the GOP fails to appreciate the severity of the pandemic and its impact on Americans.

White House chief of staff Mark Meadows told CNBC earlier on Tuesday that additional state and local aid from the federal government poses the biggest hurdle to a deal. 

Democrats have lobbied for nearly $1 trillion in aid to municipalities hit by revenue shortfalls as a result of the coronavirus crisis. Meadows, however, told “Squawk on the Street” that that figure was inaccurate and not “based on reality.” 

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