The Trump administration’s top economic adviser said on Saturday, March 21, that negotiators are doubling the size of a new CCP Virus (Chinese Communist Party Virus) stimulus package to more than $2 trillion as they try to reach an agreement.
“The package is coming in at about 10% of GDP,” Larry Kudlow, the director of the National Economic Council, told reporters as he headed into a meeting with Republican senators on Capitol Hill, Reuters reported. He called it a “very large package.”
Asked if that amounted to more than $2 trillion, Kudlow said, “That’s correct.”
“We’re just trying to cover the right bases,” Kudlow said. “It’s a problem of weeks and months, not years. We just want a bridge.”
The White House adviser added that lawmakers are considering a payroll tax holiday for small businesses.
The size of the new financial package would increase significantly from the $1 trillion request initially submitted by the Trump administration in an effort to blunt the economic damage from the CCP Virus pandemic, according to The Hill.
The Senate has been under pressure to pass a relief plan with the House and the administration to try to reassure the markets, people, and businesses that have been impacted by the spread of the coronavirus.
The lawmakers are pushing to meet the Trump administration’s Monday deadline of coming to an agreement, according to CNBC.
The proposed $2 trillion package is the third CCP Virus relief package. President Trump this week signed a $100 billion aid package that includes provisions for emergency paid leave for workers and free testing. Earlier in March, he also signed an $8.3 billion package to provide federal aid to government health officials and vaccine research and development.