Behind the scenes, the Treasury Division and prime financial officers are exploring methods to assist out industries struggling financially fr
Behind the scenes, the Treasury Division and prime financial officers are exploring methods to assist out industries struggling financially from a speedy shutdown. They’re leaning towards some kind of tax aid or deferring tax funds to offer an preliminary cushion — hoping to keep away from a full-fledged bailout akin to the 2008 banking rescue that might show troublesome to clear previous the Republican base.
“I don’t wish to use the b-word,” mentioned one senior administration official, who acknowledged the White Home is taking a look at sources mandatory — together with tax aid or direct injections of funds — to offset the downturn in industries and companies with 1000’s of affected staff.
“If what the airline business says is true, then Congress actually may have little option to act or face a big extinction second for the airline business,” the official added.
Trump hinted at such a transfer in his Oval Workplace handle on Wednesday night time, saying he had requested Treasury to defer tax funds for companies and people damage by the coronavirus, utilizing emergency authority. “This motion will present greater than $200 billion of extra liquidity to the economic system,” he informed People.
The discussions about saving U.S. companies are separate from an ongoing debate amongst lawmakers and Trump officers a few stimulus program…