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A stimulus package of the bill meant to stimulate the economy will be introduced amid coronavirus fears, on the floor of the house Wednesday but seems unlikely to a temporary standstill of the wage taxes, which advertises the trump administration.
The bill, the legislators have been as Wild comes to work for days now, the US economy and the global markets have in the face of severe instability since the global outbreak of the coronavirus.
“We don’t want to panic, but we do not want to give the impression that this is a major Heath challenge,” House majority Leader Steny Hoyer, D-Md., said on Wednesday, adding that the stimulus-cost package “billion.”
He added: “It will be much more expensive if we do not the relief.”
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Hoyer was clear that Trump’s push for temporarily eliminating the payroll tax through the end of the year to be included in the economic stimulus bill, calling it a “non-starter” and noting that the idea faces skepticism from Democrats and Republicans.
Trump on Tuesday expanded its economic impetus, ideas, private, careful with Senate Republicans, but the President and the allies of the GOP have been cool to additional expenditure in this Phase. Democrats prefer their own package of low – or no-cost virus-testing, unemployment insurance and continued payment of wages for workers struggling to pay cheques come from, how the outbreak interferes with jobs.
White house officials blindsided by the President’s sudden movements. As an asset for Capitol Hill, two administration officials headed said, the proposals that concluded he put in play. They were not to discuss, the planning and the anonymity asked.
Details about the house economic stimulus package are scarce, with Democrats saying only that the answer is that workers without sick pay, and people temporary layoffs, because of the outbreak rather than wider stimulus for the economy.
House Speaker Nancy Pelosi, D-Calif., said that your goal is to pass a more narrowly drawn measure as soon as Thursday, before lawmakers leave town for a previously scheduled one-week break, and check for possible stimulus measures later, those who were familiar with the think.
Larry Kudlow, the President, the Director of the National Economic Council, confirmed on Tuesday that the wage tax makes a tremendous amount of money goes in the Federal budget. However, he said, it would be a “great growth reward” for the economy and “overcoming the challenges in the next few months,” as the country in the fight against the outbreak of the coronavirus.
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“The payroll tax holiday is a brave step, and it was always a fat President,” Kudlow said, adding that the money is lost temporarily, the elimination of the tax “with a lot better economic growth.”
The wage generates tax $1.17 trillion or 35.2 percent of all Federal revenues in fiscal year 2018, according to a new study by the center for budget and Policy priorities. Most of the revenue from the tax goes to funding Social security, Medicare, and other social services.
The suspension of the payroll tax would fall to the tax rate of 14.2 percent to zero, with the trump administration in the hope the extra money in the people, the paycheck will spur spending and boost the economy has been on shaky ground since the outbreak of the coronavirus in the United States
In addition to the payroll tax relief, Trump has said he wants workers to help for an hourly wage, to ensure you are not “to miss a paycheck” and “not to be punished for something that is not your fault.” He also mentioned, small business loans. But the details are low.
As the house stimulus package will be hammered, stocks opened with a sharp dive on Wednesday, almost wiping them with a large rally of a day earlier, as the Wall Street tumbling further from concerns about the coronavirus.
Stocks fell from the opening of trading in New York, with a 4% decline in the S&P 500. The losses deepened in the course of the day and the Dow Jones Industrial Average was more than 1,000 points.
The speed of the market decreases and the degree of his swing the last few weeks have been stunning. It was only three weeks, the S&P 500 to a record high. Since then it has lost around 18 percent and the Dow Jones Industrial Average had six days where it swung 1,000 points, not including Wednesday. The Dow has done that only three times in history.
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For most people, the new coronavirus is only mild or moderate symptoms, such as fever and coughing caused. For some, especially older adults and people with existing health problems, it can lead to more serious illnesses, including pneumonia.
The vast majority of people recover from the virus, the fear is that COVID-19 the world that could drag the economy into a recession, by it from both ends.
On the supply side, the worst case has a scenario to sell to companies with less things, such as factories shut down, and arenas, the lights dimmed, because the workers are in quarantine. On the demand side, businesses, the fewer customers, because people sat at home, rather than travel or go to restaurants.
Fox News’ Chad Pergram, Edward Lawrence, and The Associated Press contributed to this report.