Trump called for additional tax cuts on Monday to mitigate the economic fallout of the Coronavirus, saying he will ask Congress for a payroll tax cut, relief for hourly workers, and possibly a small business loan plan.
Treasury Secretary Steven Mnuchin and National Economic Council Director Larry Kudlow are expected to meet with Republicans on Tuesday to discuss the stimulus measures.
Trump also said he would be asking the Small Business Administration to issue loans and that the administration was working with airlines, and the hotel and cruise industries, which have been hit hard by the spread of the virus.
While some experts have downplayed the necessity of drastic measures like limits on travel within the U.S., other officials have not ruled out that possibility.
“We’re past the point of containment,” former Food and Drug Administration Commissioner Scott Gottlieb said Sunday on CBS’s “Face the Nation.” “We have to implement broad mitigation strategies. The next two weeks are really going to change the complexion in this country. We’ll get through this, but it’s going to be a hard period.”
Gottlieb suggested the economies of some cities could be affected by essentially shutting down by closing businesses, cancelling events at venues with crowds.
The mood among investors appeared to react favorably to the proposed tax cuts, as markets in Asia and Europe saw a recovery, and Dow futures pointed to 1,000 point gains Tuesday morning. More on that at CNN Business.
See The Hill for source information.