White House preparing for recession?
White House officials have begun preparing options to help bolster the American economy and prevent it from falling into a recession, according to people familiar with the discussions.
The measures include mulling a potential payroll tax cut and a possible reversal of some of U.S. President Donald Trump’s tariffs.
Officials inside the U.S. administration have drafted a white paper exploring a payroll tax reduction, which would seek to boost the economy by immediately injecting more money into workers’ paychecks, the New York Times reported.
Such a cut would require congressional approval. Administration officials said the idea had not been pushed with Trump and tried to tamp talk of it down.
The payroll tax discussion was first reported by The Washington Post.
Trump and his advisers insist that the U.S. economy is strong and stable, pointing to robust consumer spending.