Trump Administration’s Kudlow Says Coronavirus Stimulus Package To Reach $6T
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National Economic Council Director Larry Kudlow, in a press conference on Tuesday, said that the federal government’s planned novel coronavirus (COVID-19) relief package would amount to “roughly” $6 trillion.
The Trump administration official pointed out that the Congress is currently working on passing a $2 trillion stimulus package, as reported earlier by the New York Post.
In addition to the direct aid, the package will also include $4 trillion in lending power for the Federal Reserve.
“This package will be the single largest main street assistance program in the history of the United States,” Kudlow said. “Liquidity and cash for families, small business individuals, unemployed to keep this going.”
The NEC director further added that the administration expects the pandemic in the U.S. to last weeks or months, but “it’s not going to be years, that’s for sure.”
The $2 trillion economic stimulus package remains stuck in the Senate as Democrats have refused to give support to the legislation proposed by the Senate Republicans. The Democratic senators have argued that the stimulus prioritizes corporate interests and ignores workers.
President Donald Trump has said that he expects businesses across the country to be able to resume by Easter, April 12.
Meanwhile, the World Health Organization has suggested that the infections in the U.S. have significantly increased, and the country could be the next coronavirus epicenter, Reuters reported Tuesday.
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