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.
Trump Admin Announces Intent to Remove Tax-Exempt Status from Woke Private Colleges
Watch: JD Vance Pays Tribute to Karoline Leavitt in First White House Press Briefing Since Her Departure
Dramatic video shows SWAT vehicle ramming tractor during tense Oregon standoff
Smithsonian showdown intensifies as Trump administration issues a stark new warning
White House rips ‘activist’ Biden judge who upended Trump birthright citizenship order
Spanish prime minister promises to release all files on Ceuta invasion as thousands of illegal immigrants remain in enclave
Steel Across America tour lands at Fenway Park ahead of 25th anniversary of 9/11
Maria Bartiromo no longer with Fox News
Plane Carrying DHS Secretary Markwayne Mullin Forced to Make Emergency Landing
Lindsay Clancy Effect? Child, 2, Pronounced Dead, Mother Hospitalized in ‘Domestic-Related Homicide’ in Sleepy Suburb
Blue state governor candidate claims he ‘met Satan in person’ in resurfaced podcast episode
Mamdani gives influencers special access as Signal use raises records-law questions
Democrats in Close Midterm Races Keep Telling Kamala Harris to Stay Away
Lindsay Clancy Fans Start Sick TikTok Trend Pretending to Kill Their Babies
Minneapolis apartment shooting suspect was facing eviction: report
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.
