“The main thing is that we’re taking care of the American people,” Trump said.
The New York Times: The president, who has for weeks played down the coronavirus threat and played up the stock market, now faces one of the worst crises since he was sworn in: “There’s panic.”
The Hill: Trump pitches tax cut to ease panic.
The Hill: Democrats balk at Trump’s payroll tax cut proposal because it would not help families without paychecks, the unemployed or workers in the gig economy.
The Washington Post: Trump’s proposals were quickly brushed aside by House, Senate Democrats, who are working on their own plan for possible release this week.
The president’s brief appearance followed a record-setting day of fear-fueled meltdown in the financial markets and the astonishing decision by the Italian government to lock down a nation of 60 million people — a decision tantamount to forfeiting an economy while halting public movement in a last-ditch effort to slow a contagion that has killed 463 people there. Italy surpassed South Korea as the country with the largest number of confirmed coronavirus cases outside China.
he death toll from COVID-19 worldwide this morning is 4,026, and confirmed cases number at least 114,544 in at least 110 countries, according to the latest information.
There have been 22 deaths in the United States and 755 confirmed cases following weeks of efforts to ramp up limited testing. It took just 12 or 13 weeks for the highly contagious virus, which first appeared in China in late November or early December, to alter nearly every avenue of social and economic life around the globe.
The president’s apparent endorsement of macro as well as targeted proposed fiscal stimulus measures on Monday was an about-face for the White House and Treasury Department, signaling a new resignation that the spread of COVID-19 as well as immense public fear may be driving an otherwise healthy economy into a deep ditch.
Some analysts have urged the administration to lift Trump’s tariffs in an effort to ease supply chain problems in the United States, but the president made no reference to his continued efforts to pressure China, European countries and other nations using tariffs on imported goods.
Trump, accompanied by Vice President Pence, who leads the task force, said the administration will meet with lawmakers today to discuss what he described as “very major” and “very dramatic” proposals that could possibly get through Congress swiftly. Lawmakers and Trump already enacted $8.3 billion for federal response to the coronavirus, including to fund research to develop a vaccine.
On Friday, White House national economic adviser Larry Kudlow said the administration was weighing ideas to help the vast majority of American workers who have no paid sick leave and to help hourly wage workers who would forfeit paychecks if they stay home for any reason because of the virus.
Kudlow said during an interview with Bloomberg News last week that the administration opposed a payroll tax holiday because it was expensive for the government and too sweeping across a broad spectrum of workers. Kudlow said Trump also preferred executive action over collaboration with Congress. Four days later, much has changed.
The Hill: Securities and Exchange Commission becomes the first federal agency to tell employees to stay home amid the coronavirus outbreak.
While both parties in Congress say they are willing to take additional legislative action in response to the pathogen, how they do it remains the big question. Senate Republicans are expected to meet with Treasury Secretary Steven Mnuchin and Kudlow at a closed-door lunch, with potential tax relief proposals on the agenda.
“The president is committed that whatever support we need to provide to the U.S. economy, we will use all our tools, working very closely with the regulators,” Mnuchin said Monday at the White House.
“The president is 100 percent committed that we will provide whatever tools we need, that the economy will be in very good shape a year from now,” the secretary continued. “This is not like the financial crisis where we don't know the end in sight. This is about providing proper tools and liquidity to get through the next few months.”
The Hill: Anxiety over coronavirus grows on Capitol Hill.
Speaker Nancy Pelosi (D-Calif.) reiterated a Democratic plan in a letter to colleagues and rattled off a list of actions they will seek to include in any future legislation. Among those priorities are paid sick leave, enhanced unemployment insurance, expansion of food stamps and free testing for the virus.
House Democrats are slated to hear from the House Sergeant at Arms, the attending physician and the chief administrative officer on Tuesday morning to discuss sa***uards for lawmakers. Pelosi also insisted to reporters that the Capitol will not be shut down, saying there’s “no reason to do so” at this time (Politico).