President Trump on Monday proposed emergency measures, including a temporary payroll tax cut and expanded sick leave, to prevent an economic slowdown and to blunt the spread of the coronavirus, as the stock market sustained a rout amid tumbling oil prices and rising concerns about a recession.

“We have a very strong economy, but this blindsided the world,” Mr. Trump said.

The three major U.S. stock markets each fell more than 7%, with the Dow Jones Industrial Average losing 2,014 points or 7.8% to close at 23,851 — the biggest one-day point drop in history. The S&P 500 had its worst day since 2011, and prices plummeted so quickly at the opening bell that trading was halted temporarily three minutes later when an automatic “circuit breaker” kicked in.

The president said his advisers will urge Congress on Tuesday to take action on a “possible payroll tax cut” or other substantial tax relief. He said he also will move ahead with no-interest loans for small businesses hurt by the outbreak and to help hourly wage earners who miss work because of extended illness or shutdown “so they don’t get penalized for something that’s not their fault.”

This is an excerpt. Read more at the Washington Times.

Rating: 4.0/5. From 1 vote.
Please wait...