Treasury Secretary Steven Mnuchin said the administration was looking into taking steps that could put hundreds of billions of dollars into the U.S. economy to shield it from a slowdown brought on by the disruption from coronavirus. (...)
The White House is examining tax relief measures, loan guarantees, reimbursing workers for lost pay, aid to small and mid-sized businesses, and support for airlines, hotels and other travel businesses, Mnuchin said.
He likened the coronavirus outbreak to a hurricane, and said the costs needed to be picked up. But he said Trump felt strongly that U.S. companies needed to be protected, not bailed out.
“Whatever we do, kind of in the next 48 hours, that’s just the first step. We’ll be back. And I think there’s big bipartisan support. People understand that we have to help small and medium-sized businesses and certain industries,” Mnuchin told a House of Representative committee.
A central feature of the administration’s plan to counter the economic effects of coronavirus is payroll tax relief, although the extent and duration of the proposal were unclear. (...)
A package of Democratic proposals to address problems arising from the coronavirus outbreak could be voted on by the House as early as this week, including paid sick leave for those affected, a House Democratic aide said.
The bill, still under development, could also expand federal food aid programs, especially to low-income families whose children might not be able to attend schools where they receive meals.
by David Lawder, Susan Heavey, Reuters | Read more:
[ed. Predictable. After initially downplaying the seriousness of the virus, the Trump administration now springs into action (or will, eventually, soon, hopefully) with proposed tax breaks and bailouts for businesses, while lobbying the Fed for more rate cuts. [Update: And canceling all travel from Europe (but not from the United Kingdom, or for American citizens) What?]. Democrats are proposing assistance to people directly affected by the virus (see here).]
The White House is examining tax relief measures, loan guarantees, reimbursing workers for lost pay, aid to small and mid-sized businesses, and support for airlines, hotels and other travel businesses, Mnuchin said.
He likened the coronavirus outbreak to a hurricane, and said the costs needed to be picked up. But he said Trump felt strongly that U.S. companies needed to be protected, not bailed out.
“Whatever we do, kind of in the next 48 hours, that’s just the first step. We’ll be back. And I think there’s big bipartisan support. People understand that we have to help small and medium-sized businesses and certain industries,” Mnuchin told a House of Representative committee.
A central feature of the administration’s plan to counter the economic effects of coronavirus is payroll tax relief, although the extent and duration of the proposal were unclear. (...)
A package of Democratic proposals to address problems arising from the coronavirus outbreak could be voted on by the House as early as this week, including paid sick leave for those affected, a House Democratic aide said.
The bill, still under development, could also expand federal food aid programs, especially to low-income families whose children might not be able to attend schools where they receive meals.
by David Lawder, Susan Heavey, Reuters | Read more:
[ed. Predictable. After initially downplaying the seriousness of the virus, the Trump administration now springs into action (or will, eventually, soon, hopefully) with proposed tax breaks and bailouts for businesses, while lobbying the Fed for more rate cuts. [Update: And canceling all travel from Europe (but not from the United Kingdom, or for American citizens) What?]. Democrats are proposing assistance to people directly affected by the virus (see here).]
