ABC News’ maryKBruce says the issue of federal aid is becoming a “flashpoint” as some Republicans worry that if they continue to spend at this pace on state aid due to the COVID-19 crisis, it “could hurt them with fiscal conservatives.”
He also measured up losses against the more recent Great Recession.
“Around 2008, we lost 8.7 million jobs and the whole thing. Right now, we're losing that many jobs about every 10 days,” he said Sunday. “And so … the economic lift for policymakers is an extraordinary one.” The president’s economic adviser joined “This Week” days after Trump signed the Paycheck Protection Program and Health Care Enhancement Act Friday. The House and Senate last week passed the legislationHassett said Sunday that there’s hope for avoiding a prolonged economic slump, but said it’s dependent on how quickly Congress can pass more legislation.
“I'm sure that over the next three or four weeks, everybody's going to pull together and come up with a plan to give us the best chance possible for a V-shaped recovery,” said Hassett. “But make, no mistake it's a really grave situation, George. This is the biggest negative shock that our economy I think has ever seen.”
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