There most likely won't be a "gigantic" $3 trillion to $4 trillion coronavirus relief bill, but the Trump administration hasn't changed its view that it still wants targeted assistance measures to be approved, White House economic adviser Larry Kudlow said Wednesday.
Plans are also underway to repurpose some $550 billion in CARES Act money, which has been pulled back by Treasurer Steven Mnuchin, to key areas such as paycheck protection plans for the nation's small businesses, unemployment, and "maybe some direct checks mailed from the Treasury Department to those who are having a rough time," Kudlow told Fox Business' Maria Bartiromo.
The original legislation allows the money to be pulled back as of Dec. 31, he added, but there is still nothing to prevent Congress from working on a bipartisan bill to provide further assistance.
"I see it rather more as an insurance policy for the economy," he said. "The economy is very strong ... just take a look at the numbers."
Kudlow also said that both he and Mnuchin and "a lot of people" would like to avoid a government shutdown on Dec. 11, when a stopgap bill Trump signed earlier this year expires.
"You've got various ideas regarding continuous resolutions," said Kudlow. "They could be short or long term. I prefer an omnibus bill."
The National Defense Authorization Bill will likely go through, but President Donald Trump has intervened "I think very importantly" to threaten to veto the measure unless liability shields for social media companies are eliminated.
"That is one way of eliminating section 230 the president could actually push through," said Kudlow. "I hope that they can make a compromise on this, but something's got to happen."
Meanwhile, Kudlow said he does not think the ADP National Employment Report numbers released on Wednesday showing that private payrolls increased less than expected is a good indicator of monthly jobs.
"We're seeing continuing clips, including pandemic claims, that those plans have come way, way down, I think nearly two million down from the last jobs' report," said Kudlow.
Sandy Fitzgerald ✉
Sandy Fitzgerald has more than three decades in journalism and serves as a general assignment writer for Newsmax covering news, media, and politics.
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