WTF Just Happened Today

Tuesday, March 10, 2020

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1/ Trump – again – downplayed the severity of the coronavirus epidemic, saying “everything is working out” and that “it will go away, just stay calm.” There have been more than 800 cases of coronavirus in the U.S., including 27 deaths. And, despite markets showing continued volatility following Wall Street’s worst day since the 2008 financial crisis, Trump suggested that “The consumer has never been in a better position than they are right now.” (Washington Post / New York Times)

• Trump invited a group of Wall Street executives to the White House to discuss the response to COVID-19 after stock market losses. The seven biggest banks in the U.S. were invited, and at least two of them plan to send their CEO to attend the meeting on Wednesday. (CNBC)

2/ Trump pitched Republican lawmakers on a 0% payroll tax rate that would last through the November election as the White House tries to put together an economic stimulus plan to counteract the impact from the coronavirus outbreak. Speaking to reporters afterwards, Trump called the meeting “great” and said there was “tremendous unity” despite the meeting ending without a plan for crafting an economic package. Republican and Democratic senators also expressed reluctance about a payroll tax cut to address the economic impact. Speaker Nancy Pelosi, meanwhile, is working on an economic stimulus package to ensure workers have access to free coronavirus tests and paid sick leave. Payroll taxes are paid by employers and employees to fund Social Security, Medicare, and other government programs. (CNBC / Bloomberg / Washington Post / Politico)

• YESTERDAY: Trump promised “very substantial” economic measures to combat the fallout from the coronavirus, including aid for the airline and cruise industries, and expanding loans by the Small Business Administration.(Bloomberg / New York Times / Politico)

• ALSO: The White House is considering federal assistance for oil and natural gas producers hit by plummeting oil prices amid the coronavirus outbreak and a price war that broke out between Saudi Arabia and Russia. (Washington Post)

3/ The Trump administration postponed an annual intelligence report – without explanation – that warns that the U.S. remains unprepared for a global pandemic. The office of the Director of National Intelligence was scheduled to deliver the Worldwide Threat Assessment to the House Intelligence Committee on Feb. 12. The hearing, however, has not been rescheduled. Two officials who have read the classified report, said that the warnings are similar to those published in the 2019 report, which states: “The United States will rema...

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