US coronavirus stimulus to be worth 'north of US$2 trillion': White House aide

US coronavirus stimulus to be worth 'north of US$2 trillion': White House aide

White House economic adviser Larry Kudlow speaks about coronavirus the White House in Washington
White House economic adviser Larry Kudlow speaks about coronavirus at the White House in Washington, U.S., February 28, 2020. REUTERS/Kevin Lamarque/Files

WASHINGTON: The White House expects the impact of economic stimulus to counter the effects of coronavirus to be more than US$2 trillion, including around US$1.4 trillion from a prospective US Senate bill, aides said on Saturday (Mar 21).

White House economic adviser Larry Kudlow told reporters he expects the coronavirus stimulus package being negotiated by the Senate this weekend would be worth about US$1.3 trillion or US$1.4 trillion.

Eric Ueland, the White House legislative liaison, told reporters the net impact of the legislation and US Federal Reserve action would be "well north of US$2 trillion."

“The net impact, in combination with the amount that you’ll see pass in the next couple of days, I hope, plus what the Federal Reserve can put in on the table, in combination with what we’re doing, will be well north of US$2 trillion," Ueland said.

US Senate Democratic Leader Chuck Schumer on Saturday said lawmakers were "making very good progress" on the Senate package.

"I have every expectation that this progress will continue throughout the day," Schumer said.

BOOKMARK THIS: Our comprehensive coverage of the novel coronavirus and its developments

Download our app or subscribe to our Telegram channel for the latest updates on the COVID-19 outbreak: https://cna.asia/telegram

Source: Reuters

Bookmark