Stephen Moore doubts need for $2T stimulus, predicting US economic growth

Stephen Moore doubts need for $2T stimulus, predicting US economic growth
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Stephen MooreStephen MooreSunday shows - Trump Michigan rally grabs the spotlight Moore: Trump has to be on 'best behavior' for final presidential debate If the election depends on the economy, the results favor Trump MORE, an economist and adviser to President TrumpDonald John TrumpHillary Clinton responds to Chrissy Teigen tweet: 'I love you back' Police called after Florida moms refuse to wear face masks at school board meeting about mask policy Supreme Court rejects Trump effort to shorten North Carolina mail-ballot deadline MORE, said he doesn’t think the country needs a $2.2 trillion stimulus package to help the economic recovery from the coronavirus pandemic, predicting that growth would happen naturally. 

“The economy really is showing signs of picking up. I don’t care what the newspapers say,” he said Sunday on John Catsimatidis’s radio show on WABC 770.

“I see really strong numbers coming in for the third quarter… 30 percent to 35 percent growth, which shatters the all-time record for growth in one quarter.”

“At this point, I’m not so sure we need a $2 trillion stimulus bill,” he added. “I think the fourth quarter will be just as strong as the third quarter.”

At the start of the month, House Democrats passed a $2.2 trillion stimulus package amid stalled negotiations between House Democratic leadership and the White House. The $2.2 trillion price tag is less than the mammoth $3 trillion stimulus bill the lower chamber passed in May of this year. 

The Senate GOP have put forth a paired down bill with a price tag of $1.1 trillion in late July, though Democrats immediately rejected the sum, saying that it was not enough to address the economic and health impacts of COVID-19. 

The remarks come amid negotiations on a stimulus deal between Speaker Nancy PelosiNancy PelosiPelosi: Trump should accept election results 'like a man' The spectre of pension failures haunts this election Microsoft: Iranian hacking group targeting attendees of major international security conferences MORE (D-Calif.) and Treasury Secretary Steven MnuchinSteven Terner MnuchinMcConnell and Schumer's relationship shredded after court brawl On The Money: Trump says stimulus deal will happen after election | Holiday spending estimates lowest in four years | Domestic workers saw jobs, hours plummet due to COVID Trump says stimulus deal will happen after election MORE. The White House offered a $1.6 trillion stimulus bill in recent weeks, but Senate Republicans were cool to the idea.

Later, the offer was increased t $1.8 trillion. 

Trump has thrown multiple wrenches into the negotiating process, announcing earlier this week that he was canceling negotiations between Pelosi and his administration before changing his tune and telling the speaker and Mnuchin to “go big.”

The GOP appears set on keeping the final price tag below $2 trillion, and Senate Majority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellMcConnell: Battle for Senate 'a 50-50 proposition' 'Packing' federal courts is already a serious problem What a Biden administration should look like MORE (R-Ky.) has already noted that a high cost could deter some Republicans for voting for a bill out of concern over a ballooning national deficit and reelection campaigns. 

Pressure has remained high on lawmakers to reach a deal to help the still-sluggish economy recover more quickly from the coronavirus-fueled recession. Unemployment claims that were not seasonally adjusted this week rose 5,312 to a total of 804,307. 

While unemployment claims have fallen from the sky high levels seen earlier this year, they are still almost 200,000 claims above the pre-pandemic record high of 695,000 in October 1982.

John Catsimatidis is an investor in The Hill.