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.
Democratic secretary of state was ‘prepared’ for FBI raid in Arizona, emails show
ODNI sends criminal referrals to DOJ for ex-IG, whistleblower tied to Trump impeachment
Catholic JFK Laid Out How Presidents Should Deal With Papal Criticism in Famous 1960 Speech
School Agrees to Pay Up After Counselor Was Fired for Objecting to Transgender Policy
Woman added to FBI’s Ten Most Wanted list arrested hours later after tips poured in from Florida: Patel
Congress mulls compelling testimony from ActBlue leadership
Hunter Biden now living abroad as legal troubles mount, court filing reveals
DC curfew ends as teen takeover fears clock in – city braces for chaos amid spring break mayhem
Bessent ‘optimistic’ gas prices will fall to $3 a gallon by midsummer
Watch: As Walls Close in, Schiff’s Own Words Come Back to Haunt Him in Resurfaced Pardon Video He Wishes Didn’t Exist
What to know about the Freedom 250 UFC fight on the White House lawn
Left-Wing Mob, Violent Threats Force Erika Kirk to Miss TPUSA Event with JD Vance
Trump reveals he has multi-pick SCOTUS plan ready as retirement speculation heats up
WATCH: Ex-NATO chief draws red line as Trump fumes alliance abandoned US during Iran war
Jeanine Pirro accused of trying to ‘circumvent’ Jerome Powell investigation through unprompted Fed ‘tour’
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.
