The U.S. economy appears to be entering a self-sustaining recovery and does not need a big dose of stimulus from another coronavirus relief bill, a top White House economic adviser said on Wednesday.
"The numbers are coming in very, very nicely," National Economic Council Director Larry Kudlow told Fox Business Network, adding that data suggested a jump in COVID-19 cases over the summer put only "a slight restraint on the economy."
Asked if that meant a stalemate in talks over another relief bill would hurt the economy, Kudlow said: "I don't think so." He said he believed only "targeted money" was needed now.
Speaking to reporters at the White House, Kudlow declined to comment specifically on the status of the stalled talks between the Republican administration and Democrats on Capitol Hill, but he suggested the White House had little appetite for a big bill.
He said executive actions taken by U.S. President Donald Trump over the weekend to defer payroll taxes and provide federal aid to the unemployed would give the economy a shot in the arm.
"The executive orders provide considerable assistance and economic growth incentives," Kudlow told Fox Business Network. "So, we can stay with that as we are entering what I think is a self-sustaining economic recovery."
Experts said Trump's actions would do little to boost the economy even if he can overcome legal questions about his decision to sidestep Congress.
Kudlow went on to explain that the Trump administration is open to more coronavirus-related aid for states but not bailouts of "bad management," Kudlow told Fox Business Network.
"The president has rejected [bailouts] very steadily and consistently. This is not about bailing out pensions, it’s not about bailing bad management," Kudlow told "Varney & Co."
"However, we are not opposed to some assistance, federal assistance with respect, for example, to COVID-related equipment or construction or renovation, especially, I say this again, opening schools and opening businesses."
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