As markets plummet, Trump says White House to seek possible payroll tax cuts
President Trump on Monday evening said he will speak with Senate Majority Leader Mitch McConnell (R-Ky.) and Senate Republicans about a possible payroll tax cut that would provide "very substantial relief" amid the COVID-19 coronavirus epidemic.
"We have a great economy, a very strong economy, but this has blindsided the world," Trump said. The coronavirus epidemic, as well as Saudi Arabia cutting oil export prices by nearly 10 percent, is worrying investors, and on Monday, U.S. stocks fell more than 7 percent in the Dow's worst day since 2008. Trump said he wants to meet with McConnell on Tuesday, and in addition to discussing a payroll tax cut, he will also bring up "hourly wage earners getting help so they can be in a position where they are not ever going to miss a paycheck."
Trump said the COVID-19 epidemic is "not our country's fault, this is something we've been throw into," and the government is working with the airline, cruise, and travel industries as they will feel the effects of people staying home. "The main thing is we are taking care of the American public," he said.
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