The coronavirus economic rescue package expected to be approved by lawmakers shortly will amount to $6 trillion, White House economic adviser Larry Kudlow said Tuesday evening.
Kudlow’s figure includes $4 billion in asset purchases by the Federal Reserve and $2 trillion in spending authorized by Congress.
The actual amount marshalled to rescue the economy from the widespread business shutdown and collapse of consumer spending could be even higher because the Fed has said it will spend unlimited amounts to buy Treasuries and other securities to support the economy.
Colorado man sentenced to life in prison for DUI that killed Air Force veteran, injured his children
The epic, Charlton Heston, and the smallness of Hollywood
How law enforcement’s discovery of rare drug in Suzanne Morphew’s body led to her husband’s eventual arrest
F1 for effort
Trump says he’ll hold UFC fight on White House grounds for Nation’s 250th birthday
North Korea lashes out after Trump DOJ exposes massive IT infiltration scheme
NYC mayoral candidate Zohran Mamdani identified as Black, Asian on Columbia application: report
Trump takes ‘big, beautiful’ victory lap in Iowa
ICE director says progressive Dem should apologize to voters after calling agency a ‘terrorist force’
Outrage Erupts After Hacked Data Shows Mamdani Identified as ‘Black or African American’ on College Application
Trump says economy will ‘rocket’ after signing ‘big beautiful bill’: ‘It’s going to be really great’
Twice-deported Honduran fugitive caught hiding on American soil
Saudi defense minister secretly meets with Trump to discuss Iran de-escalation, Israel: sources
Trump administration scores win as Supreme Court approves deportations to third countries
Supreme Court backs Trump bid to deport criminals to South Sudan
Kudlow said the package Congress is close to passing will be “the single largest Main Street assistance program in the history of the United States.”
Funds appropriated by Congress will likely be funded by borrowing by the U.S. Treasury, as no offsetting spending cuts or tax hikes are being considered. The Fed’s programs will be funded out of newly created money that is offset by the Fed purchases, which remove financial assets from the private sector in amounts equal to the new dollars.