US Treasury Sec. Mnuchin: Delay of tax deadline can put $200 billion into economy quickly

Delay of the tax deadline can quickly put $200 billion into the economy, noted US Treasury Secretary Mnuchin on Wednesday and said that the was hoping to reach an agreement on the initial phase of the stimulus with Congress in the next 48 hours.

"The round-one package won't include everything; the administration will be back for more," Mnuchin added. "Some actions on stimulus will happen in the next 24 hours, others will take a week or two."

The secretary further said that he was confident that the US economy will be in a very good shape a year from now. 

Wall Street extends slide

As of writing, the Dow Jones Industrial Average was down more than 1,000 points, or 4.5%, and the S&P 500 was at fresh daily lows, erasing 4.2%.