U.S. economy does not need a lot more stimulus: White House adviser

Reuters

Published Aug 12, 2020 11:45AM ET

Updated Aug 12, 2020 12:35PM ET

WASHINGTON (Reuters) - The U.S. economy appears to be entering a self-sustaining recovery and does not need a big dose of stimulus from another coronavirus relief bill, a top White House economic adviser said on Wednesday.

"The numbers are coming in very, very nicely," National Economic Council Director Larry Kudlow told Fox Business Network, adding that data suggested a jump in COVID-19 cases over the summer put only "a slight restraint on the economy."

Asked if that meant a stalemate in talks over another relief bill would hurt the economy, Kudlow said: "I don't think so." He said he believed only "targeted money" was needed now.

Speaking to reporters at the White House, Kudlow declined to comment specifically on the status of the stalled talks between the Republican administration and Democrats on Capitol Hill, but he suggested the White House had little appetite for a big bill.

He said executive actions taken by U.S. President Donald Trump over the weekend to defer payroll taxes and provide federal aid to the unemployed would give the economy a shot in the arm.

"The executive orders provide considerable assistance and economic growth incentives," Kudlow told Fox Business. "So, we can stay with that as we are entering what I think is a self-sustaining economic recovery."