US risks 'permanent damage' from long shutdown: Mnuchin

The US economy risks suffering "permanent damage" the longer the lockdown to contain the COVID-19 pandemic drags on, US Treasury Secretary Steven Mnuchin said Tuesday.

American families and businesses are suffering amid the nationwide shutdowns, Mnuchin told a Senate committee, but reopening the economy will need to be done with caution.

"We're conscious of the health issues and we want to do this in a safe way," he said of efforts to restart the economy.

Mnuchin said the government is willing to take risks with the funds it has put up to help the economy withstand the unprecedented hit from the coronavirus pandemic.