U.S. economy does not need a lot more stimulus - White House adviser

WASHINGTON (Reuters) - 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

Reuters August 13, 2020 00:10:40 IST
U.S. economy does not need a lot more stimulus - White House adviser

US economy does not need a lot more stimulus  White House adviser

WASHINGTON (Reuters) - 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. "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.

(Reporting by Tim Ahmann and Jonathan Landay in Washington; Editing by Chizu Nomiyama and Matthew Lewis)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

France, Germany to agree to NATO role against Islamic State - sources
| Reuters
World

France, Germany to agree to NATO role against Islamic State - sources | Reuters

By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States

China's Xi says navy should become world class
| Reuters
World

China's Xi says navy should become world class | Reuters

BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.