White House economic adviser Larry Kudlow said Tuesday that the federal government's economic stimulus package aimed at providing relief amid the COVID-19 outbreak is projected to cost $6 trillion.
What are the details?
"The total package here comes to roughly $6 trillion," Kudlow told reporters during a coronavirus task force press conference, saying there would be an estimated $2 trillion in direct assistance coming from the ongoing legislation currently being argued about in Congress and another $4 trillion in "Federal Reserve lending power."
Kudlow called the package "the single largest main street assistance program in the history of the United States."
National Economic Council Director Larry Kudlow says the coronavirus relief package will be $6 trillion… https://t.co/GlwFO5Q1Xi— CBS News (@CBS News)1585088211.0
The New York Post explained that the $2 trillion package from Congress is set to be used to "issue direct checks for American families, bailouts for the airline industry and a $350 billion loan program for struggling small businesses."
"The other $4 trillion," the outlet wrote, "will allow the Federal Reserve to make huge emergency bailouts to whatever entity it chooses — a measure that was used to prop-up Wall Street firms from collapse during the 2008 financial crisis."
Kudlow argued, "This legislation is urgently needed to bolster the economy."
He added, "We're heading for a rough period but it's only going to be weeks, we think. Weeks and months. It's not going to be years, that's for sure."
National Review reported that "anticipation of a deal on the stimulus drove a stock market surge on Tuesday that saw the largest one-day gain for the Dow since 1993," noting that "meanwhile, President [Donald] Trump said he hoped the U.S. would be able to relax coronavirus containment measures by Easter (April 12)."
"We want to get open very soon," President Trump announced during a Fox News town hall on Tuesday.
"I'd love to have it open by Easter. I will tell you that right now ... I would love to have the country opened up and just raring to go by Easter."
President Trump: "I would to have the country opened up and just raring to go by Easter." https://t.co/MOHuwlsInR— Daily Caller (@Daily Caller)1585070973.0