White House National Economic Council Director Larry Kudlow is providing Americans with some hope as he predicts the economy will bounce back quickly after the coronavirus pandemic subsides.
“The Congressional Budget Office and a bunch of private forecasters, Wall Street Journal surveys and so forth, are looking for a very strong second-half economic rebound and suggesting that 2021 next year could be one of the fastest growth rebounds in American history or recent history,” Kudlow said.
CNN’s Jake Tapper asked Kudlow if he believes there will be a phase four stimulus bill and if it will include provisions for state and local governments.
Kudlow confirmed there may be additional measures taken.
He noted lawmakers are taking a moment to assess how the coronavirus relief packages already put into place are faring as the United States plans to slowly reopen the economy.
Watch his comments below:
WH economic adviser Larry Kudlow claims the Congressional Budget Office and forecasters "are looking for a very strong second-half economic rebound and suggesting that 2021 next year could be one of the fastest growth rebounds in American history or recent history" #CNNSOTU pic.twitter.com/7SLQEHMg9M
— State of the Union (@CNNSOTU) May 3, 2020
Kudlow explained there are ongoing conversations on next steps.
“We’re trying to get from one side to the other. We’re trying to get through this,” Kudlow said.
He added, “We’re trying to work through this. I don’t want to rule in or out anything right now. We are in discussions internally and with leading members of Congress.”
Congress and the White House agreed on a nearly $500 billion coronavirus relief package on April 21, as IJR previously reported.
In the relief package, $321 billion is set aside for a small business lending program and $60 billion for a separate emergency disaster loan program.
Treasury Secretary Steven Mnuchin also believes an economic rebound will only take months rather than years, as IJR previously reported.
Some states are also beginning to ease coronavirus restrictions as the unemployment rates skyrocket, as IJR previously reported.
Since March 21, approximately 30 million Americans have filed for unemployment benefits.
Of the U.S. working-age population, more than 18.4% are jobless.
