The Trump administration announced Tuesday morning President Trump plans to ask Congress for an $800 billion dollar rescue package to blunt the economic damage underway from the Wuhan coronavirus. It includes a number of provisions.
.@FoxNews has learned that @realDonaldTrump will ask Congress for more than $800 billion in economic stimulus: $500 bil in payroll tax cut, $250 bil in Small Business Association loans, $58 billion for the airlines, and a smattering of other items.— John Roberts (@johnrobertsFox) March 17, 2020
More info on payroll tax cut. @POTUS is asking to zero out the 12.4% combined employee and employer contribution until the end of the year. Because of front-loading, many high income earners are already close to maxxing out their contributions, which means the cut would......— John Roberts (@johnrobertsFox) March 17, 2020
.....predominantly affect middle income earners who pay Social Security witholding all year.— John Roberts (@johnrobertsFox) March 17, 2020
The White House has been careful not to call the package a bailout. During the Wuhan coronavirus task force meeting on Monday, President Trump specifically addressed the airlines. He explained the current situation is "nobody's fault," meaning in the United States, and placed the blame on China.
"As far as the airlines are concerned, the airlines, we're going to back the airlines 100 percent. It's not their fault. It's nobody's fault, unless you go to the original source. But it's nobody's fault. And we're going to be in a position to help the airlines very much. We've told the airlines we're going to help them," Trump said. "We're going to be backstopping the airlines."
Words matter. This is a ‘“rescue,” not a “bailout.”— Rep. Michael Waltz (@RepMichaelWaltz) March 17, 2020
The 2008 bailout pulled financial institutions out of a crisis of their own making.
This rescue will be a lifeline to critical jobs-producing businesses that did nothing wrong. @realDonaldTrump #coronavirus https://t.co/HVP0ReeEam