Trump administration reportedly considers tax cut

The move comes amid growing fear of a economic recession. ABC News’ Serena Marshall reports.
2:07 | 08/20/19

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Transcript for Trump administration reportedly considers tax cut
Good morning everyone thank you for joining us I'm today Norman and I'm Trevor hauled in for Kenneth mode we begin with your money in word that the White House is considering a possible tax cut to boost the economy it comes amid growing concern that we're heading toward a recession concerned the president. Is downplaying. ABC's stream Marshall has the story from Washington Serena good morning. Average it did a good morning to both that you and remember last week there was that precipitous drop in the Dow 800 points and of course it all happens and that trade with China re design. As the old adage goes hits the economy Steve then. With recession fears looming fingerpointing rampant in the tiny twenty election in the cross hairs. President remains optimistic but doing tremendously well our consumers are rich I gave a tremendous tax cut. And they loaded up with money butts behind the scenes. ABC news has learned of the White House is in discussions to potentially push for additional tax cuts to counter any possible recession. But it's partly those first tax cuts along with the trade we're with China. The has the Rihanna for economists according to a new survey expecting hundred to slide into recession by 20/20 one I do think the economy. Is slowing down. And typically a warning sign for the markets that inverted yield curve which historically predicts recessions. The president admitting the possibility is there all welcome playing the blame game on the independence Federal Reserve. I think I could be helped out by the Fed. But the Fed doesn't like helping me do much. With the election fifteen months out the vice president predicting that recession only happens about Democrats takes over taxes would skyrocket. The stock market would tank Democrats argue it's the president and his policies that are the problem. I'm very worried we still have time to pull back they don't want just doesn't seem to understand now. When it comes to those new possible tax cut the White House is dismissing reports that there are looking at a payroll tax cut early guys that last ten that was used was during the Obama administration after the Great Recession cabbage and sensory about tunnel definitely be following closely thank you for joining us this morning.

This transcript has been automatically generated and may not be 100% accurate.

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