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Trump prepares $1 trillion plan to stimulate US economy

17 Jun 2020 03:50 PM

The Trump administration is preparing to launch a trillion-dollar infrastructure support package that will focus on transportation projects as it seeks to stimulate the world's largest economy, it was reported yesterday.

Two other sources said that the preliminary version of the Department of Transportation plan would reserve most funds projects such as roads and bridges, but would also allocate about a quarter of the total sum to priorities such as 5G wireless infrastructure and rural broadband.

One source said that the White House, which has made similar proposals in recent years, aims to unveil its latest efforts in July. This news of a possible additional stimulus has supported the US stock market rally in recent days.

President Trump is running again in November, and appears eager to boost the economy after being criticized for his handling of both the Coronavirus pandemic and the wave of protests after the killing of George Floyd at the hands of police last month.

With the economy slowly recovering from nearly two months of lockdown, the Trump administration is looking at measures to accelerate the recovery.

The White House is not expected to reveal detail on the plan before the end of July.

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