President Donald Trump said Friday he’s in “no rush” to negotiate another financial rescue bill, even as the government reported that more than 20 million Americans lost their jobs last month due to economic upheaval caused by the coronavirus.
The president’s low-key approach came as the Labor Department reported the highest unemployment rate since the Great Depression and as Democrats prepared to unveil what Senate Democratic leader Chuck Schumer calls a “Rooseveltian-style” aid package to shore up the economy and address the health crisis.
Some congressional conservatives, meanwhile, who set aside long-held opposition to deficits to pass more than $2 trillion in relief so far, have expressed reservations about another massive spending package.
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“We’ve kind of paused as far as formal negotiations go,” Larry Kudlow, the director of the National Economic Council told reporters Friday. He said the administration wanted to let the last round of recovery funding kick in before committing to hundreds of billions or more in additional spending. “Let’s have a look at what the latest round produces, give it a month or so to evaluate that.”
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Kudlow added that talks were in a “lull” and that administration officials and legislators would “regroup” in the next several weeks.