Trump deepens rift with Fauci on US reopening amid Fed warning

US President Donald Trump says he “totally” disagrees with his top health advisor, Anthony Fauci, who warned of “serious consequences” of an early ending of coronavirus restrictions as the epidemic continues to rage across the virus-stricken country.

Trump said on Wednesday that Fauci’s latest call for highly cautious reopening of schools is "not acceptable."

"We're opening our country, people want it open, the schools are going to be open," said the president, who is seeking reelection in November.

Fauci has been a key advisor to Trump throughout the coronavirus pandemic that has so far infected 1,364,061 people and killed 82,246 others in the US, according to the US Centers for Disease Control and Prevention (CDC).

The CDC reported 21,467 new cases and 1,426 additional deaths on Wednesday

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During a testify in Congress, Fauci warned that ending coronavirus restrictions “will trigger an outbreak that you may not be able to control.”

Fauci said the move could allow the highly contagious virus to resume spreading and this "could even set you back on the road to trying to get economic recovery.”

Trump has, however, been pushing to reopen the stricken economy.

"We have to open our country,” Trump said. “Now, we want to do it safely, but we also want to do it as quickly as possible.”

He admitted that the US is “having bedlam already in the streets."

"I totally disagree with him (Fauci) on schools," Trump added.

The coronavirus lockdown, which has hit the economy hard, has already prompted millions of Americans to register for unemployment relief in the country.

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The US Treasury secretary says the unemployment rate reported by the government is likely to get worse amid lockdown measures put in place due to the coronavirus pandemic.

”Slow and painful economic recovery” 

Federal Reserve Chair Jerome Powell gave a dire warning of the threat of a prolonged recession, saying that US economic outlook was "highly uncertain.”

This caused Wall Street stocks to slump for a second straight session on Wednesday.

The Dow Jones Industrial Average sank more than 2 percent, or more than 500 points.

The S&P 500 fell 1.8 percent to 2,820.00, while the tech-rich Nasdaq Composite Index dropped 1.6 percent to 8,863.17.

Powell cautioned that widespread bankruptcies among small businesses and extended unemployment for many people remain a serious risk.

He urged Congress and the White House on Wednesday to act further to prevent long-lasting economic damage.

Powell warned that America faces a slow and painful economic recovery without additional government relief.

US reports record $738 billion budget deficit in April

The United States has reported a record $738 billion budget deficit in April as an explosion in government spending and a shrinking of revenues.

Powell said that Washington may need to spend beyond the nearly US$3 trillion already approved by Congress.

"Additional fiscal support could be costly, but worth it if it helps avoid long-term economic damage and leaves us with a stronger recovery," he added.

His remarks came a day after House Speaker Nancy Pelosi proposed a $3 trillion aid package that would direct money to small businesses and state and local governments.

However, Republican leaders in Congress have expressed skepticism about allowing significant more spending.

Mitch McConnell, who leads the Republicans in the Senate, said that there was "no urgency" to act.

The Trump administration also said it wants to see how previous aid packages affect the economy.

US employers cut more than 20 million jobs in April, sending the unemployment rate to 14.7%, with the many of the losses falling on poor and minority households.

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