Virus related stimulus could exceed $10 trillion, sources say
President Trump appears to be revising his plans to end the lockdowns that have crippled the US economy, while promising that the federal government could actually spend much more than the $2 trillion in economic stimulus to prevent a virus-related economic catastrophe, FOX Business has learned.
The president’s relaxed timetable for restarting the economy and the total estimates for a government stimulus were made Tuesday during a private conference call between top White House officials, the president and a handful of major Wall Street investors, according to people with direct knowledge of the matter.
During the call, the White House aides and investors discussed parts of the market hardest hit by the financial panic that has accompanied the coronavirus’s spread, and the staggering amount of government stimulus being contemplated to deal with the dire economic effect of the country’s business shutdowns because of the pandemic.
A White House spokesman declined to comment on the meeting.
The White House indicated that the amount of money the government will likely spend on virus relief could far exceed the $2 trillion advertised in its spending bill, one person with direct knowledge of the call said. And when all the costs of the aid packages are added up, the total could reach as high as $10 trillion or possibly more, people on the call told FOX Business.
According to one person at the meeting, the White House indicated that the entire aid package could actually cost between $6 trillion and $10 trillion or more since the Federal Reserve is also pumping as much as $4 trillion through expansive monetary policy.