The United States Treasury Secretary Steven Mnuchin said on Thursday, more than $1 trillion in rescue funds will flow into the economy over the next month, adding that the country cannot let the coronavirus shut down its economy again.

Mnuchin, speaking on CNBC television, said he was prepared to go back to Congress for more money to support the economy, but additional funds would be targeted to sectors with the most need, including hotels, restaurants, travel and entertainment firms.

Over the next month, you're going to see over another $1 trillion pumped into the economy, that’s going to have a big impact, Mnuchin said. The Federal Reserve's Main Street Lending program for mid-size businesses is just getting started and we're prepared to go back to Congress for more money to support the American worker, he added.

The Treasury chief, who has been the Trump administration's point man for negotiating rescue programs, said that he was confident that COVID-19 infection spikes in certain areas could be dealt with due to improvements in testing, contact tracing and ample hospital capacity.

We can't shut down the economy again. I think we’ve learned that if you shut down the economy, you’re going to create more damage and not just economic damage, he said, adding that this includes other problems.

Mnuchin said of the $3 trillion in coronavirus rescue spending approved by Congress this year, only about $1.6 trillion has filtered through the economy so far.

(CGTN)