Wall Street wants Trump to act within days on virus, or risks for a bigger sell-off and a recession will grow
PUBLISHED TUE, MAR 10 2020 12:39 PM EDT
UPDATED TUE, MAR 10 2020 8:22 PM EDT
Patti Domm@IN/PATTI-DOMM-9224884/@PATTIDOMM
There’s no shortage of news about the effects of the coronavirus on America’s businesses and the overall economy. The White House has been on television almost daily with reassurances that every action that can be taken is in play. President Trump has announced suggestions, and plans in working with Congress for business relief during the outbreak.
Some reports are that the President’s idea for payroll tax relief isn’t being welcomed with open arms by Congress. Wall Street isn’t thrilled with any delay in the implementation of industry-targeted initiatives to reduce the economic impact of the coronavirus.
Some sources are anticipating bipartisan initiatives to roll out by mid-month March or soon after that, but others aren’t as certain. The one message that seems to be common to all is that something must be done and fast.
Considerations for relief are outlined in the article and include:
- Payroll tax relief
- Industry-specific tax relief
- Paid sick leave
- Enhanced unemployment insurance
- Protective equipment
- Free virus testing
- Cash grants and loans
- Temporary tax collection postponement
- A new quantitative easing plan from the Fed
- Adjust welfare programs temporarily
These and other ideas are all being batted around by the White House and Congress, with some anticipation of bipartisan agreement for economic relief.