Trump administration warns of 20 percent unemployment rate due to coronavirus

Trump administration officials warned Senate Republicans on Tuesday that the coronavirus outbreak in the United States could cause the unemployment rate to reach 20 percent, according to two sources familiar with the discussion.

The admonition came during a closed-door lunch on Capitol Hill in which Secretary of the Treasury Steven Mnuchin introduced a White House boost plan that could cost at any rate $1 trillion. The expectation was first revealed by Bloomberg News. White House monetary guide Larry Kudlow who likewise also went to the lunch.

As the stock market struggles and the strength of the economy are in genuine risk, beforehand hesitant Republicans are getting substantially more open to approving an aid bill that large.

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