The Coronavirus Crash: Here's What Trump Is Proposing, Plus Some Good News from China

Monday brought the worst coronavirus crash so far, sending stock markets plunging in a freefall that led to the biggest drop since 2008. Now President Trump is proposing a step to stop the slide even as a bit of good news appears to also be coming out of China.

The White House is set to ask Congress for a payroll tax cut and economic assistance to hourly workers to help those hurt financially by the coronavirus.

"We are to be meeting with House Republicans, Mitch McConnell, and discussing a possible payroll tax cut or relief, substantial relief," President Trump said Monday during a news conference at the White House.

Financial experts say the relief could be a boost to public confidence.

"Yes, it would make a difference," Dan Celia, president and CEO of Financial Issues Stewardship Ministries, told CBN News, warning that the coronavirus fears are actually undermining economic strength. "Now it's beginning to hurt the economy in a bigger way – that will make a huge difference."

Stock markets in Asia recovered some of their losses Tuesday following their worst day since the 2008 financial crisis. Oil prices also bounced back from a record-setting fall.

The Dow fell more than 2,000 points Monday, triggering a halt on trading for the first time in two decades after the market plunged seven percent in just a few minutes.

"The markets over time have up until now always recovered, it might not be next month or next quarter, but we need to keep, if it is for retirement purposes, we need to keep that long term picture in mind," said Joel Griffith with the Heritage Foundation.