Washington (CNN) Treasury Secretary Steven Mnuchin warned Republican senators Tuesday morning that without action the coronavirus pandemic could drive up US unemployment to 20%, a Republican Senate source told CNN. 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. Asked for comment, Treasury Department spokesperson Monica Crowley said in a statement, "During the meeting with Senate Republicans today, Secretary Mnuchin used several mathematical examples for illustrative purposes, but he never implied this would be the case." A Treasury Department official added that Mnuchin "used some mathematical examples to illustrate potential risk if there were no intervention, but because they are doing the right things and proposing additional action, that would not be the case." 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.

Source: CNN March 17, 2020 23:28 UTC