White House economic adviser Larry Kudlow said that an order cutting the payroll tax was drafted and ready for President Trump to sign.
Asked if Trump would use the order, Kudlow told Fox Business in an interview on Friday, “I believe he will.” Kudlow said that he was working with the White House Counsel’s Office Thursday night to finalize the action.
“The legal drafting is complete,” he said, adding that he did not want to make a “prediction” on what the president might do. “It’s up to him to inform the public.”
On Thursday, Trump said he could sign the order as soon as Friday afternoon.
“He is intent on using all of the federal power levers at his disposal, and if we have to do executive orders, we will do them,” Kudlow said.
The economy added 1.8 million jobs in July for a 10.2% unemployment rate, a 0.9% drop over the previous month. But with 22.1 million jobs lost in March and April as the coronavirus hit the United States, the unemployment rate remains significantly higher than the pre-pandemic 3.5% rate in February.
Friday’s job numbers indicated “a self-sustaining recovery” of the economy, Kudlow said. “We’re climbing our way back from the awful pandemic.”
Infections have continued to spike in several states as the U.S. nears 5 million cases, with some choosing to pause or reverse reopenings.
