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US Treasury Secretary Mnuchin said that they are looking to inject $1 trillion into the economy on top of the $300 billion in deferred tax payments with the relief package proposal.

“Congress should be concerned about workers and small businesses,” Mnuchin added. “This is not the time to worry about the US budget deficit.”

“Senate approval of the economic relief bill already passed by the House is an ongoing discussion,” Mnuchin concluded, per Reuters.

Market reaction

Although major equity indexes in the US retreated from session highs in the last hour, they remain on track to end the day with decisive gains. As of writing, the Dow Jones Industrial Average was up 2.5% on the day while the S&P 500 and the Nasdaq Composite were adding 3.9% and 4.1%, respectively.