WH adviser Hassett: Decline in GDP in Q2 could end up being biggest ever posted

The economic situation in the US is "grave" and the decline in the GDP in the second quarter could be the biggest-ever posted, White House Council of Economic Advisers Chairman Kevin Hassett told Fox News on Tuesday. Regarding negative oil prices, Hasset it was a "very short-run thing" because of the coronavirus.

Additional takeaways

"Fully expecting a deal in Congress on extra coronavirus relief for small US businesses."

"There is a chance this won't turn into a lengthy recession."

"Odds of the US budget being balanced this year are zero."

"Expecting another coronavirus stimulus bill after the one currently in Congress."

Market reaction

Wall Street's main indexes extend the slide after these comments and the Nasdaq Composite Index was last seen losing 3.8% on the day.