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.
EMT Students Snap Into Action When They Realize Instructor Isn’t Acting During Training Exercise: ‘OK, This Is Real’
Prominent Democratic Mayor Announces Unexpected Resignation 6 Months After Re-Election
Southern Poverty Law Center pleads not guilty as CEO vows to fight fraud case
Trump surprises famously low-profile power player with tribute as she steps out for rare public appearance
Bipartisan lawmakers want to strip Big Tech’s legal immunity that can shield social media companies
Breaking: US Launches Strikes on Two Iranian Targets
Israeli Military Investigating After Soldier’s Picture with Mary Statue Draws Outrage from Catholic Officials
FIRST ON FOX: Top Republicans take abortion pill fight to Supreme Court, citing coercion and safety risks
Starmer fears Reform UK, Green Party gains in British election blitz
Lawyer handling key Trump litigation to depart DOJ later this month
Future of Ron DeSantis’ controversial ‘Alligator Alcatraz’ ICE holding facility revealed
Substitute teacher whose sobbing mugshot went viral reaches plea deal in sex case involving student
Six underage girls recovered in sweeping operation targeting notorious trafficking corridor
Man accused of Ilhan Omar liquid attack pleads guilty, may face 14-month sentence
Four States Are Now Monitoring Potential Hantavirus Cases
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.
