Washington debates how to boost sickened economy
by Harvest Prude
Posted 3/12/20, 11:50 am
The stock market tumbled again on Thursday. The COVID-19 outbreak continues to disrupt the American economy despite an effort from President Donald Trump to calm investor’s fears on Wednesday. The Dow Jones Industrial Average fell Thursday by more than 2,000 points, triggering a temporary halt in trading.
What is the United States doing about the losses? Partisan divides remain over an emergency economic stimulus package. Trump wants to eliminate payroll taxes temporarily. He also announced that the Treasury Department will allow people affected by COVID-19 to defer their tax payments due April 15. House Democrats will vote Thursday on a separate package without the payroll tax cut, opting instead for increased food assistance, paid sick leave, and unemployment insurance.
Dig deeper: Read Maryrose Delahunty’s report in Muse about how COVID-19 has affected the entertainment industry.
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