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.
Vance demand Democrats answer whether ICE officer in Minneapolis shooting was ‘wrong in defending his life’
GOP senators join Democrats to stop Trump from policing Venezuela
Trump Takes Hatchet to Globalists: Ends Funding and Withdraws US for Dozens of UN and Dozens More Non-UN Bodies
Trump pulls US from UN’s ‘premier’ agreement on climate change in sweeping order
Breaking: Agitators Flock to Minneapolis Federal Building, Clash with ICE Officers
Security guard fatally shot outside Houston restaurant after confrontation with suspect
China Detains More Underground Christians in January After Rounding up More Than 100 in December
Watch: Here’s the Key Moment in ICE Shooting Video the Pros Missed, and It Changes Everything – God Himself Saved That Officer’s Life
Lindsey Graham says Trump backs Russia sanctions bill
Christian author confesses years-long extramarital affair, declaring he ‘disqualified’ himself from ministry
US may be involved in Venezuela for years, Trump says
Judge Cuts Off Maduro in Court as He Tries to Defend Himself
CNN Analyst Disappoints Dems: Support for Maduro Ousting ‘Through the Roof’ After Trump Admin Capture
Trump’s California fraud claims may inadvertently help Newsom as feud rages
GOP faces test on Trump’s Venezuela military action after Maduro capture
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.
