How Will Trump Fight Possible Coronavirus Recession? News Conference Planned To Reveal Plans

Update: 4:50 p.m. EDT

President Trump said he had a great meeting with Senate Republicans Tuesday, briefing lawmakers onplans to blunt the economic effects of the coronavirus.

Trump told reporters after the meeting his administration takes the threat posed by COVID-19 "unbelievably seriously" and again praised his administration's response.

"A lot of good things are going to happen," he said.

Senate Minority Leader Chuck Schumer criticized Trump's approach to handling the crisis, saying rather than looking at tax cuts and other stimuli that likely will benefit the already wealthy, the best way to protect Americans from the outbreak is to deal with the virus itself.

"This is a healthcare crisis. It demands a healthcare solution," he said.

Original story

President Trump Tuesday focused on mitigating the economic impact of the coronavirus, contemplating a cut to the payroll tax and possible sick pay requirements to keep the country from sliding into recession.

“What is required is fast, deliberate, and unified political and fiscal stimulus,” Mark Pacitti, founder and managing director at Woozle Research, told IBTimes.

The number of confirmed U.S. cases climbed toward 800, with more than two dozen deaths, but testing has yet to ramp up. Worldwide, the number of confirmed cases topped 116,000, with more than 4,000 deaths.

Speaking to reporters Monday en route from Florida to Washington, Trump said he would seek “very substantial relief” to the payroll tax and seek help for hourly workers to keep them from missing a paycheck should workers be forced to stay home either due to sickness or because their places of work were shut down.

The suggestions came as stocks plunged more than 7% Monday. Stocks were staging a modest recovery Tuesday.

The president planned a press conference to discuss a “possible payroll tax cut or relief, substantial relief, very substantial relief, that’s big, that’s a big number. We’re also going to be talking about hourly wage earners getting help so that they can be in a position where they’re not going to ever miss a paycheck.”

White House economic officials were to pitch the proposals to Senate Republicans at a closed-door lunch but the president, himself, was not expected to attend, CNN reported. The proposals also were expected to include deferred tax collections for certain industries, like airlines, cruise lines and hotels, and small business loans. The administration also was looking at a series of administrative measures.

Democrats have started writing legislation that would provide free tests for the virus, expand unemployment insurance, provide food for children who get free school lunches should their schools close and provide for paid sick leave.

Trump has been trying to downplay the severity of the virus, patting his “coronavirus team” on the back despite glitches in rolling out testing kits for the virus and mistakes made in welcoming back those who had been evacuated from China, the epicenter of the outbreak.

The Securities and Exchange Commission became the first federal agency to tell its workers to work from home. A number of private companies, including Amazon, have urged employees not to come into offices.

Defense Secretary Mark Esper postponed foreign travel, ostensibly to manage the Pentagon’s response to the virus, while on Capitol Hill, handshakes were discouraged.

Rep. Matt Gaetz, R-Fla., who traveled aboard Air Force One with Trump on Monday, later placed himself into quarantine. He was one of several lawmakers who came into contact at the Conservative Political Action Conference with a person who tested positive for the virus. Trump has not been tested, the White House said.