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.
Watch: Trump Declares that Because of Jesus’ Death and Resurrection, ‘Not One Thing Can Separate Humanity from the Power of God’s Everlasting Love’
Trump supporter allegedly killed by ex-coworker who expressed ‘animosity’ over political beliefs: complaint
Girl Who Went Missing in 1994 Found Alive
Man accused of killing parents with hammer, knife, then calling 911 to confess: report
Harris ripped over video previewing Trump speech she claims she wouldn’t watch: ‘Sit this one out’
Utter Humiliation: Watch Dem Rep Ask 100 People at Black Church to Raise a Hand if They Don’t Have ID – What Happens Next Is Priceless
Jasmine Crockett Attempts to Defend Ketanji Brown Jackson by Playing the Race Card, Accidentally Proves Conservatives’ Point
California hit with fresh setback in failed gender secrecy case costing taxpayers millions
UK hosts summit on reopening Strait of Hormuz following Trump demand: ‘Take care of it’
Pam Bondi already fired as attorney general, Cabinet official teed up as replacement: sources
Schumer, Jeffries sue Trump, accuse him of trying to ‘rig’ mail-in voting
Priceless Video: Hospice Fraudsters in CA Rip Down Sign, Flee in $200k Mercedes When Nick Shirley Pays ‘Friendly’ Visit
Nazi Tattoo-Wearing Democrat Sen. Candidate Previously Talked About Jesus Being a ‘Zombie’ and Mary a ‘Skank’
Expert flags ‘disappointing’ questions from justices in Trump birthright citizenship case
Passengers screamed ‘turn around’ as flames shot from Delta jet engine moments after takeoff
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.
