President Trump has revealed some details of his comprehensive plan to deal with the potential negative economic impacts of the spread of the coronavirus.
Earlier this week, the President spoke about his administration’s economic plan to help airline and cruise ship industries, he also said that his plan will include a payroll tax cut and set aside funds for loans for small businesses. He noted that this will help employees who earn hourly wages, so they don’t have to worry about missing a pay check if they are quarantined.
Others in the administration are optimistic about the plan and the U.S. economy as a whole.
“In terms of the economy, he and his economic team have the tools to keep this economy going strong,” said Alex Azar, Secretary of Health and Human Services. “They’ve got tools to deal with that.”
The meeting became urgent following plummeting stock markets early Monday, which led trading to be suspended for 15 minutes. Market experts believe this was due to an ongoing oil war between Saudi Arabia and Russia as well as fears about the coronavirus outbreak.
“…the worst news is coming right now with the combination of the oil price drop and the coronavirus,” explained Susan Schmidt, head of U.S. Equities – Aviva Investors. However, she added that “…Coronavirus is gonna be an ongoing shock, but, I think the worst of that is passed.”
President Trump is expected to give more details about his economic plan after speaking with Republican lawmakers at a lunch on Tuesday, where he apparently asked for stimulus money for the airline and cruise industries after extensive travel cancellations. The Washington Post reported that he’d also seek funds for the shale industry.
The President also announced that several major health insurance companies had agreed to waive co-pays for coronavirus testing. The Department of Health and Human Services told CBS News that uninsured individuals who suspect they are infected may “receive care at a Community Health Center at a reduced cost or free of charge depending on their economic status. … The health center can assess whether the patient needs testing.”