Coronavirus Economic Impact: US Treasury Secretary Discusses Aid Bill, Doesn't Provide Specifics

U.S. Treasury Secretary Steven Mnuchin said Sunday that the cost of legislation aimed towards helping the U.S. private sector amid the coronavirus pandemic will be “significant, but not huge.”

“It’s hard to model some of these things because you don’t know how many workers are going to be home. I want to be careful about throwing out numbers,” Mnuchin said on the “Fox News Sunday” program. “I think based upon the numbers that we’re going to see, it’s going to have costs that are significant, but not huge.”

The Trump administration is currently in talks with U.S. airlines and cruise lines, to discuss possible government aid for these companies. The coronavirus has damaged the U.S. travel industry, with United Airlines saying that demand for bookings dropped by 70% this week. Delta Air Lines has decided to cut 800 contract jobs amid the crisis. Cruise companies, such as Carnival and Royal Caribbean, have seen their stock drop dramatically.

Mnuchin was also optimistic that the U.S. economy would bounce back from coronavirus.

"If the medical professionals are correct and we're doing all the things, I expect we'll have a big rebound later in the year," Mnuchin said. "This will have an end to it as we confront the virus."

The number of coronavirus cases in the United States passed 3,000 on Sunday, with the domestic death toll reaching 62.

"For a while, life is not going to be the way it used to be in the United States," Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases told CNN. "We have to just accept that if we want to do what's best for the American public."

Schools and universities across the country have shut down, with Ohio Gov. Mike DeWine even considering shutting down bars and restaurants in his state.

Major companies, such as Apple and Nike, have been forced to close down their retail outlets in the U.S. to prevent further spread of the virus.