President Donald Trump said Tuesday that the Phase 4 coronavirus stimulus bill should include a $2 trillion infrastructure bill.
The president, citing the Federal Reserve’s recent move to cut interest rates to near zero, tweeted that “this is the time to do our decades long awaited Infrastructure Bill.”
“It should be VERY BIG & BOLD, Two Trillion Dollars, and be focused solely on jobs and rebuilding the once great infrastructure of our Country!” he added. “Phase 4.” (RELATED: The Coronavirus Stimulus Bill Is Intended To Save Small Business — But Will It Work?)
With interest rates for the United States being at ZERO, this is the time to do our decades long awaited Infrastructure Bill. It should be VERY BIG & BOLD, Two Trillion Dollars, and be focused solely on jobs and rebuilding the once great infrastructure of our Country! Phase 4
— Donald J. Trump (@realDonaldTrump) March 31, 2020
The president outlined a new infrastructure plan in February following his State of the Union address, though the proposal failed to pick up support from the Democratic controlled House. Trump has been promising a trillion dollar infrastructure overhaul dating back to his 2016 campaign, and such a push could create millions of new jobs in a flagging economy.
The Dow Jones Industrial Average rebounded briefly following the president’s tweet, rising roughly 100 points at press time before falling into the red yet again later that afternoon.
More than three million Americans have filed for unemployment benefits amid the coronavirus pandemic, as the White House task force social distancing guidelines have led to sweeping layoffs across multiple industries.
House Speaker Nancy Pelosi signaled shortly after passing the Phase 3 coronavirus stimulus that Democrats are ready to begin on Phase 4, yet House Minority Leader Kevin McCarthy urged against rushing into another spending bill.