Top White House and Treasury officials are scheduled to meet with President Donald Trump today to discuss options for fiscal stimulus measures amid the uncertainty over the spread of the coronavirus throughout the U.S.
Economic officials have also begun weighing the idea of providing government-backed relief to specific geographic regions in the country hit hard by the outbreak.Officials at the Treasury department, National Economic Council and other top economic aides have been studying the various policy paths for the past 10 days, according to a person familiar with the White House discussions -- including holding several meetings over the weekend.
Within the last week, the White House’s messaging on the need for fiscal stimulus has shifted dramatically from one senior administration official calling it bad and ineffective policy to the director of the National Economic Council, Larry Kudlow, calling for a “targeted” approach. “Let’s think about individuals who might lose paychecks because they had to stay home if they get the virus. Let’s think about small businesses that might get hurt by this,” KudlowTrump, signing an $8.3 billion package of emergency coronavirus-related funding on Friday morning, dodged a question about whether he supported further fiscal stimulus measures, instead urging the Fed to again cut rates.a coming package of measures designed to ease the signs of panic sweeping financial markets.
The White House is under pressure to react as the volatility in the stock market continued on Monday morning. Within the first few minutes of trading, the S&P dropped 7 percent while prices in the oil markets crumbled, a fact that caught the attention of senior administration officials.
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