May 20, 2020

White House Economic Adviser Says There May Be No Need for Another Stimulus Package

From Jade West, National Association of Wholesaler-Distributors

White House economic adviser Kevin Hassett said Monday, May 18, that a fourth stimulus package may not be needed to address the economic damage caused by the novel coronavirus pandemic. “I think it’s possible that we will see a strong-enough economy that we don’t need a phase four,” he told reporters at the White House.

Both the administration and Senate Republican leaders are in a “wait and see” mode to assess the full impact of previous stimulus legislation on the U.S. economy before resuming formal talks on a fourth package. Meanwhile, House Democrats on Friday, May 15, narrowly passed a massive $3 trillion economic stimulus package, a bill that has already been rejected by President Donald Trump and Senate Republicans. The White House has signaled it will not approach formal negotiations on a fourth round of stimulus until June.

This week, the Senate returns to resume consideration of President Trump’s picks for the judiciary and the Federal Election Commission. The House will conduct some business at the committee level, but the chamber has no plans to consider any legislation on the floor.