Details on Trump's coronavirus stimulus plan still unclear

Wall Street snapped back Tuesday from the gut-punch it took one-day earlier in the biggest tumble since the financial crisis.

The improved tone was built on hopes the White House will come to the rescue with some sort of economic stimulus to offset the destruction caused by the coronavirus outbreak.

President Trump provided a clue Tuesday on where that financial aid is likely to begin.


"We are working very closely with the cruise line industry. They're taking very strong steps in terms of people going on and going off, but they are spending a lot of money and they're working very hard and we're going to be helping that industry. Likewise with the airline industry. They are taking very, very strong steps with people coming into our country, even getting off the planes, so we are working very closely with them. We're helping them. They're two great industries and we'll be helping them through this patch."

Cruise ships and airlines have been two of the hardest hit industries as customers delay bookings and cancel trips.

But details on how much financial help is coming their way is a bit murky.

And that's not the only stimulus in the works, though details are light.

The Trump administration is also discussing the idea of suspending the payroll tax for 90 days.

That would temporarily stop six percent of a worker's gross pay from coming out of paychecks.

Any move on that front will likely have to go through Congress, and that's not likely to happen soon with lawmakers out on recess next week.

The White House huddled with Republican lawmakers Tuesday on other ways to get more cash into the pockets of workers and companies quickly.


"You know what doesn't help stop the spread of the coronavirus? More corporate tax cuts."

The Democrats, however, have their own ideas.

House Speaker Nancy Pelosi said any stimulus should protect families first.


"If someone loses his or her job, we want them to have unemployment insurance, if they have to be home because their children's school has closed, or because they are sick themselves then we want them to have paid sick leave so they can do that. The food security issue is a big issue in our caucus because if schools close many children in our country have their food security tied to their attendance at schools."

In addition to some kind of help for everyday Americans, experts say small businesses, already squeezed by high debt, rising wages and Trump's tariffs on Chinese goods will need help as well.

No word yet on whether that or anything else will be part of whatever stimulus plan the White House is considering ...but one thing is for certain, Trump thinks any aid to the economy should come first from the Federal Reserve and on Tuesday once again called on the Fed to slash interest rates.