US stimulus package may be massive but it won’t be enough | Larry Elliott

$2tn coronavirus rescue deal dwarfs 2008 bailout but there will still be pain

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The precise details of the US stimulus package are still to be revealed but some things are already clear: it will be massive, it will hit many of the right targets and it won't be enough.

Let's start with the size. The deal worked out between the White House and Congress is worth $2tn (1.7tn), or about 10% of the annual output of the world's biggest economy. That is colossal by any standards. By comparison, the fiscal boost provided to mitigate the damage caused by the global financial crisis of 2008 amounted to $800bn.