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Trump Presents Coronavirus Stimulus Plan On Capitol Hill

 


WASHINGTON President Trump spoke Tuesday for a coronavirus-related economic stimulus package at Capitol Hill, joining Senate Republicans for lunch to discuss reducing payroll taxes, providing targeted relief to industries in the tourism and hospitality, and other possible measures to stimulate economic growth.

After the meeting, a Senate adviser said that Secretary of the Treasury, Steven Mnuchin, and President Nancy Pelosi, of California, would take the initiative to negotiate a bipartisan package.

Mr Trump left his lunch without any new details to share about the package, which remained constantly evolving all day Tuesday, amid internal struggles in the White House and a cool reception among Republicans of Congress facing temporary payroll tax cuts that the president has floated. Mr Trump said that reducing payroll taxes and other ideas had been discussed, adding that there was great unity within the Republican Party.

He acknowledged that there was still no consensus on how to proceed, but said he was convinced that the economy would continue.

Be calm, he said from Capitol Hill, after speaking to lawmakers. The consumer has never been in a better position than today.

Trump and his advisers are also considering using the Federal Emergency Management Agency as a vehicle to provide funds to stimulate the economy, a move that could allow the administration to start to stimulate growth without waiting for Congress. President may approve major disaster reports in a growing number of states that have experienced coronavirus outbreaks, according to administration and congressional officials.

Such approvals would allow FEMA to begin distributing aid to affected people, such as emergency food stamps, and to state and local governments for efforts, including protective measures. Emergency.

The idea is one of the many options available to help ease the economic pressure of a virus that quarantines workers and consumers, scuttling vacations, shutting down factories and causing other disturbances.

Washington lobbyists have suggested that several possible plans were under consideration on Tuesday, including tax credits for companies that retain employees who cannot work due to quarantines and the possibility of allowing companies delay the payment of part of their quarterly corporate tax estimates until the spread of the virus and its economic effects decrease.

Other possibilities included temporarily suspending certain excise taxes, such as the 7.5 percent tax that airlines pay to the Federal Aviation Administration; increase block grants for community development; and Fixed an error in the 2017 Republican tax overhaul that made it more expensive for restaurateurs to do renovations.

Mr. Trump outlined several ideas at a press conference on Monday evening, but discussions remain ongoing and many proposals would require congressional approval at a time of deep partisan anger and with 2020 elections imminent.

The idea of ​​a drop in payroll taxes in particular divided the advisers of Mr. Trumps, with Mr. Mnuchin and Larry Kudlow, the director of the National Economic Council, expressing concerns about the cost, s it would solve the problems caused by the virus and The Democrats would demand if they reopened the tax code.

However, Peter Navarro, commercial advisor to Mr Trumps, was a supporter of the idea, and Mr Trump lobbied for it to be included in a set of options.

Mr Navarro often disagreed with Mr Trumps from other economic advisers on trade policy. His appearance with the Coronavirus task force during Mr. Trumps' White House briefing on Monday raised eyebrows among some officials who wondered if he got involved in the stimulus discussion budgetary.

Mr Navarro said in an interview that he was there at the request of the President.

The president specifically asked during the oval meeting that I, by name, and other members of his business and economic team stand with him on the podium, and I left when the president left, said Mr. Navarro.

The leaders of the Democrat-controlled House also reacted skeptically to the payroll taxes. Rather, they pushed the administration to increase spending on public health response to the virus.

Republicans and Democrats agree on the need for any package including government sickness pay to workers who are unable to do their jobs due to quarantine or child care whose schools are canceled for fear of viruses. It is unclear how such a program would work and how it would develop quickly enough to prevent affected workers from missing payments on rent, credit cards or other invoices.

The markets rallied on Tuesday morning when the stimulus demand was announced, after suffering heavy losses on Monday. But several congressional aides have warned that it will most likely take weeks, at a minimum, to finalize and approve any stimulus bill.

The White House is also considering other plans that would not require congressional action, such as allowing the deferral of tax payments. Trump said on Monday that the White House would hold another press conference sometime Tuesday to further detail the stimulus packages.

While his advisers were working on the package, Trump said on Tuesday the Federal Reserve was pathetic about keeping interest rates too high, renewing a regular reproach as the coronavirus spreads both globally and nationally , boiling the markets and threatening the economic outlook.

Our pathetic and slow Federal Reserve, led by Jay Powell, who raised rates too quickly and lowered too late, should bring our policy rate down to the levels of our competing countries, he tweeted. The Federal Reserve must be a leader, not a very late follower, which it has been!

Jeanna Smialek contributed to the report.



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