23:48 GMT03 April 2020
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    Coronavirus Outbreak Turns Into Pandemic (233)
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    WASHINGTON (Sputnik) - Fiscal measures proposed by the Trump administration will support the US economy with over $800 billion amid the coronavirus outbreak, White House economic adviser Larry Kudlow said on Monday.

    "We have these fiscal measures out, very powerful… The sum total is well over $800 billion from our part," Kudlow told the Fox News. "These measures will, I think, help mitigate the economic risks and challenges in front of us."

    He specifically mentioned the payroll tax holiday among measures meant to provide middle-class households and small businesses with "a lot of cash and liquidity."

    Kudlow added that the US administration plans to purchase nearly 75 million barrels of oil in an attempt to stop "the shenanigans and the destruction of the market" it blames on Russia and Saudi Arabia.

    Earlier this month, OPEC+ members held negotiations in Vienna, Austria, suggesting the need to further decrease oil production amid the outbreak of coronavirus (COVID-19), where Russian Energy Minister Alexander Novak rejected an ultimatum to join in a collective production cut.

    US President Donald Trump said on Friday that he had directed Secretary of Energy Dan Brouillette to buy large amount of oil to fill up the United States’ Strategic Petroleum Reserve (SPR).

    The US Federal Reserve cut its benchmark interest rate to near zero on Sunday, restarted bond-buying and money-printing along with other central banks as the coronavirus outbreak was declared a pandemic.

    The Fed also pledged to boost the economy by announcing a $700 billion purchase of securities in the next few weeks, seeking to provide access to credit for businesses and others.

    US President Donald Trump applauded the move saying that it was "great for our country".

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    Coronavirus Outbreak Turns Into Pandemic (233)
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