The Senate Banking, Housing and Urban Affairs Committee is holding a hearing Tuesday to review spending under the $2.2 trillion CARES Act, after a report was released detailing money meant to help businesses as well as state and local governments hurting financially as a result of the coronavirus pandemic.

In a written statement ahead of the hearing, Treasury Secretary Steve Mnuchin discussed the dire condition of the economy, claiming that the situation will improve as the country gradually reopens.

Treasury Secretary Steven Mnuchin said Sunday that the Federal Reserve will play a key role in lending funds to businesses hurt by the coronavirus pandemic.

“Working with the Federal Reserve — we’ll have up to $4 trillion of liquidity that we can use to support the economy,” Mnuchin told Fox News on Sunday.

Speaker Nancy Pelosi (D-Calif.) and President Trump have struck a deal on a multibillion-dollar stimulus package aimed at assisting millions of Americans directly hurt by the coronavirus outbreak.

Pelosi announced the deal on Friday evening after days of roller-coaster negotiations that put the outcome in doubt, as the nation’s leaders raced to ease public anxiety and stabilize volatile markets. Trump said on Twitter that he looked forward to signing the legislation.

President Donald Trump backed a coronavirus response package Friday that was hammered out by Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin, all but ensuring that the measure will pass the House with strong bipartisan support Friday evening.

Trump's tweet, just before 9 p.m., ended a week of whiplash as Democrats and the White House appeared, at times, inches from a deal only to see it yanked away amid technical disputes and uncertainty from the president.

President Trump said Friday night that he supported a coronavirus response package negotiated by House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin in an apparent effort to get skeptical House Republicans on board with the legislation.

"I fully support H.R. 6201: Families First CoronaVirus Response Act, which will be voted on in the House this evening," Trump tweeted. "This Bill will follow my direction for free CoronaVirus tests, and paid sick leave for our impacted American workers ..."