Former Trump economic adviser supports President Biden's $1.9 trillion rescue plan: report

Former Trump economic adviser Kevin Hassett has voiced broad support for President Biden's $1.9 trillion COVID stimulus package, CNN reports.

Hassett says that the U.S. economy will suffer a repeat of the first quarter of last year when GDP shrank by 5% if more government aid isn't delivered.

"There are so many businesses treading water, barely hanging on. Now they are getting hit by another shock," said Hassett. "You could end up in a negative spiral for the economy."

Hassett served as Trump's top economic adviser from 2017 to 2019 before returning in a voluntary role in March of last year.

As CNN Business points out, Biden's plan calls for $1,400 stimulus checks to most everyone who makes less than $75,000, enhanced unemployment benefits, $350 billion in aid to state and local governments and $400 billion to help ease the fallout from the pandemic.