U.S. Treasury Secretary Steven Mnuchin on Wednesday said any chances for a pre-election stimulus package for the U.S. economy from Congress were all but over.

Mnuchin told a press conference that political dynamics had seriously undermined any progress made in negotiations which have been ongoing for months.

"At this point getting something done before the election and executing on that would be difficult, just given where we are in the level of details," he said.

Mnuchin added that it was definitely "part of the reality" that Democrats were resisting in the hope that they will win a Senate majority in the upcoming election and be able to fast-track their own bill without giving a chance to President Donald Trump to have something to promote during his campaign.

The Democrats and Republicans remain divided over the size of the stimulus package in addition to a number of policy issues such as deployment of health care aid and distribution of tax credits and assistance to state and local governments.

A number of officials at the Federal Reserve feel the package will be important to replace lost incomes for the millions of people who remain unemployed because of the coronavirus pandemic.

(With input from agencies)