Trump Says ‘Stay Calm, Coronavirus Will Go Away’ After GOP Stimulus Meeting; $300 Billion Payroll Tax Cut Rumored

Tuesday, March 10, 2020
By Paul Martin

by Tyler Durden
Tue, 03/10/2020

Update (1430 p.m.): Following a meeting with GOP senators, President Trump told reporters that people should remain calm, and that coronavirus ‘will go away.’

“It will go away, just stay calm,” Trump said after the hour-long meeting to discuss an economic relief package. “Everybody has to be vigilant, be calm, everything is working out.”

“The consumer has never been in a better position than they are right now,” he added.

Regarding the economic package, Trump reportedly told the GOP Senators in what he described as a “great meeting” that he wants to waive payroll tax through the election, though he shared no other details in comments to reporters. Senator Marco Rubio (R-FL) says that the payroll cuts could be around $300 billion.

Trump also dismissed a suggestion that he should get tested for the virus given his exposure to individuals who came in contact with a participant at the CPAC conference who later tested positive.

“I don’t feel any reason, I feel extremely good,” he said.

Later on Tuesday, Treasury Secretary Mnuchin is expected to meet with House Speaker Nancy Pelosi (D-CA), according to Senate Majority Leader Mitch McConnell (R-KY).

* * *

President Trump surprised his staff by announcing the details of an economic package set to be unveiled Tuesday in response to chaotic markets that have been rocked by the impacts of coronavirus and an escalating oil price war, according to Bloomberg, citing ‘people familiar with the matter.’

As outlined by Trump in remarks Monday, the proposal will likely include a payroll tax cut and a short-term expansion of paid sick leave, according to the people, who described the proposal on condition of anonymity ahead of its planned release.

Trump’s administration had been working on potential stimulus measures for about 10 days but were unprepared to provide details this quickly, the people said. -Bloomberg

Stocks plunged over 7.5% on Monday, the worst day on Wall Street since the financial crisis (and worst since 1987 intra-day) which saw credit and funding markets start to show signs of extreme stress. This has put Trump under increased pressure to act on concerns that COVID-19 will trigger a recession.

Trump has also been blaming the Federal Reserve – slamming them as “pathetic” and “slow” in Tuesday morning tweets, adding “The Federal Reserve must be a leader, not a very late follower, which it has been!”

House Democrats, meanwhile, are set to hear from two economists on Wednesday for input as lawmakers consider a fiscal package in response to the coronavirus impact. Both have called for immediate action, with Harvard’s Jason Furman advocating for approximately $350 billion in aid.

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