Trump proposes economic changes over coronavirus

President Donald Trump made plans to tackle the coronavirus outbreak, and also addressed supporting businesses during the crisis.
8:23 | 03/12/20

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Transcript for Trump proposes economic changes over coronavirus
200 and our chief White House correspondent John call for more on the economic proposals. The president made calling on congress to extend. More benefits to Small Business Administration. I deferral. Tax payments we heard talk of that before the April 15 thanks in May not apply to certain corporations and individuals. The president still calling for his payroll tax. That has not been warmly welcomed on Capitol Hill. There's not been warmly rough welcome to by Democrats and even from some Republicans but George I have to say. Listening to the president here it is stark how different he sounded tonight. We heard we didn't hear two things we've been hearing from him over and over again. All one we didn't hear him. Blamed Democrats suffer for exaggerating this in using it to make him look bad. We didn't hear him blame the news media off fur for making the problem sound worse than it is. He seemed to directly acknowledge really in a way that he is not until this moment just how serious. This is a vote was a very different tone from him and it wasn't just the economic impact of course he's been spooked. By watching the stock markets are reaction to all this. But you heard him. I thought for if it did the trick a very different tone in and ingesting the seriousness of this threat remember just two weeks ago he was talking about how the number of cases may quickly go down to zero in the United States he just yesterday George. Compared this to the common. Flu that was not the mass. Since that he had and John the fact they brought it into the Oval Office we know what that's revision reserved for the president knows that this is a threat to the country effective help for so many people. Also in an election year has turned to his presidency. A threat to his presidency that nobody really wanted to do here it seems to me George. Is he wanted to send a message that he understands he is taking this seriously and to insist that his administration has this under control. But it but again that that was not that was not the tone of the seriousness. Was not what we've been hearing from the president. He had been a much more cavalier about this. Even as recently as yesterday this was this was a very different touch tone for the president big question John thank you Howell congress' front corner bringing our chief congressional correspondent Mary Bruce for more. On that the president did lay out one proposal the Democrats have been calling for as well expanding this paid family. And George that is something that Democrats in the house expect to actually vote on tomorrow they are working on a recovery package that includes several targeted measures like that paid family leave also extended unemployment insurance other members and measures that they believe will provide. Immediate relief now we haven't seen the may be able to get on board with some of these measures but of course is also calling. For additional steps like that payroll tax cut which both sides of the aisle have raised concerns about even Republicans say that may be more about being handed than an actual long term solution here. And George even if this recovery package that was targeted measures passed. In the house tomorrow they face a very uncertain future. Over in the senate largely because it is simply still unknown how much all of this is going to cost. And Mary congress is expected to go off on another break he next week any sense of of whether they can get this done in right away I mean is he said you know the house wants to act. Tomorrow but then they're gonna send it over to the center will house stay and the end and avoid their vacation and in order to pass this. It is a very good question Democrats in the house have been scrambling to work what the administration to get something done here in fact we learned that Nancy Pelosi spoke right before the president's remarks with doctor found GM went vice president pence a balanced. These measures they are scheduled to go on recess next week so far there are no changes to that. But speaker Pelosi has of course made very clear she's that they are the captains of the ship they will be the last to leave. This is something that they know is of utmost importance and they really want to get something done here before they all head to head home. Man this is also hitting close to home on Capitol Hill they're they're talking about suspending all public tours there that they. The capital a notoriously open. Government institution government building. Yet when they are closing down tours we know in the coming days of the capital isn't very much still working members of congress are packed in the hallways as they try to tackle all of this. And it does raise a lot of interest in questions while a leader Pelosi has made very clear that they are going to it to stay open and stay out operational some members we know are already taking matters into their own hand essentially setting their own rules Mitt Romney and others have told their staffers they can work from home. It also read it raises unique concerns for members of congress it is will. And of course noteworthy that two thirds of the senate. Qualify as a vulnerable population here because of their age members of congress of course travel a lot they spent a lot of time in large crowds of this hits home. For a lot of members of congress as they not only try to decide how to tackle this. Crisis but also have to consider their own personal health and of course several members of congress seven of them. Have been self quarantining out of an abundance of caution because of concerns that they came into contact with some of them tested positive. Talking neighbors thanks for my trying to bring in our chief as an economics correspondent Rebecca Jarvis for more on this. As well a man and Rebecca Lucy in the market is you've been reporting all day hit a bear market 20% down since from the highs of February since the start. This crisis this week a big drop in them and win them. Wall Street believe that congress in the past some stimulus measures and it jumped up when they moved in when they appear to be stalled went down again. Today what's your sense of the reaction the present proposals tonight. Well if you look at the response in the futures market which is foreshadowing what we might see tomorrow during the trading day the futures market has actually been falling. Since the president's speech and at one of the things that stands out she went number of the economists and investors that I speak issue is the idea that the president said tonight this is not a financial crisis but when you look at. The stock market now down 20% from those record highs and a number of the economist. Calling for the potential for recession in this year. You can believe that there are those out there who who disagree with that now those two are calling for a recession at this point believed. That it would be shortly and that it would not mimic what we saw in 2008 but many of them believe that the fiscal stimulus what the government we will offer in response to this crisis will be key in how long the severity of the crisis last and an in the message tonight you had to. Sacks of responses you had. The fiscal stimulus the deferring of taxes the small business loans the paid sick leave for workers but you also on the flip side of that have the travel. Banning travel from Europe to the United States. The travel company is the airlines are already some of be hardest hit. Company is in this crisis at this point. United saying that they have seen bookings dropped 70% domestically and that. They're actually seeing a twice as big hit to their business as they side in the wake of nine elevenths you can imagine. That those companies in particular are thinking about how they're going to weather this storm now with these thirty additional days where travel is not a part of their picture from Europe. And one of the things he did not hear Rebecca was any targeted relief for those companies that have been talked about earlier in the day. Exactly and and you can imagine that if there was targeted relief that word bailouts would have started to come up and that would Harken back to the bailouts of 2008 the financial crisis where the banks. And some of the auto companies got bailouts that. Is different cult that's tricky political territory. Two to wade into at a moment like this especially when so many Americans who came out of the financial crisis. Saw that the banks got back on their footing but those Americans didn't see their own paychecks climb in the wake of the financial crisis you can imagine that that would be. Tricky political territory but in an immediate sense. And and married to shed some light on this in the immediate sense congress if they can pass the paid sick leave if they can figure out. Deferred taxes and especially those small business loans because we know that small businesses have been weathering this storm they've been hit some of the harshest businesses in America. They've been hit the harshest in America cob all businesses so if they can pass those types of reforms that will have a significant fact in an immediate sense. On the economic crisis were seen right now George OK Rebecca thanks very much.

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