White House Adviser Says 4th Stimulus Package May Not Be Needed

White House adviser Kevin Hassett said recent data appears to show the economy is already starting to bounce back as businesses begin to reopen.
Posted at 6:36 PM, May 18, 2020

White House economic adviser Kevin Hassett said Monday a fourth coronavirus-related economic stimulus package may not be necessary.

"If the economy continues the momentum that we're beginning to see over the last couple of weeks of data, then I think that one might conclude that the stimulus that we've already passed is enough," Hassett said. "But if, you know, that doesn't happen, we're really learning everyday a little bit more about how the economy responds to this; one of the biggest shocks ever. If that doesn't happen, then maybe we'll have to do something else."

On Friday, the House passed a massive $3 trillion coronavirus relief bill, which has already been rebuffed by many Senate Republicans and President Donald Trump.

During an interview with CNBC earlier in the day, Hassett said the White House "stand[s] ready to take very strong action" if more recovery efforts are needed, but added that he doubts the final product "is going to look much like" the legislation the House passed last week.

Contains footage from CNN.