Larry Kudlow, director of the U.S. National Economic Council, spoke before heading into further negotiations:
- Said the economic stimulus package under negotiation will total more than $2 trillion.
That’s around twice what was previously sought last week and is equal to approximately 10% of US economic output (GDP). This is confusing. Amounts mooted have been put around $1.3 – 1.5tln.
Another White House official later said the 2 tln number included the impact of Fed actions, the package Kudlow is referring to is circa $1.5 tln.