Virus relief package must cost at least $1.5 trillion to ward off a double-dip recession, top economist Mark Zandi estimates (via TradingNation)
Moody's Analytics' Mark Zandi is telling clients it's crucial to get a fresh stimulus package — particularly with coronavirus cases spiking in the Sun Belt.
He warned it'll cost hundreds of billions of dollars more than many lawmakers anticipate to avert a double-dip recession. "It's got to be probably close to $1.5 trillion in support, at least by my calculation," the firm's chief economist told CNBC's "Right now, Republicans want to spend about $1 trillion on a package. House Speaker Nancy Pelosi has argued it doesn't go far enough and"It has to be well-designed, effective support," said Zandi.
"Why do they wait until the last minute? Because they always do," he said. "They're negotiating, and they know that they have to get this done before they go away on August recess." The House deadline to pass the measure is July 31, due to its recess schedule. Its next stop would be the Senate, and then President Donald Trump would have to sign it."Businesses are going backward as the virus has intensified and creating all kinds of havoc in different parts of the country," Zandi said. "We are going to start seeing job losses — I don't think in July because we have a lot of Census workers getting hired. ...
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