Senior White House Officials Eye Tax Cut to Avert Slowdown


Gidley launched into a version of that Trump official's canned statement, telling Smith "Look, what I can tell you is the same thing Larry kudlow said, and the same thing that the president of the United States has said, that he's looking at tax cuts again, we think that spurs on this economic expansion..."

"I think the word recession is inappropriate", Trump said told reporters at the White House, as he hosted his Romanian counterpart Klaus Iohannis.

Senior White House officials are discussing the possibility of a temporary payroll tax cut in an effort to boost the economy in the face of a potential slowdown, the Washington Post reported on Monday, citing three people familiar with the discussions.

Tens of millions of working Americans pay the 6.2% tax, which the federal government levies on wages to fund Social Security, Medicare, and other social insurance programs.

"We're very far from recession".

The White House said Monday that a cut of payroll taxes was "not on the table".

During the 2018 fiscal year, the federal payroll tax generated $1.17 trillion, or around 6 percent of the nation's gross domestic product, according to the Center on Budget and Policy Priorities.

Some have been concerned that a recession could cost Trump reelection in 2020 as the president has made the economy a central point of his campaign. "If that happened, our Economy would be even better, and the World Economy would be greatly and quickly enhanced-good for everyone!"

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"If the Fed would do its job, we'd have a tremendous burst of growth", Trump said.

"Our Economy is very strong, despite the horrendous lack of vision by Jay Powell and the Fed, but the Democrats are trying to "will" the Economy to be bad for purposes of the 2020 Election".

President Donald Trump rejected the cloudy economic forecast Sunday.

NABE conducted its policy poll as Trump put the Fed under constant attack, demanding more stimulus, but before the central bank cut the benchmark lending rate on July 31. He has previously called for a one percentage point cut.

Even with the talks stalled for now and the threat of greater tariffs and other trade restrictions hanging over the world economy, Mr Kudlow said on Fox News Sunday the U.S. remained "in pretty good shape".

"I was in the meeting yesterday, we talked about all types of options", Gidley continued.

His directive for them to launch a new phase of "quantitative easing" is shorthand for asking the Fed to pump more money into the economy, a step that could weaken the US dollar.