White House faces questions about why it is seeking to offer some firms emergency assistance but not others
Treasury Secretary Steven Mnuchin on Wednesday defended the Trump administration’s plan to provide targeted emergency assistance for specific industries hurt by the coronavirus fallout, denying that White House proposals amount to a “bailout” despite mounting scrutiny about whether powerful firms are being singled out for assistance.
Speaking to lawmakers on Capitol Hill, Mnuchin said the White House could act to provide assistance to the travel, cruise and hotel industries, which have been hammered by cancellations and a drop-off in bookings because of traveler concerns.
The White House is considering providing low- or no-interest loans for affected companies and could defer taxes for them until a later date, multiple senior administration officials said. The situation is evolving rapidly. The White House is also considering offering low- or no-interest loans to oil and gas producers that have been hit by plummeting oil prices, officials said. Continue reading.