‘This is Not a Financial Crisis’: Trump Asks Congress For $50 Billion of ‘Economic Relief’ Amid Fears of Market Meltdown
President Donald Trump addressing the nation from the Oval Office asked Congress Wednesday night to authorize the funding of an additional $50 billion of “economic relief” to combat the effect of the coronavirus on the economy.
Trump further added that he would direct the U.S. Treasury Department to “defer tax payments – without interest or penalties – for certain individuals and businesses,” ahead of the April 15 filing deadline.
Trump began by stating, “To ensure that working Americans impacted by the virus can stay home without fear of financial hardship, I will soon be taking emergency action which is unprecedented to provide financial relief. This will be targeted for workers who are ill, quarantined, or caring for others due to Coronavirus.”
Trump then stated he would be seeking the approval of Congress in the form of additional funding.
“I will be asking Congress to take legislative action to extend this relief because of the economic policies that we have put into place, over the last three years, we have the greatest economy anywhere in the world by far.
“Our banks and financial institutions are fully capitalized and incredibly strong. Our unemployment is at a historic low. This vast economic prosperity gives us flexibility reserves and resources to handle any threat that comes our way.”
The commander in chief then declared that while the markets have taken a hit, the nation is not in “financial crisis.”
“This is not a financial crisis, this is just a temporary moment of time that we will overcome together as a nation and as a world,” Trump continued.
Trump then dove into steps his administration hopes to take to combat the effect of the deadly virus on the economy.
“I am instructing the small business administration to exercise available authority to provide capital and liquidity to firms affected by the Coronavirus. Effective immediately the SBA will begin providing economic loans in affected states and territories. These low-interest loans will help small businesses overcome temporary economic disruptions, caused by the virus.
“To this end, I’m asking Congress to increase funding for this program by an additional $50 billion dollars. Using emergency authority, I will be instructing the Treasury Department to defer tax payments – without interest or penalties – for certain individuals and businesses negatively impacted. This action will provide more than $200 billion of additional liquidity to the economy.”
“Finally, I am calling on Congress to provide Americans with immediate payroll tax relief. Hopefully, they will consider this very strongly.”
“We are at a critical time in the fight against the virus,” Trump concluded.
Watch above, via CNN.
