US Recovery Doesn’t Depend on a Stimulus Deal, Kudlow Says

October 12, 2020by Tony Czuczka, Bloomberg News (TNS)
In this file photo, Director of the National Economic Council Larry Kudlow attends a news conference in the briefing room of the White House on September 23, 2020 in Washington, DC. Kudlow said a fiscal stimulus deal isn't essential to the U.S. recovery from the coronavirus pandemic. (Joshua Roberts/Getty Images/TNS)

A fiscal stimulus deal isn’t essential to the U.S. recovery from the coronavirus pandemic, though the Trump administration and Congressional Democrats will keep talking, White House economic adviser Larry Kudlow said.

“Well no, I don’t think it’s dead at all,” Kudlow said on CNN’s “State of the Union” on Sunday. “All I’m saying is some targeted assistance would go a long way right now.”

Capping a week of shifting signals from President Donald Trump on the amount of stimulus and how to get there, Kudlow said Treasury Secretary Steven Mnuchin may increase the administration’s offer in talks with House Speaker Nancy Pelosi.

Kudlow was asked about Federal Reserve Chair Jerome Powell’s call last week for more government spending to protect the recovery.

“It’s just getting Americans through a difficult period of time,” Kudlow said. “I don’t want to parse, but I don’t think the recovery is dependent on it.”

The U.S. will post strong economic growth in the third and fourth quarters, he said, bouncing back from the historic dive in the second quarter.

He didn’t elaborate or suggest a clear path to addressing opposition among Senate Republicans. Mnuchin and Pelosi are expected to continue talks this week, he said. Mnuchin headed into the latest talks on Friday with a White House offer of $1.8 trillion in economic stimulus. House Democrats have passed a $2.2 trillion proposal.

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©2020 Bloomberg News

Distributed by Tribune Content Agency, LLC.

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