Robert Wolf: We need another relief package
House Democrats unveil $3 Trillion coronavirus relief bill; 32 Advisors CEO Robert Wolf shares his thoughts.
Former Obama economic adviser Robert Wolf reacted to House Democrats' latest coronavirus stimulus proposal Tuesday on "Your World with Neil Cavuto."
"We absolutely need a CARES 4.0. So we need another relief package. We haven't even touched stimulus, yet," Wolf said. "This is just relief."
STIMULUS CHECKS, STATE AID AND MORE: WHAT’S IN HOUSE DEMOCRATS' NEW CORONAVIRUS RELIEF BILL
The proposal unveiled Tuesday includes more than $3 trillion in new spending, amounting to the biggest and most expensive aid package yet to deal with the global pandemic, Fox News has learned.
About $1 trillion would go to state, local and tribal governments, according to three sources briefed on the proposal.
Wolf, the former president of UBS Investment Bank, didn't back the House package but told host Neil Cavuto that more relief is needed.
"Remember the Payroll Protection Program [was supposed to] last through June 30th? Most the country's not going to be open by then," Wolf said. "And those companies that are open are probably at 25 percent of [normal].
"So this depression, as we're calling it now, is pretty deep and it's pretty quick. And the best thing we can do is make sure small businesses are ready to get up and running when the consumer starts coming back. So we're going to need a much larger package than what we've done before."
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The former Obama adviser called on the next round of spending to be more "thoughtful."
"We have to definitely change how we're handing out money. But unfortunately, the pandemic's moving way too fast than we could have ever imagined, "Wolf said. "But I think going forward, we have to be much more thoughtful how we get out the money."
Fox News' Marisa Schultz contributed to this report.
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