‘Economic sabotage’: Steve Mnuchin blasted for kneecapping the economy before Biden takes office
Steve Mnuchin (Al Drago Pool:AFP)

On Thursday, Treasury Secretary Steve Mnuchin announced that he would not be extending emergency lending tools, allowing them instead to expire at the end of the year.

The decision caused outrage around the country, with some Democrats arguing the move is calculated to make the economy worse just as President-elect Joe Biden assumes office.

"Secretary Mnuchin is removing critical support from a weak economy against the Federal Reserve’s wishes," said Sen. Ron Wyden (D-OR) in a statement. "This is economic sabotage."

"This is a reckless mistake," said Jason Furman, an economist from the Obama administration. "This is tying the hands of the United States in responding to this crisis."

Former Reagan administration economist Bruce Bartlett agreed, saying, "Treasury Secretary Steve Mnuchin knows that Biden has won and is moving to tank the economy the day he takes office."

CNN's Bianna Golodryga weighed in as well. "During the 2008 financial crisis, Hank Paulson worked tirelessly for a smooth transition after Obama’s victory, including leaving the decision on how to use the remainder of TARP $ up to Obama," she tweeted. "Mnuchin is playing with fire here, just like his boss."