Trump's $2.5B coronavirus spending request imminent
About $1.2 billion will be put toward vaccine development, a senior administration official said
White House Director of Trade and Manufacturing Policy Peter Navarro discusses the impact of coronavirus on the American economy and the steps being taken to fight the spread of the disease as well as maintaining Chinese supply chains.
The Trump administration is expected to ask Congress for $2.5 billion in supplemental spending to fend off the spreading coronavirus, a senior administration official told FOX Business on Monday.
“The Trump administration continues to take the spread of the COVID-19 Coronavirus Disease very seriously,” an Office of Management and Budget spokesperson said in a statement. “Today, the administration is transmitting to Congress a $2.5 billion supplemental funding plan to accelerate vaccine development, support preparedness and response activities and to procure much needed equipment and supplies. We are also freeing up existing resources and allowing for greater flexibilities for response activities.”
The imminent multibillion dollar request will include new money and previously untouched funds that had been set aside for things like Ebola, the senior administration official said. About $1.2 billion will be put toward vaccine development.
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The request will be for a one-time, lump-sum transfer, but money could be carried over into fiscal 2021 if needed.
Initially, insiders on Capitol Hill said the request would be for $1 billion, but sources told FOX Business’ Blake Burman that some within the administration were pushing for more money.
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While the White House is not trying to cause alarm over the new funding request, according to the source, supplemental spending bills are typically used for war and natural disasters.
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White House trade adviser Peter Navarro told FOX Business’ Charles Payne on Monday the Trump administration is already working with four companies on a vaccine, which could be finalized in half the time it normally takes for a vaccine to be developed.
U.S. stocks were trading lower on Monday on fears the spreading disease could have economic fallout due to its impact on the global supply chain. South Korea, Iran and Italy all reported new confirmed cases.
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FOX Business’ Blake Burman and Fox News’ Chad Pergram contributed to this report.