White House Advisor Believes US May Not Need Another Coronavirus Stimulus Package For Economic Recovery

A prominent White House economic advisor said that the U.S. may not need another coronavirus economic stimulus package as there are early signs of economic recovery in the country.

Kevin Hassett showed his optimism during an interview outside the White House on May 18, Monday. He added that the White House is open to see another piece of legislation, however, there is no dearth of time to see if another legislation is required, especially because a greater number of states continue to reopen in the U.S. to bring the economy back on the track.

Hassett said that if the economy continues to open and gain the momentum as it has in the last few weeks, then the coronavirus stimulus package in the U.S. that has already been passed is enough for the support.

However, if it does not happen, then the White House will have to see what to do but first, they would rather wait and watch the impact of reopening economies across states.

"But if that doesn't happen … then maybe we'll have to do something else. I think right now we're in wait-and-see mode because that's the appropriate thing to do," he said.

He further expressed his happiness concerning the way “business across the country” have started to ramp up. He strongly believes that it is possible that the Phase IV coronavirus stimulus package will not be required.

Meanwhile, the first reports submitted by the Congressional Oversight Commission created by the Cares Act shows that the Treasury Department has spent very little amount out of the $500 billion funds allocated under the act. The fund created by the Cares Act is supposed to help local governments and the businesses and most of them, however, have asked for urgent and immediate help.

The senators are expected to initiate discussions around the issue and question Treasury Secretary Steven Mnuchin and Federal Reserve Chair Jerome H. Powell during the meeting on May 19, Tuesday.

Sen. Patrick J. Toomey (R-Pa.), a member of the Congressional Oversight Commission, said that if the funds don’t go out on time, then it defeats the purpose behind the creation of the commission.